It was revealed at the weekend that the Aberlour-based Walkers managed to grow turnover by 12.1%, to £119m in 2011.
However, its pre-tax profits stood at £8.9m as margins fell from 8.5% to 7.2%. Margins had been 9.9% the year before, and a fall in profits in 2010 was also blamed on rising flour prices and other raw material costs.
Walkers, which exports its products to 80 countries, explained that turnover had increased both at home and abroad. Revenue from abroad accounts for 41% of turnover, it added.
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