European bakery products manufacturer Baker & Baker is pleased to report revenue, gross profit and adjusted EBITDA growth in its 2024 Group financial accounts.
Group revenue grew slightly to €623.5m during the period, and Baker & Baker reported robust gross profit growth of 7.5% to €90.1m, and adjusted EBITDA increased to €32.7m.
Baker & Baker’s EBITDA performance excludes some one-off, non-underlying items incurred due to restructuring activities and divestments that do not reflect the underlying profitability of the Group.
The Group recorded a slight decline in product volumes of 3.7% during the year, due to rising raw material costs and other inflationary effects. However, this was offset by gross profit growth driven by a positive shift in product mix and effective measures to improve efficiency in the group’s operations.
Overall, another solid financial performance was delivered by the Group in 2024, with continued profit growth since Baker & Baker’s formation as a sole bakery products business in 2021.
Baker & Baker continued to strengthen its European operations with approximately €14 million invested during the year in productivity, growth, and sustenance projects across its 12 manufacturing sites. This included a range of capital initiatives that were either delivered or initiated throughout 2024.
These include a significant investment at the business’s Delmenhorst site in Germany to improve the management and filtration of palm oil across the site’s doughnut lines. This project will deliver cost savings in addition to its positive sustainability impact, due to avoided carbon emissions via the use of lower palm oil volumes.
Additionally, the group invested in the UK’s Bradford site to install a new chocolate system, allowing the site to diversity its product offering. This paved the way for the launch of three new products into continental Europe – a Milka chocolate cluster, Milka cookies and a Milka chocolate topped brownie. This product range has already seen strong initial growth in France during the first half of 2025.
Finally, Baker & Baker’s German business finalised a move to a new office in the vibrant Überseestadt district of Bremen. The modern and stylishly designed office, also featuring a test bakery, offers an attractive hub for hosting customers and demonstrating the business’s capabilities.
Baker & Baker launched a new Group ESG strategy in 2024, underlining its commitment to improved sustainability performance. ESG initiatives delivered in 2024 included preparation for EUDR compliance, investment in a WRAP water stewardship project in the UK and submission of net zero targets to the Science Based Targets initiative (SBTi).
Baker & Baker continued to deliver innovation to the European bakery market via a range of new product launches in 2024. The most notable of these was the introduction of the premium Côte d’Or brand for the first time in European fresh bakery, building on the Group’s licensing partnership with Mondelēz. Côte d’Or muffins and doughnuts were launched into the Benelux markets in late 2024.
Baker & Baker has also developed its non-European footprint, growing its customer base across the UAE, Saudi Arabia and other Middle Eastern markets.
Matthew Acheson, CEO, commented: “Baker & Baker remains a clear leader in the American Sweet Bakery category in Europe, and our customers trust our expertise and market insight to drive sales across the retail and food service channels.
“We are pleased to have delivered another year of solid financial performance across the Group, despite facing a series of geopolitical headwinds and fluctuating consumer confidence.
“2024 saw continued inflation throughout the bakery industry, most notably in the price of cocoa, which has affected many bakery categories. We have worked closely with our customers to manage these turbulent inflationary effects.
“A series of strategic investments in our manufacturing capabilities have also delivered efficiencies and allowed us to expand our product capabilities for customers.”
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