Wilkin & Sons, the esteemed jam manufacturer that supplies King Charles, has bounced back into profit despite the "significant strain" Chancellor Rachel Reeves' Budget placed on its financial health.
The Essex-based firm, known for the Tiptree brand, highlighted that the "continued increase in National Minimum Wage" affected its bottom line, while soaring energy costs also squeezed its margins, as reported by .
Newly filed accounts with Companies House reveal that Wilkin & Sons posted a pre-tax profit of £1.4m for 2024, a significant improvement from the £1.8m loss it suffered in 2023.
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The results also indicate an increase in turnover from £53.5m to £55.8m during the same period.
In December 2024, it was announced that Wilkin & Sons had been granted a Royal Warrant from King Charles III, meaning the company has received recognition from every monarch since George V in 1911.
The Wilkin family has managed Wilkin & Sons since 1885.
Wilkin & Sons blasts impact of Rachel Reeves’ Budget
A statement approved by the board read: "Following the poor results of last year we were very happy to see a change of direction in our performance.
"There was a glimmer of hope at the end of the very long and very dark tunnel we have been in for the past two years. And then came the Budget.
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"The continued increase in National Minimum Wage put a significant strain on our operations.
"Our labour-intensive areas of fruit growing and tearooms operations are particularly impacted. The overall cost to the business is significant.
"We have been chipping away at all aspects of our business, getting to grips with the dreadful increases in our costs, mostly energy related.
"Gradually the hard work began to pay off, energy prices relaxed as did some of the material costs.
"We should soon escape from the punitive contracts we were held to on electricity prices."
Profit ‘feels much better’ than loss
Wilkin & Sons stated that the "small profit" it posted for 2024 "feels much better than the loss of last year". The company reported a boost from the sale of land that was "surplus to operating requirements".
The firm added: "Following the challenges of 2022 and 2023 in particular, 2024 has seen a steadying of the ship.
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"Our turnaround is by no means complete but we have stemmed our losses and returned a modest but none-the-less encouraging profit."
Regarding its outlook, Wilkin & Sons said: "While the next couple of years in particular will continue to be challenging, we none-the-less remain optimistic for the future of the business, both in the medium and long-term."