UK bread maker Warburtons today (3 August) described its latest accounts as "satisfactory" after the company saw annual operating profits fall by more than 6%.

The company saw pre-tax profits leap almost 21% to GBP31.8m (US$53.8m) for the 12 months to 27 September last year. Operating profit, however, fell 6.7% to GBP23.1m as raw material costs soared.

Turnover was up 20% at GBP497.7m but Warburtons saw "continuing pressure" on raw material prices and "unprecedented cost increases in a number of other areas".

"Warburtons' financial results for 2008 are in line with expectations and the board views the outcome as satisfactory in the difficult economic environment experienced, particularly in the second half of the year," the company said.