Yorkshire Tea owner Bettys & Taylors saw sales top £300m for the first time last year as revenues and profits soared.
The tea-maker’s turnover grew 8% to £319.2m in the 12 months to 31 October, thanks to a 15% boost in volumes after the group upgraded its production capability, boosting capacity to meet growing demand for Yorkshire Tea.
It marks a 40% rise in sales since the year before the pandemic when total revenue was £227.4m.
The family business also reported a sizeable jump in pre-tax profits to £28.8m in its latest accounts at Companies House, up from £12.9m the year before.
It leaves the company on a more stable financial footing with a cash balance of £24.2m, up from £16.9m at the end of last year.
Rather than a single CEO, Bettys & Taylors is led by a collaborative CEO team, modelling an approach to peer-based working and distributed leadership.
Collaborative CEO member Paul Cogan said the focus last year was “to build on our solid foundations, while adapting, evolving, and strengthening our operations amidst growing global challenges”.
“We have continued to invest in the business to ensure that we are well equipped and prepared to navigate ongoing uncertainty and challenging trading conditions across the economic environment.”
Yorkshire Tea now holds about 40% of the UK’s black tea market, it said, hoovering up sales from struggling rivals like PG Tips, which saw sales fall 16.5% last year, according to The Grocer’s Top Products survey.
This was helped by the launch of a new Yorkshire Tea product, Caramelised Biscuit Brew, designed to mirrow the flavour of dunking a caramel biscuit into a cup of tea.
The company focused on boosting sales abroad too last year. US sales rose from £13.4m to £15.7m. while across the rest of the world, turnover rose from £6.4m to £9.5m.
In coffee, Taylors of Harrogate’s market share hit 18.2% of roast and ground coffee, supported by the launch of Flying Start, a new ground coffee targeted at morning coffee occasions. Taylors coffee bags grew 8% to £12m and now lead the market with a 76% share.
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