Baker & Baker Reports Revenue and Profit Growth in 2024 Despite Volume Decline
European bakery manufacturer Baker & Baker has reported revenue, gross profit, and adjusted EBITDA growth for its 2024 financial year, reflecting a solid performance amid inflationary pressures and evolving market conditions.
Group revenue edged up to EUR623.5m, while gross profit rose by 7.5% to EUR90.1m. Adjusted EBITDA reached EUR32.7m, excluding one-off restructuring and divestment-related costs. The Group’s product volumes declined by 3.7%, attributed to rising raw material prices and broader inflation, but this was offset by an improved product mix and operational efficiencies.
Since its formation in 2021 as a standalone bakery business, Baker & Baker has sustained consistent profit growth. In 2024, the company invested approximately EUR14m across its 12 European manufacturing sites, targeting productivity, growth, and sustainability.
Key projects included an upgrade at the Delmenhorst site in Germany to reduce palm oil usage on doughnut lines, delivering both cost and carbon savings. In the UK, a new chocolate system at the Bradford facility enabled product diversification and supported the launch of three Milka-branded products into continental Europe. These items have seen strong early growth, particularly in France during H1 2025.
The company also relocated its German office to Bremen’s Überseestadt district, opening a modern facility with a test bakery for customer engagement.
Sustainability remained high on the agenda with the rollout of a new ESG strategy. Initiatives in 2024 included preparation for EUDR compliance, investment in a WRAP-led water stewardship project in the UK, and submission of net zero targets to the Science Based Targets initiative.
Innovation highlights included the debut of Côte d’Or muffins and doughnuts in the Benelux region, leveraging the Group’s licensing partnership with Mondelēz. Outside Europe, Baker & Baker expanded its presence in the Middle East, adding new customers in the UAE, Saudi Arabia, and beyond.
CEO Matthew Acheson said: “Baker & Baker remains a clear leader in the American Sweet Bakery category in Europe. Despite geopolitical and inflationary challenges — particularly cocoa price spikes — our focus on efficiency and product innovation has delivered another year of strong results.”