In the 52 weeks leading up to 31 December 2024, Marlow Foods experienced a year-on-year sales decline of 9%, attributed to “well-documented pressures in the UK meat-free category.” Such challenges have impacted the company’s overall performance significantly.
The reported pre-tax loss of £28 million marks a decline from the £63 million loss encountered in 2023. This recent figure includes £12 million in one-time costs linked to the initiation of the firm’s turnaround programme. Notably, the underlying pre-tax loss of £16 million serves as a crucial reference point for 2023.
These results reflect a period prior to the arrival of CEO David Flochel, who joined Marlow Foods in late 2024 and is spearheading the turnaround initiative.
Marlow Foods, known for its meat alternatives brand Quorn, also owns the plant-based brand Cauldron Foods, which further diversifies their product offerings.
In response to the results, Chief Financial Officer Nick Cooper stated, “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 bringing fresh innovation and energy back into the category. With our owners’ backing, we’re confident in the path ahead.”
Cooper highlighted a positive shift in momentum following the 2024 fiscal year.
“In 2025, sales declines have slowed, and Quorn has gained 1.6 points of market share to strengthen its leadership in the UK meat-free market. Additionally, gross margins continue to recover,” he added.
“Underlying losses have narrowed, with core EBITDA turning positive in H1, supported by further efficiency gains. An additional £18 million has been injected from Monde Nissin.”
“New-look Quorn Mince and Pieces, now free from artificial ingredients, also hit shelves in September. Furthermore, our largest frozen campaign in over four years is set to launch in October. This 10-week initiative will encompass TV, VOD, social media, influencers, podcasts, and PR, reaching millions of consumers. We are also excited about our biggest shopper marketing campaign in over 1,500 UK supermarkets, engaging shoppers at up to eight different touchpoints along their path to purchase.”