Meat alternative company Quorn has reported operating losses, while its parent company Monde Nissin saw increased revenue.
It reported a 9.5% revenue drop on a constant currency basis in Q3 of 2023, attributed to the "challenging retail market".
The company saw an operating loss of around $15.7 million (£12.5 million) in 2022, with a 4.3% drop in retail sales.
Quorn saw its market share increase to 33%, up 1.3% from the previous year's share of 31.7%. Quorn's parent company Monde Nissin reported its revenues increased by 17.8% in Q3, up on results for the same period a year ago.
The parent company's net income was reported to have increased by 68% during Q3, reaching $41.1 million (approximately £32.7 million). For the first nine months of 2023, revenues were up 10.5% year-on-year.
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
