Business in Moray: Walker's Shortbread on Speyside more than doubles its profits
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Walker's Shortbread made profits of more than £6million last year, according to financial figures published today.
The Moray company recorded impressive results with a turnover of £142.4million compared to £132.4million the previous year.
Export revenues increased to £79.8million from £72.6million, while its operating profits rose to £6.2million from £3.0million.
On a sadder note the year also saw the passing of Joe Walker last October.
The company's joint managing director, he had worked at the business for 66 years.
Joe's brother, Jim Walker, also stepped back from his role as the other joint managing director.
Joe's son and Jim's nephew – Nicky Walker – was appointed the company's head nine months ago.
Nicky said: "Last year was incredibly challenging to navigate and we’re pleased with the results and the return to pre-pandemic trading levels.
"We could not have done this without the support of our incredible workforce who have demonstrated time and again that they step up when required.
"Operating conditions continued to be challenging but our top priority throughout the year continued to be the safety and well-being of our team.
"The successful roll out of the vaccine programme assisted with a return to a more efficient operating model, which was welcome given the uncontrollable external challenges specifically in labour availability.
"We accept that the trading conditions in 2022 are equally, if not more, challenging given the many difficulties facing world economies, but we are committed to transitioning the business accordingly to maintain a sustainable footing for the future.
"The Walker’s brand relaunch is progressing well through 2022 and will continue into next year as we focus forward to support the business’ aspiration for sustainable growth.
"In 2023 we will celebrate our 125th anniversary, taking time to reflect on the hard work of our loyal workforce and everyone’s achievements to date.
"We will also continue to develop the business with the investments made in new talent and infrastructure for a bright and successful future."
For his part, Sir Jim Walker said: "I’ve been privileged to help to develop the company over many years and am very pleased to support the appointment of Nicky as managing director.
"Nicky has had 25 years of experience in the company and will be fully supported by a strong team of family and non-family directors and managers."
