Pip & Nut has recorded a bumper year, with its turnover rising from £17.5 million in 2024 to £26.4 million in 2025. Operating profit reached £251K compared with an operating loss of £168K in the previous year.
Founded in 2013 by Pip Murray, who was crowned as one of Food Manufacture’s most influence women of 2025, the business has grown from a kitchen set-up to one of the UK’s most popular nut butters. Pip & Nut is now stocked in every major UK retailer, available direct-to-consumer online, and is expanding internationally.
Commenting on the results, Murray said: “Reaching profitability is a hugely meaningful milestone for Pip & Nut.
“When I started making nut butter in my kitchen, it was because I believed there was an opportunity to do things differently and show people just how exciting, nutritious and versatile nuts could be. A decade on, that belief still sits at the heart of everything we do.”
New catgeories
According to Murray one of the key drivers to success has been its expansion beyond nut butter into snacking, while maintaining continued growth across its core business.
“Snacking now represents around 20% of the business, with products such as Stuffed Bars and Protein Bars helping us reach new occasions and consumers,” she said.
European wins
International expansion is also becoming an increasingly important part of its growth story, particularly across Benelux, according to Murray.
FY25 was the first full year of trading for Pip & Nut’s Belgian subsidiary, which has helped to support its expanding European footprint.
European turnover increased nearly five-fold in a year, from £148,000 in 2024 to £736,000 in 2025.
“More broadly, we are now seeing the benefits of scale come through across the business, with strong top-line growth translating into improving margins and better operating leverage,” she added.
Investment beyond commercial profitability
Murray created Pip & Nut during her marathon training, after struggling to find a natural peanut butter made without palm oil. Her commitment to be palm oil free remains steadfast, while the business is also investing in regenerative agriculture initiatives and working towards being net zero by 2040.
As the business continues to grow further, Murray said the focus is less about investing heavily in fixed-cost facilities and more about building the capabilities and supply-chain resilience needed to support a much larger business.
“That means having the right manufacturing partners but also getting much closer to the source of our key ingredients,” she told Food Manufacture.
“We have spent years developing direct relationships with the growers behind our two most important raw materials, our peanuts in Argentina and almonds in California. Today, we buy our almonds and peanuts directly from specially selected farms, giving us much greater visibility and traceability across the supply chain.”
In California, all its almond growers have completed the California Almond Stewardship Platform assessment. The business is also funding research through The Almond Project into farming practices that can reduce the carbon impact of almond production and strengthen resilience. Meanwhile, in Argentina, Pip & Nut is involved in work through the Sustainable Agriculture Initiative Platform exploring regenerative approaches to peanut farming.
“That matters not only from a sustainability perspective, but from a long-term resilience perspective too. Building stronger relationships with growers and understanding how our ingredients are produced gives us much better visibility of the risks and opportunities within our supply chain as we scale.”
Last year also saw the business launch the Pip & Nut Foundation, through which the group donates at least 10% of EBITDA to organisations serving community meals and tackling hunger and loneliness. Since launch, the Foundation has supported the delivery of 200,000 meals via its charity partners, including FoodCycle and World Central Kitchen.
Eyeing double-digit growth for FY26
Looking ahead, Murray said the business is expecting another year of “significant double-digit growth, with the business becoming materially larger than it was in FY25”.
She added: “Importantly, our focus is not simply on growth for growth’s sake. We expect to continue growing profitably, with further margin improvement supported by increased scale, a stronger product mix and ongoing operational efficiencies.
Pip & Nut will continue to scale its snacking portfolio while growing its core nut butter business.
“Across all of this, we want to make sure profitability and margin progression keep pace with growth,” Murray continued.
“FY25 profitability has not come from pulling back on investment. Rather, it reflects the point at which the increasing scale of the business is starting to translate into sustainable profitability, while we continue investing behind the next phase of growth.”
