Hovis recently reported a pre-tax loss of GBP 28.6 million in 2022, while in 2021, it enjoyed a profit of GBP 20.2 million. Hovis has recorded GBP 309.8 million in sales by September ‘22, down from GBP 367.9 million the year before, according to the Times.

However, the sales of Hovis-branded bread grew by GBP 12.2 million to reach GBP 284.7 million. Hovis expects that bread prices will stabilize in FY 2023.

Grocery Gazette quotes a Hovis spokesperson: “Significant cost inflation has had an impact on profitability in the nine-month period ending September 2022 as we worked hard to minimize the impact on consumers and customers during a year of unprecedented price volatility.”

Photo: Hovis social media