Pre-tax profits have more than doubled at bakery giant Warburtons, while its revenue has risen by £50m, as the Covid-19 pandemic led to a surge in demand.
The Bolton-headquartered parent company Warburtons 1876 has reported pre-tax profits of £23.6m for the 12 months to September 26, 2020, up from £11.2m.
Its revenue also increased from £506.4m to £556m over the same period.
The number of people employed at the firm during the year increased from 4,562 to 4,874.
The newly-filed accounts with Companies House come after the business announced a £56m investment in May 2021 which will see the development of three new distribution depots in Widnes, Bognor Regis and Banbury, creating 150 jobs.
The company is also investing in improving the environmental credentials of its fleet of almost 1,000 vehicles by introducing new electric and compressed natural gas vehicles and significantly upgrading the technology used across the entire distribution network.
At the same time, Warburtons announced it is also to build two new bakery plants; a new thin bagel line at Stockton bakery and a new crumpet plant at Burnley.
In February 2021 the company took part in a six-figure investment in a specialist biscuit manufacturer.
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A statement signed off by the board said: "The wrapped bakery market remains very competitive, with the underlying long-term declines in the core bread market being offset by growth in non-bread baked products.
"During the first half of the year the group delivered strong growth led by continued innovation and distribution gains in the non-bread segment.
"The emergence of the Covid-19 pandemic had a significant impact on the business in the second half of the financial year.
"The principal focus of the group during this time has been on the health and welfare of its employees, a crisis team was established to ensure appropriate measures were put in place across the business and Government advice monitored and followed.
"As a result of the pandemic demand for grocery products increased significantly.
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"During the periods of peak demand, the group worked closely with its customers and took measures to maximise the available capacity.
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"The group also experienced a significant increase in costs to ensure the safety of its colleagues, cover absenteeism, employee bonus payments and to maximise output.
"The group continues to focus on the quality of product and service supported by the ongoing development of new product ranges.
"Investment is focused on enhancing our capability to meet changing consumer trends and deliver productivity.
"This continuing innovation and investment in new capability will ensure we are well placed for future progress."
The company was first established by Thomas and Ellen Warburton in 1876.
The fifth generation of Warburtons – Jonathan, Ross and Brett – have managed the company since 1991.