Exports rise

Tunnock’s enjoys record sales of tea cakes

Tunnock’s: sales surge

Tunnock’s, the tea cakes and caramel wafer manufacturer, enjoyed record sales and a surge in profits helped by a strong demand from overseas.

The family-run company said pre-tax profits in the year to 26 February had jumped to £5.49 million from £255,000 in the previous year.

Revenue was 27% higher at £72.1m, with exports up by half to £12.2m. UK sales grew by 23% to almost £59.9m.

Despite raw materials and other costs, such as energy, rising, the company invested a further £3.5m upgrading its plant at Uddingston in Lanarkshire following a £5.5m commitment in 2021.

The 678-employee company is controlled by Sir Boyd Tunnock, 89, grandson of company founder Thomas Tunnock.

Sir Boyd, who received a knighthood for services to business and charity in 2019, said: “The financial performance has improved over the period, however, the company continued to be negatively impacted by Covid-19 and increases in raw material costs.”

Dancing teacakes featured in the opening ceremony of the Commonwealth Games in Glasgow in 2014, while the brand has received celebrity endorsement from Cold Play singer Chris Martin and the actors Ryan Gosling and Andie MacDowell.

The company made 604 million units in the year (2021: 472 million) and paid out £1 million in dividends. The highest-paid director received £305,986 (2021: £289,614).

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