26 Feb 2024Read more >
The parent company of Quorn Foods has hailed a strong performance in its latest accounts, achieved despite the impact of the pandemic and boosted by investment to increase capacity.
The Stokesley-headquartered company employs more than 800 people and sells its products in the UK, Europe, Australia, South East Asia and the US.
Recently filed accounts for Marlow Foods Ltd show a turnover of £326.2m recorded in the year to 31 December 2020, up from £229.6m in 2019.
Pre-tax profit was £8.46m, compared to £19.3m the previous year. This included an exceptional write down of £11.8m relating to a new factory in Belasis completed during the year. On an underlying basis, pre-tax profit grew to £20.3m.
“We are pleased with our performance, considering the challenges created by the pandemic. Underlying trading was very positive and we kept our colleagues and business partners safe while not making any claim on the government for furlough money.
“Keeping our people safe was our number one priority, and then keeping our factories running so we could continue to provide Quorn and Cauldron to the growing number of people who are reducing the amount of meat in their diet.
“Throughout the last 18 months, despite the challenges and thanks to an amazing team effort by all Quorn Foods staff, I’m proud to say that our facilities continued to run at full capacity.”
During the year, Quorn invested in fermenting and forming capacity, in order to eliminate constraints experienced in 2019. Investment has continued into 2021 but further capacity constraints are not expected.
Productivity was affected by the Covid-19 pandemic, with social distancing measures and self-shielding meaning that certain production methods needed to be revisited and the availability of trained skilled staff was consistently reduced.
The pandemic also meant the company’s sales shifted away from food services and towards food retail.
The company said it continued to plan for sales and profit growth, supported by targeted commercial, development and capacity investment.
“We will continue to put food and the consumer at the heart of our business and focus on innovation, delivering delicious new products. Our dinosaur-shaped Quorn Roarsomes have proved a huge hit with kids, and we’ve just launched Quorn Brilliant Bangers, our best sausages yet.”
By Marlow Foods - Quorn