The company, who produce iconic UK bread brand Hovis and Mr Kipling cakes, said turnover was 2 per cent ahead of that seen in August 2005 but warned that first half growth would be slow due to marketing spend and tough trading conditions.

Bakers have struggled in the face of a sharp market downturn this year following the heatwave which not only turned consumers away from baked goods but also affected crops throughout Europe and caused commodity prices to rise.

In an attempt to pass costs on down the supply chain, several bakeries, including ADM Milling, announced last month they would be increasing the price of flour to almost £30 (€44.8) per tonne.

At the company's AGM this week, Chairman Jan du Plessis told shareholders: "Turnover and margins have been affected by the exceptionally hot summer, some retailer destocking and an increasingly competitive environment.

"For these reasons, as well as the impact of higher wheat prices, increased marketing spend and the timing of price increases, profit will be even more skewed to the second half than last year."

Despite experiencing a lull in sales last year, profits for the luxury Mr Kipling cakes range have picked up - due in part to the company's efforts to make the line more appealing to health-conscious consumers by launching a 'Delightful' range free from artificial colours and flavours.