Quorn maker loses greater than £60m as gross sales of meat-alternative merchandise fall | UK | News | EUROtoday

Marlow Foods, the corporate behind the meat-free model Quorn, has reported a lack of over £60m in its newest monetary 12 months as gross sales in UK and US supermarkets proceed to slip. The North Yorkshire-based agency posted a pre-tax lack of £63.4m for 2023, following a lack of £15.4m in 2022.

The final time the corporate reported a pre-tax revenue was in 2021, with earnings of £7.3m.

Newly filed accounts at Companies House reveal that the corporate’s income dropped from £220m to £204.9m over the identical interval. Marlow Foods, which is in the end owned by Philippines-based Monde Nissin, produces and sells Quorn-branded merchandise within the UK, Europe, Australia, South East Asia and the US, in addition to Cauldron-branded merchandise within the UK.

The firm attributed its falling income largely to a decline within the meat-free class within the UK and US markets, pushed by the cost-of-living disaster. This was partially offset by continued progress in meals service.

Quorn’s retail income fell from £186.7m to £170.7m within the 12 months, however its meals service gross sales rose from £26.6m to £27.9m. However, its fast service eating places income was lower from £6.7m to £6m, as reported by City AM.

Its UK income decreased from £172.8m to £161.1m however grew from £26.8m to £28.7m in Europe. However, its gross sales in the remainder of the world dipped from £20.3m to £15m.

During the 12 months, the typical variety of folks employed by Marlow Foods additionally fell from 934 to 874. The maker of Quorn is now trying to return to progress.

A press release authorized by the board learn: “Inflationary pressures had a major impact during 2023 with the prices of energy, commodities and other inputs rising significantly above historic levels.”

“These pressures eased through the year but costs remained elevated.”

“The group took steps to minimise the impact of this inflation through competitive sourcing, selective forward purchasing and internal efficiency initiatives as well as through increasing the selling prices of some of its products.”

“However, the group seeks to protect its customers and consumers from increased costs and inflationary input cost increases were only partially recovered through selling price increases.”

Regarding its future prospects, Quorn acknowledged: “The group continues to plan for a return to sales growth and profitable trading, taking into account known macro-economic and geo-political risks.”