Turnover at McCambridge Bread up 19% after group raised prices

Turnover at McCambridge Bread increased by 19 per cent last year, which was mainly down to price increases across its product range to help offset price increases in core ingredients, its latest set of accounts show.

Dublin-based McCambridge Bread was set up in 1945. Its range of products includes traditional, gluten-free, and artisan breads. The group’s accounts for the year ended August 27th, 2022, show it generated turnover of €12.5 million in 2022 compared to €10.5 million in 2021, which represented an increase of 19 per cent. “This increase is mainly down to price increase across the product range to help offset the price increases in core ingredients,” the group said in a note attached to its accounts.

The company’s net profit after tax was €1,346,042 compared to €1,202,960 the year before, which was an increase of 12 per cent. The directors said they were satisfied with the company’s position at year-end. However, they did not recommend the declaration of a dividend.

The company cited a number of principal risks and uncertainties affecting the business, including the Covid-19 virus. “Since the beginning of 2020 the coronavirus Covid-19 worldwide pandemic has had a significant impact on the local and global economy,” it said. “The risk for the remainder of 2022 and 2023 has been significantly reduced due to the vaccination programme in Ireland.”

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The group also pointed to Brexit, citing how the economic impact and its effect on Ireland “continue to be a challenge”.

“This is evident in the supply of goods and may become an issue in relation to the importation of raw materials as well as impacting on food exports,” it noted.

The group also issued a warning on inflation. “Due to a number of global factors, including the war in Ukraine and its impact on fuel and food prices, inflation in the early part of 2022 hit a 20-year high, in excess of 7 per cent,” it said. “This may have an impact on consumption and consumer spending/confidence if it remains high for a sustained period.”

Finally, it cited issues in relation to fuel and energy. “The price of diesel peaked at €2 per litre in early 2022 and forced the Government to take action to assist companies through financial supports,” it said. “There are also concerns about fuel availability towards the end of 2023 and in the winter months if the war in Ukraine was to continue.”

The accounts show the company had an average of 46 employees on its books throughout the year, which was the same as the year before. It spent just over €2.1 million on staff, down marginally on the year before.