Wilkin & Sons: King’s jam maker returns to profit despite Reeves’ tax hikes
Wilkin & Sons, the historic jams maker which supplies King Charles, has returned to profit despite the “significant strain” Chancellor Rachel Reeves’ Budget put on its finances.
The Essex-headquartered business, which is behind the Tiptree brand, said the “continued increased in National Minimum Wage” impacted its bottom line while high energy costs also hit its margins.
According to new accounts filed with Companies House, Wilkin & Sons achieved a pre-tax profit of £1.4m for 2024, up from the £1.8m loss it made in 2023.
The results also show its turnover rose from £53.5 to £55.8m over the same period.
In December 2024 it was announced that Wilkin & Sons had been awarded a Royal Warrant from King Charles III.
The commendation meant that the company had been recognised by every monarch since George V in 1911.
Wilkin & Sons has been run by the Wilkin family since 1885.
Wilkin & Sons blasts impact of Rachel Reeves’ Budget
A statement signed off by the board said: “Following the poor results of last year we were very happy to see a change of direction in our performance.
“There was a chink of light at the end of the very long and very dark tunnel we have been in for the past two years. And then came the Budget.
“The continued increased in National Minimum Wage put a significant strain on our operations.
“Our labour heavy areas of fruit growing and tearooms operations are particularly impacted. The overall cost to the business is significant.
“We have been chipping away at all aspects of our business, getting to grips with the dreadful increases in our costs, mostly energy related.
“Gradually the hard work began to pay off, energy prices relaxed as did some of the material costs.
“We should soon escape from the punitive contracts we were held to on electricity prices.”
Profit ‘feels much better’ than loss
Wilkin & Sons added that the “small profit” it posted for 2024 “feels much better than the loss of last year”.
The business said it had been boosted by the sale of land that was “surplus to operating requirements”.
The company added: “Following the challenges of 2022 and 2023 in particular, 2024 has seen a steadying of the ship.
“Our turnaround is by no means complete but we have stemmed our losses and returned a modest but none-the-less encouraging profit.”
On its outlook, Wilkin & Sons said: “While the next couple of years in particular will continue to be challenging, we none-the-less remain optimistic for the future of the business, both in the medium and long-term.”