Meat alternative manufacturer Quorn reports revenue decline in Q1
Meat alternative company Quorn, which is owned by global food company Monde Nissin, has experienced a 4% decline in revenue during Q1 2024.
The company attributed its revenue decline to “continued category softness”, and said that on a reported basis, revenue for the first quarter declined by 2.7%.
Due to what Monde Nissin called a “challenging market”, the UK declined by 2.8% on a comparable and constant currency basis in Q1. However, foodservice revenue grew by 14.5% on a comparable basis in Q1.
Quorn’s gross profit margin declined by 376 basis points to 20% on a comparable basis in Q1 compared to the same period in 2023. This was reportedly due to a decline in production volume as Quorn brought down its inventory. According to Quorn, this impacted the company’s fixed costs recovery, which it said was “partially mitigated by input cost reduction”.
CEO of Monde Nissin, Henry Soesanto, said: “For our Meat Alternative business, we remain vigilant, minimising costs and looking for efficiencies with the goal of remaining EBITDA (earnings before interest, taxes, depreciation and amortisation) flat or better for the year.”
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