The company posted sales growth of 5.2% with a turnover of £158.1M, compared with a turnover of £150.3M in 2014.
The annual results are the first released by the company since Quorn Foods was acquired by Monde Nissin Corporation on October 30 2015.
Gross profit for the company was £65.6M, up from £60.4M in 2014 while profit for the year was down to £17.2M from £25.2M
The annual report follows news that Quorn’s export sales grew by more than 15% in the first half of 2016.
Investment by new owner Monde Nissin has led to Quorn’s expansion into three foreign markets: Spain, France and Italy.
It also invested £23M across foreign and domestic markets to ensure continued growth. Quorn is expecting total sales to increase by more than 10% by the end of this year.
Chief executive Kevin Brennan said: “It’s been a great start to the year as the trend amongst consumers to reduce meat consumption and look for alternatives continues to grow.
“Monde Nissin has made clear its belief in the long-term potential of Quorn and has committed to investing significantly, which is already having an impact.
“Our ambition has been to make Quorn a $1bn [£765M] global business and we are well on the way to achieving this within the next 10 years with the launch into these three new markets serving to further accelerate our growth.”
Support exporting businesses
Following the UK’s vote to leave the EU, Quorn’s boss urged the government to do more to support exporting businesses and find a quick solution to trading in Europe.
“The result of the Brexit vote has offered up both opportunities and challenges for Quorn,” said Brennan.
“The weaker pound has actually benefited our exports and so we will continue to invest.
“Along with other manufacturers, however, we want to see an end to the current uncertainty on how we will trade so we can continue to invest with confidence.”
Quorn 2015 annual results – at a glance
- Turnover of £158.1M
- Sales growth of 5.2%
- Gross profit of £65.6M