Annual Report
Highlights of FY24/25
For all the detail of our financial performance for 2024/25 please refer to our RNS which you can find here.
Colin Day, Group Chair:
"The Company has delivered another strong trading performance and continued strategic progress. This, combined with the work to significantly strengthen our financial position over the last few years, leaves us well placed to build the scale of our business and create significant value for shareholders."
Alex Whitehouse, Chief Executive Officer:
"This was another year of strong financial performance, with our brands growing by 5.2%, as we continued to leverage the strength of our Branded Growth Model and made significant progress against all five pillars of our growth strategy. Trading profit grew 6%, while our strong cash generating capacity was reflected in a £92m reduction in Net debt."
Delivering against our five strategic pillars
Continue to grow the UK core
A vibrant and growing UK business provides the foundation for broader expansion. This year we have delivered UK branded revenue growth of 4.4% at constant currency.
Supply Chain Investment
We have a strong pipeline of opportunities to invest in our operational infrastructure, to both increase efficiency and provide capability for new product development. We invested £41.4m this year, an increase of 26%.
Expand UK into new categories
Sales from new categories have increased by 46% over the year, driven by products such as Ambrosia porridge pots which now have a 13% share of the porridge pot market.
Build international businesses with critical mass
We're applying our brand building capabilities to deliver growth in our focus overseas markets. International revenue grew 23% in the year at constant currency.
Inorganic opportunities
We're looking to acquire brands where we can drive significant value through the leveraging of our Branded Growth Model. Our two latest acquisitions, The Spice Tailor and FUEL10K, both delivered double-digit growth.
Strategic Report
Annual Report - section by section
This section covers our business model, strategy, risks, development, performance, position and future prospects, including relevant non-financial information.
Sustainability Report
Annual Report - section by section
Read about our latest progress with our sustainability strategy, our Enriching Life Plan
Governance report
Annual Report - section by section
The governance report provides further information on our corporate governance practices and structure.
Financial statements
Annual Report - section by section
The financial statements section provides our consolidated and company financial statements, as well as our sustainability disclosure tables.
Strategy in action - Growing the core with Ambrosia Deluxe
One of the examples of a more premium offer in our portfolio, the Ambrosia Deluxe range grew by 45% in FY24/25.
Sustainability in action - low carbon wheat
We're backing a trial of low carbon wheat, with fertiliser made using renewable energy and other positive farming interventions.
Strategy in action - Building international businesses with critical mass
We enhanced the application of our Branded Growth Model in Australia and secured our first US listings for The Spice Tailor.