The food manufacturer – which owns brands such as Ginsters, Soreen, Higgidy and the West Cornwall Pasty Co, reported increased revenues of £1.69 billion, which translated to an rise in operating profit from just under £20 million in 2023 to £44 million.
The rise in revenue, up from £1.59 billion in 2023, was in part attributed to the acquisition of The Real Wrap Co in April 2024 as well as new business wins and price rises.
Elsewhere, Samworth Brothers said that it had spent £87.4 million on capital investment during 2024, a process that included the expansion of the firm’s Bradgate Bakery site in Leicester and upgrades to its site in Cornwall.
As a result debt rose to £190 million last year, up from £157 million in 2023 and £60 million in 2022. However, the firm committed to further investments in its operations.
Commenting on the firm’s results, chief executive Simon Wookey described 2024 as a successful year for Samworth Brothers where “good progress” was made.
“We continue to invest and innovate, in capital ‘build’ projects plus digital and other technologies to further develop our business,” Wookey said.
“The quality of our food and blending our long food heritage with food innovation to deliver for today’s consumer is another important part of our strategy.”
Simon Wookey was appointed as chief executive officer in April 2024, replacing the outgoing Hugo Maloney who has since moved onto join First Milk.
Looking ahead to 2025, chair Mark Samworth added: “Overcoming the sudden imposition of significantly increased labour costs whilst reducing our energy intensity will require insight and discipline,” he said.
“Meanwhile, the government’s punitive family business and farms tax risks undermining our sector in the long term. We will rise to these challenges, of course, but they are unwelcome distractions from our aim of doing good things with great food.”
