A major Scottish shortbread maker has seen its profits more than halve, with rising butter costs and Donald Trump’s tariffs being blamed. Latest accounts show Walker’s Shortbread’s pre-tax profits dipped to £8.7m in 2025, compared to £18m the year before. Nicky Walker, managing director of Walker’s Shortbread, said: “The Board took a deliberately cautious outlook for 2025, following a period of significant and sustained growth as the world recovered from the pandemic years. There were also changes to the Walker’s board last year, with Justin Stead appointed as chairman, alongside Bryony Walker as commercial director. Her appointment came after the death of her father, Sir Jim Walker, in December 2024.webershandwick via Supplied Sir Jim received a Knighthood in 2022 for services to the food industry.