Strong demand for Yorkshire Tea helps Bettys & Taylors Group to grow sales despite ‘another challenging year’

The latest results show that sales increased three per cent to £260.6m in the financial year ending 31 October 2022. with operating profit at £10.3m, down from £11.9m the previous year.

Paul Cogan, group finance and resources director, said: “At the beginning of our 2022 financial year, we hoped to be entering a more stable, post-pandemic world.

"However, like many other businesses, we’ve had to navigate ongoing uncertainty and difficult trading conditions across the economic environment.

"The rising cost of living, increases in raw materials and utilities, a volatile foreign currency market, and significant labour shortages all resulted in another challenging year.”

The 2022 sales performance was underpinned by strong growth for Yorkshire Tea, Taylors of Harrogate coffee, and Bettys online mail order service, the company said.

Employees shared in the Group Prosperity Scheme, each receiving an additional 7.1 per cent of their salary, and resulting in a total bonus payment of £3.3m.

The statement said: “Yorkshire Tea retained its market leading position, ending the year with a 34.4 per cent value share of the black tea market.”

"The year saw the latest instalment of the ‘Where Everything’s Done Proper’ campaign with a brand-new TV advert featuring Sir Patrick Stewart.”

Despite a turbulent year for the market, Taylors of Harrogate coffee retained its leading position in the roast and ground category with 19.6 per cent value share of the market, it added.

The group said this was due to the strong performance of coffee beans, as well as the continued popularity of coffee bags supported by continued investment in the ‘Why didn’t we think of them before?’ TV advertising campaign and sampling from a new events trailer.

As the world emerged from Covid restrictions, Bettys branches re-opened, as did Bettys Cookery School. Bettys online shop continued to see strong demand from customers wishing to send treats to loved ones, the group said.

Mr Cogan added: “Our family business has a long history of adapting to changing conditions around us and seeking out new opportunities to grow and evolve.

"This approach, combined with our commitment to our family business values, has laid strong foundations for the future and resulted in a solid overall performance for the year.”

During 2022, the group invested £415,567 – both financially and in kind – in charitable and community activities in the UK.

The group also invested £1,193,758 into livelihood, social and environmental initiatives across its tea and coffee supply chain.

Meanwhile, the group’s work to integrate sustainability, collaboration, and resilience into the heart of its tea and coffee supply chain was recognised with a Queen’s Award for Sustainable Development in April 2022.