Aberlour-based Walkers said that turnover increased by 12.1% to £119 million. However, year-on-year profit remained static at £8.9 million as margins dipped to 7.2% from 8.5%.
The firm blamed rising ingredients prices for its lower margin but said that there had been some recent “respite in commodity prices”, which should improve 2012 profits.
Walkers added that international markets accounted for 41% of sales in 2011 and that the firm had grown its business in China and Japan, complementing its strong foothold in Australia, Canada and the United States.
The firm also said that its capital investment programmes remains on-track and that the construction of a new3,500sq m factory in Aberlour is underway. The new facility will enable Walkers to increase its capacity to produce a variety of shortbread products.
