The soaring cost of wheat on global commodity markets has reportedly hit Warburtons.

Although the baker reported a 16% increase in full-year sales to £209m in its latest accounts filed at Companies House yesterday, pre-tax profit fell from £49.1m to £43.4m, according to reports in the Daily Telegraph.

The company's raw materials bill had increased by £13.8m due to the soaring cost of wheat, the reports added.