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25th October 2013

Lees Foods announce record year

Lees Foods announce record year

Lees Foods Ltd, owners of Lees of Scotland and The Waverley Bakery has announced its year end results to 31 December 2012.

Sales for the Group rose by over 6% to £21.6m (2011: £20.3m) with operating profits up £267,000 to £1.27m (2011: £1.01m) a rise of almost 27%.

Clive Miquel, chief executive commented, “The Group has continued to trade well throughout 2012. Waverley Bakery accounted for more than half of the total sales increase during the year, achieved through new listings in retail and foodservice customers for its ice cream cones and accessory products.

“Lees of Scotland also put in another strong performance with sales of teacakes, snowballs and meringues all being in greater demand from our customers.

“Countering increasing costs remains a key objective and to help mitigate against the on-going increases in both raw and packaging materials we have continued to be as innovative and resourceful as possible. Generating improved production efficiencies is part of this focus.

“We have redesigned the packaging of Lees’ teacakes and snowballs which we introduced in January and this has helped us to deliver a significant uplift in sales (25%) in the first six months of 2013.

“The Group de-listed from the Alternative Investment Market in June last year and was purchased by the executive management team who continue to operate the business.

“We have an exciting vision for the Group moving forward and are confident as demonstrated that we can continue to grow the business year on year. Growth in the immediate future will be achieved through the development of our current product ranges combined with a renewed focus on new product development. This will help us to target the introduction of new lines onto the shelves of our key customers ultimately providing a greater choice for the end consumer.

“We will if appropriate evaluate any expansion opportunities that may arise within our sector through potential acquisition or joint ventures.”

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