A Scottish firm, famous across the UK for its teacakes, has seen its turnover and profits rise, helped by an increase in exports.
Tunnock’s reported its turnover had grown by 16 per cent to £37.8 million from March 1st 2011 to February 29th 2012
Records for the Uddingston confectioner also showed that profits, before tax, were up by £420,000 to over £3.8m.
The rise was largely due to its exports soaring over the period. In 2011, its exports accounted for £4.65 million. In 2012, this shot up to £7 million. It now has customers across the world, including the Caribbean, Japan and Kuwait.
It also ships its caramel wafers and tea cakes to Canada. However, that particular market has been exploited for well over 50 years. Exports of the famous yellow and red boxes first started to Newfoundland back in 1957.
The boost to the company’s fortunes follows a concerted investment policy. Through the course of the year, £1.76 million was invested in the new Tunnock’s plant.
Many other firms in Scotland are also looking to invest in their products and services. Many are accessing the commercial finance for such plans with facilities such as factoring.
The annual report for Tunnock’s also hinted at continued growth, stating:
“The past year saw the extension of caramel wafers through the introduction of mini tubs. We continue to review the possibility of extending other products throughout our range.”
Still a family firm, established back in 1890 by Thomas Tunnock, the present day company is run by Boyd Tunnock, the founder’s grandson.