The Uddingston-based biscuit company recorded turnover of £75.8 million in the year ending 25 February 2023, up from £72.1 million in the previous year, while pre-tax profit was £1 million, down from £5.5 million.

In accounts filed with Companies House, Tunnock’s said the dip in profit was “principally due to unprecedented increases in raw material, utility and other costs which the company absorbed during the year”.

However, it said it “continued to take a long-term view” by investing £2 million in a new plant, which is “essential to expand capacity and maintain our position at the forefront of the market”.