Baker & Baker announced it closed its first fiscal year as a standalone business with a EUR 450 m turnover. Formerly known as CSM Bakery Solutions, the bakery separated from CSM Ingredients in April 2021. One year later, Baker & Baker reports a 14% growth, at a turnover of EUR 450 m, despite material price fluctuations and COVID-19-related issues everywhere in Europe.
In its first 12 months of operation, Baker & Baker worked to consolidate its position as a supplier of sweet bakery products within the retail and foodservice segments across all key European markets. The company launched new products that also supported its growth, including its ‘Boomies’ Berliner donut, and the lower fat and calorie Simpsons donut range.
The financial performance was also boosted by the substantial growth in Baker & Baker’s licensing portfolio, via its exclusive bakery partnership with Mondelez. The company manufactures a broad range of donuts, muffins, cookies and brownies under the Oreo, Cadbury, Milka and Daim brand names. The Mondelez licensing portfolio delivered record retail sales in excess of EUR 100 m in 2021, Baker & Baker announced, anticipating further growth to continue this year as well.
The company is planning to expand its business in Eastern Europe and emerging markets. Later this year, the bakery is also preparing to open its first office in Poland, to serve customers both in-country and throughout other Eastern European markets. Baker & Baker has recently opened an office in Dubai, in 2021, for new customer opportunities throughout the Middle East and North Africa.
Baker & Baker invested in its factories over the last year, most notably with the multi-million euro installation of bulk, liquid chocolate handling in Bradford and Delmenhorst in Germany, and product handling automation technology for bread at St Tirso in Portugal and cookie lines in Bradford.
John Lindsay, CEO of Baker & Baker, comments: “Our first year as Baker & Baker has been an incredible journey. Successfully completing a complex business separation during normal market conditions is challenging, but considering raw material inflation and the impact of COVID-19, we have demonstrated considerable resilience and agility to deliver an impressive financial performance.” He announced that the company would prioritize building on this foundation over the next 12 months, with further NPD, and increased presence in emerging markets to be expected.
Photo credit: Baker & Baker