Profits at Bolton-based bread manufacturer Warburtons declined 37% to £16.3m in 2011, with the firm blaming increased competition and raw material costs.
Turnover for the year to September 24, 2011 at Warburtons Holdings was up slightly from £492m to £495m, but pre-tax profits were down 37% from £26m to £16.3m. Raw material costs, principally wheat and energy, rose close to 13% from £149m to £168m. The directors’ remuneration package was cut from £4.3m to £3.2m, with the…
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