UK-based meat-free business Quorn Foods saw sales and operating profit rise in 2013 amid “exceptional” growth in its domestic market.
The company, owned by Exponent Private Equity, posted a 7% rise in sales to GBP140.9m (US$229.8m). Marketing investment and distribution gains boosted Quorn’s UK sales.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Quorn said its international business “generally performed well” with “good growth” in Australia, the Nordics and mainland Europe.
The business came under pressure in the US amid increased competition but Quorn opened a new office in Chicago late in the year to try to drive its business in the market. In an interview with just-food in January, Quorn CEO Kevin Brennan said the US market had “great growth potential”.
The higher group sales contributed to a 4.6% increase in operating profit to GBP11.3m.
Quorn did see its losses grow during 2013, with a net loss of GBP15.4m compared to GBP13.8m in 2012. The company’s interest expenses grew year-on-year linked to charges when Exponent bought Quorn from Premier Foods plc in 2010.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFor our full interview with Brennan, in which he discusses UK trading and the company’s international ambitions, click here.
