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The Warburtons Limited Company from Bolton, UK, reported a GBP 495m (approx. EUR 632.9m) turnover for the financial year ending 24th September 2011, compared to GBP 492m (approx. EUR 629.1m) in the year before. Furthermore, the company revealed a 37% decline in profits to GBP 16.3m (approx. EUR 20.8m) in 2011, which the firm has attributed to the restructuring of its bakery operations, e.g. the closure of the Pennine bakery in Shaw in January 2012, which cost Warburtons about GBP 2.8m (EUR 3.6m) in redundancy payments, and the closure of its Newport site in 2011. According to press reports, Warburtons said its 2012 financial results were "in line with expectations" and the Board views the outcome as "satisfactory in an increasingly challenging economic environment".