Yorkshire Tea: Profit more than doubles as sales pass landmark
Sales at the owner of Yorkshire Tea have passed the £300m mark for the first time in its history as its profit more than doubled during its latest financial year.
The Betty’s & Taylors Group, which can trace its roots back to 1886, has reported a turnover of £319.2m for the 12 months to 31 October, 2024.
The latest sales total comes after the group posted a turnover of £295.7m for the prior 12 months.
The group’s turnover has risen every year since it started reporting its full results to Companies House in the early 2000s.
The new accounts for the family business also show its pre-tax profit jumped from £12.9m to £28.8m over its latest financial year.
During the year, the group produced 32.5m metric tonnes of tea and coffee, 15 per cent more than the prior 12 months.
Yorkshire Tea is made by Taylors of Harrogate, which forms part of the group alongside five Betty’s Cafe Tea Rooms, a craft bakery, Betty’s Cookery School and Betty’s by Post.
The group’s UK turnover increased from £275.9m to £294m in the year while its sales in the USA also rose from £13.3m to £15.7m.
In the rest of the world, the group’s turnover grew from £6.4m to £9.4m.
As a result of its improved trading, the group increased its dividend from £81.43 per share to £133.70 per share.
International growth boosts Yorkshire Tea maker
A statement signed off by the board said: “The continued focus on delivering operational efficiencies, combined with investment in upgrades to our production capability, enabled the business to increase capacity to meet the growing demand for Yorkshire Tea.
“Supported by this approach, we enhanced the competitiveness of our customer proposition, increased product availability and strengthened our position as the leader in the UK black tea market, with a value share of 40 per cent.
“Our drive to increase tea sales internationally continues to positively impact on our overall financial performance, with sales growth of 27 per cent achieved in the year.
“In coffee, sales of Taylors of Harrogate coffee bags have increased by eight per cent to £12m, leading the market with a 76 per cent share of this growing segment.”