A growing appetite for teacakes and caramel wafers on foreign shores helped iconic Scottish confectioner Thomas Tunnock post record profits last year.
The Uddingston-based firm – which started life in a baker’s shop in 1890 – saw pre-tax profits soar to £6.1 million in the 12 months to the end of February, up from its previous high of £3.8m a year before.
Accounts filed with Companies House show sales rose 12 per cent to £42.2m, with the firm noting that an increase in the export market for its products, and new customers, were behind the jump.
Tunnock exports to more than 30 countries, and its confectionery is particularly popular in the Middle East where it enjoys the advantage of a higher melting temperature than other chocolate-based products.
Unlike last year, the Tunnock family, who own the business, did not take a dividend from the company. However, the firm upped the level of charitable contributions it makes from £173,000 to £429,000.
The highest-paid director – which is presumed to be managing director Boyd Tunnock, 80 – received a pay packet of £135,240 in the year.