New ‘Baker Direct’ website has been launched
So come on Bakers, register now for free
Customers have to simply pop in your postcode to find you and then over to you to capture and deliver the order.
Baker Direct is supported by bakery trade groups.
Delivery services are springing up in Ireland & the UK.
BAKO WESTERN LIMITED CHAIRWOMAN’S REPORT
FOR THE FINANCIAL YEAR ENDED 28TH FEBRUARY, 2022
Ladies, gentlemen and members of the board. I’d like to welcome you to our 59th BAKO Western AGM. It’s been a pleasure to serve again as your chairwoman. Throughout my 5 years as chair I feel proud of what we have all achieved steering BAKO through some very challenging times, notably Brexit, Covid, labour shortages, supply and delivery issues and more recently the impacts of the military conflict in Ukraine. I would like to thank my fellow directors on the board for all their support throughout and the excellent management team on the ground who have been at the frontline dealing with all these challenges on a daily basis.
It has been a year since my 2021 report, at the time we were waiting to see recovery in the UK from COVID, this came but brought issues for almost every business through limited staff availability and raw materials which continues.
As was heavily detailed in the news during 2021 lorry drivers have been much in demand, with a UK and European shortage. In addition to being active in recruiting we are providing LGV training with 2 qualifying in 2021 and 2 more training currently.
The company continues to be in a strong financial position with significant increase in sales of £8.5 million to £33.6 million. This is in line with £33.5 million for the pre-pandemic year ended 29th February 2020. During the year there was a continued focus on cost control combined with limited availability in the labour market, these factors led to operating profits of £1.5 million. Through early settlement discount and membership rebates the board has been able to provide cost savings of £2 million.
In May this year when our auditors presented the accounts to the board, they gave very high praise indeed to the team led by Dominic. The strength of this is reflected in the results for the financial year.
Having returned to more normal trading during the year we have seen the impact of rising fuel and energy prices. This has continued into early 2022 with price inflation across ingredients and a number of products being affected by the military conflict in Ukraine. Despite the market challenges the business remains financially secure. Sales values have returned to pre-covid levels, the volume in tonnes remains 13% lower. This trend continues in the new financial year.
A review in our customer activity has shown a continued reduction in demand for raw ingredients and a greater need for higher value part made or finished products.
During the year we have introduced an annual minimum spend of £5,000 which has been a positive for the company and the majority of its members. We are proud to remain a member owned organisation with many long-term members of the society, and are grateful to all of our members for their continued support.
I would like to assure our members that the business remains financially strong and continues to adapt quickly to changes in the market place. We remain well positioned for the long-term future. This year I have decided to stand down as Chairwoman. I have enjoyed my 5 years which has been very challenging at times and feel its time for someone new to take over.
I finally take this opportunity to thank all of our Bako team, management, my fellow directors and of course most importantly our members.
Karen Milner, Chairwoman