The gluten free baked goods manufacturer’s newly published financial results show that losses from continuing operations rose to £3.17 million in the 12 months to 31 December 2023, up from the £2.4 million loss from continuing operations during 2022.
In addition to the loss from continuing operations, Genius Foods also faced financial expenses worth £547,000.
The financial report, available via Companies House, also showed that Genius Foods’ owner, German firm Katjes Greenfood, provided the firm will £4 million between January 2024 and February 2025 and agreed to a convertible loan facility worth £5 million in December 2024.
Katjes Greenfood acquired Genius Foods in June 2022 for an undisclosed amount and has sent a letter of support to the manufacturer assuring directors that it will provide support to maintain minimum operating cash levels, alongside a guarantee that it will not recall outstanding shareholder loans within the next 12 months.
“The FMCG industry has seen its fair share of turbulence over the last five years, from inflation to supply chain pressures,” said Genius Foods CEO Stephen Hann.
“Despite this in 2023, Genius significantly increased its Marketing investment.
“2025 is set to be a transformational year for us. Supported by our family-owned majority shareholder, Katjes Greenfood, we are leveraging our founding strengths: innovative, great tasting, gluten free bakery products that improve lives.”
Based in Edinburgh, Genius produces a range of gluten free baked products that range from bread to sweet treats. Its goods are stocked by numerous major retailers in the UK, while it also operates a foodservice arm that supplies restaurants and pubs across the country.
Food Manufacture has reached out to both Genius Foods and Katjes Greenfood for comment.
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