In the 52 weeks up to 31 December 2024, Marlow Foods saw year-on-year sales decline by 9% as a result of “well-documented pressures in the UK meat-free category”.
The pre-tax loss of £28 million represents a significant reduction from the £63 million loss reported in 2023, with the latest loss figure including £12 million worth of one-off costs tied to the start of the firm’s turnaround programme. The underlying pre-tax loss of £16 million is also an important on 2023.
The results largely pre-date the arrival of CEO David Flochel, who joined the firm in late 2024 and is leading the turnaround plan.
On top of meat alternatives brand Quorn, Marlow Foods also owns the plant-based brand Cauldron Foods.
Commenting on the results, the firm’s chief financial officer Nick Cooper said: “2024 was a challenging year, but our focus is firmly on the future. We’re encouraged by the early signs of progress in executing our Transform to Win Together plan and we are excited to be the brand to bring fresh innovation and energy back into the category. With the backing of our owners, we’re confident in the path ahead.”
And Cooper said that there has been a shift in momentum since the 2024 books were closed.
“In 2025, sales declines have slowed [and] Quorn has gained 1.6 pts of market share to strengthen its leadership of the UK meat-free market, and gross margins continue to recover,” he added.
“Underlying losses have narrowed, and core EBITDA was positive in H1, supported by further efficiency gains and an additional £18m capital has been injected from Monde Nissin.
“New-look Quorn Mince and Pieces, now free from artificial ingredients, also hit shelves in September and our biggest frozen campaign in more than four years kicks off in October. We’re embarking on a 10-week mission which includes TV, VOD, social, influencers, podcasts and PR set to reach millions of consumers. We’ll also be dishing up our biggest ever shopper marketing campaign in over 1,500 supermarkets in the UK, reaching shoppers at up to 8 different touchpoints on their path to purchase.”
