We invest in our businesses to create long-term value for our shareholders and our stakeholders including customers, employees and suppliers. We believe that this investment, with the process of ambition and renewal that accompanies it, builds momentum and sharpens focus across the Group. 

In our Annual Report this year we highlight how we are continuing to invest in new technologies, in products and processes, in our people, and in capital and acquisitions despite a year of economic volatility and high inflation. We show how our businesses are increasingly well-placed to grow sustainably from this year’s delivery of sales and profits.

Tracking our progress

As at 16 September 2023


Group revenue


Adjusted operating profit*


Operating profit


Profit before tax


Adjusted profit before tax*


Adjusted earnings per share*


Net cash before lease liabilities*


Net debt including lease liabilities*


Gross investment*


Return on average capital employed (ROACE)*


Dividends per share (including special dividend)


Basic earnings per share

* Alternative Performance Measures (APMs) as defined on pages 189 to 191 in the Annual Report.

Chairman's statement

The Group performed very well in the financial year despite significant inflationary and other macro-economic pressures.”

Michael McLintock


Chief Executive’s statement

The Group is in very good shape. Its diversification, its strong positions in attractive markets, and the calibre of its management teams will stand it in good stead in the year ahead. But more than that, the operational improvements that we have made in the last 12 months, along with investment in new capacity and capabilities, should enable the Group to make very meaningful financial progress.”

George Weston

Chief Executive

Financial review

Group revenue was £19.8bn, 15% ahead of last year at constant currency, with sales growth in each of our businesses, benefitting from the build of price increases taken to offset inflation. However, as expected, adjusted operating profit margin declined, from 8.4% last year to 7.7% this year as a result of the overall inflation. The Group generated an adjusted operating profit of £1,513m, an increase of 5% at actual rates ahead of last year, a strong result given the scale of input cost increases.”

Eoin Tonge

Finance Director

Creating long-term value … together

Our way of operating – entrepreneurial but also financially prudent and focused on the long term – has achieved growth over many years and creates long-term value for our shareholders and other stakeholders alike.

1 2 3 4 5 6 …to create long-term value for all our stakeholders. 1. Customers 2. Investors and Shareholders 3. Employees 4. Suppliers 5. Communities 6. Governments

Our ESG material topics

We recognise the need to understand the ESG issues most relevant to our operations, our industries and our stakeholders. Materiality assessment helps us understand how ESG factors might impact our businesses. This assessment helps us prioritise our activities. We consider the guidance of globally recognised sustainability standards and frameworks when compiling potential material topics and issues.


Our businesses depend upon agricultural systems for most of the raw materials we use in our products, and we recognise the need to support more sustainable farm management practices.

Respect for the working conditions and labour standards of the workers in our businesses’ supply chains is important to us. We also recognise the potential contribution we can make to surrounding communities.

We employ over 133,000 people and have operations in 55 countries across Europe, Africa, the Americas, Asia and Australia. The people across our businesses are united by our purpose, culture and passion for delivering for our customers. We empower them to innovate and support them to grow and develop.

As a Group, we recognise that climate change represents a material risk throughout our supply chains and poses challenges to some of our businesses worldwide. However, we also recognise that climate change and the transition to a lower- carbon world presents opportunities.

We are reliant on a range of natural resources to deliver our products and new processes and technologies have enabled us to become highly efficient at maximising the value that we can derive from them.

Providing safe food and enabling customers to make healthier choices have both been central to our approach for a long time.

Creating long-term value

Our businesses in action

Read our latest case studies to see our businesses in action.


Responsibility in action

Read our latest case studies to learn some of the ways we make a positive contribution for our stakeholders. 

Responsibility Report

Read about the positive role we play, both socially and environmentally, in our latest responsibility update.


Full Annual Report
Strategic Report
Governance Report

Responsibility Report
Annual Report and Accounts 2023 ESEF (ZIP)

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