The Aberlour-based business attributes its positive financial results, for year ending 31 December 2023, to the roll out of its new brand identity across existing markets and distribution channels in 2023.

Additionally, a strong performance during the festive season generated an uplift in sales of +11.4% at home and +11.9% in overseas markets. Sales growth was further reinforced by the brand’s increased presence in global travel retail, with targeted marketing activations.

The family-owned business, which celebrated its 125th anniversary in 2023, said its operating margin returned to average pre-pandemic levels of 7.1%.

Nicky Walker, managing director of Walker’s Shortbread, said: “2023 was again a challenging year for Walker’s Shortbread but this performance is testament to the continued hard work, dedication and commitment of our workforce.

“Whilst the business benefitted from certain favourable market conditions, the results were the culmination of several years of strategic planning, acknowledging the significant impacts of Brexit and the Covid-19 global pandemic in recent years.

“In particular, we are extremely pleased with the performance of Walker’s new brand identity – this has been a long-term project for the business and one that will continue throughout 2024 and 2025. I am delighted that customers around the world are responding so positively to the brand as they continue to enjoy Scotland at its finest.”

Mr Walker continued: “Despite significant growth this year we remain cautious, with a projected slow-down of the market and uncertainty from external political and economic issues putting pressure on the business and our supply chains.

“Walker’s will continue to plan for the future and to serve our customers and consumers both locally and globally whilst remaining committed to our environmental and sustainability targets. We are proud to continue strengthening our operations while creating employment opportunities in the heart of the Scottish Highlands.”