Walker’s Shortbread hit a record £201m in turnover in 2024, a milestone made “even more meaningful” for its achievement in the final year of former joint MD James Walker’s life.
Sales grew £17m (9%) in the year to 31 December 2024, driven by strong festive trading in the UK, where sales were up 13.4% to £97.3m. Operating profit jumped 23% to £16.1m.
“Exceeding £200m in sales is a remarkable milestone, reflecting the exceptional efforts of our employees and the enduring global appeal of the Walker’s brand,” said managing director Nicky Walker, the fourth generation of Walker to lead the business.
“This achievement is even more meaningful as we honour the extraordinary legacy of Joe Walker, Marjorie Walker and Sir Jim Walker, whose visionary leadership and unwavering dedication were instrumental in shaping Walker’s into the iconic business it is today,” Nicky Walker said.
As joint MDs, James and brother Joseph Walker built up Walker’s from a small highland bakery turning over £40k annually into a globally recognised brand. Both worked more than six decades for the family business alongside their fellow director and sister Marjorie.
The last surviving Walker of his generation, James – knighted in 2022 – moved into an ambassadorial role for the business before his death in 2024.
“Their steadfast commitment to quality, tradition, and our company values has left a remarkable legacy and their influence remains at the core of everything we do,” said Nicky Walker.
“As we look to the future, we are dedicated to upholding these principles and ensuring that generations to come can continue to enjoy Scotland at its finest, in every bite of Walker’s Shortbread.”
Accounts filed at Companies House showed the business’ growth and increased profitability coming despite “continued supply chain cost pressures”, rising labour costs and logistical challenges throughout the year.
The company noted that while operating margin hit 8%, up 0.9 points on 2023, it remained “below the level the board considers to be an acceptable return on the assets employed”.
Walkers said it had continued to “invest significantly” to boost production and sales, with its net cash outflow of £1.5m a sign of continued capital investment “in line with the business’ long-term growth ambitions.
The Walkers Shortbread group employs around 1,250 staff, with factories in Elgin and Aberlour in the Scottish Highlands.
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