Baker & Baker’s revenue grew to EUR 623.5 m last year, and its gross profit recorded a ‘robust growth’ of 7.5%, reaching EUR 90.1 m, according to the company’s financial results. The adjusted EBITDA increased to EUR 32.7 m.
The Group recorded a slight decline in product volumes of 3.7 % last year, attributed to rising raw material costs and other inflationary effects.
Baker & Baker continued to strengthen its European operations with approximately EUR 14 million invested during the year in productivity, growth, and sustenance projects across its 12 manufacturing sites.
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 help save costs in addition to its positive sustainability impact, the company reports.
Baker & Baker also invested in the UK’s Bradford site, where it installed a new chocolate system, allowing the site to diversify 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.
Baker & Baker’s German business moved to a new office in the vibrant Überseestadt district of Bremen last year. The modern office, also featuring a test bakery, offers an attractive hub for hosting customers and demonstrating the business’s capabilities, the company anticipates.
Sustainability
Baker & Baker launched a new Group ESG strategy in 2024. 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).
NPD
A range of new products were launched in 2024, including 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.”
Photo: Baker & Baker
