UK meat alternative producer Quorn has reported operating losses of £12.5 million in 2022, while parent company Monde Nissin’s revenue increased.
Quorn saw a 9.5% decrease in revenue on a constant currency basis in Q3 2023. This revenue drop was attribute to the “challenging retail market”, as the company reported an operating loss of around $15.7 million (£12.5 million) during 2022.
Despite Quorn’s market share increasing 1.3% year-on-year to 33%, its retail sales dropped by 4.2%.
However, parent company Monde Nissin reported revenues were up 10.5% year-on-year, with an increase of 68% to its net income in Q3 to reach a total of $41.1 million (£32.7 million).
