Marlow Foods Limited 2025 Accounts

Marlow Foods has filed its accounts at Companies House for the year ending December 2025, which covers the first full year of the turnaround plan that David Flochel launched after he joined as CEO last year. These results show the significant progress we have made, and although there is more work to do, we begin the year with increased confidence in that plan.

In 2025 Marlow Foods saw a significant shift, recording sales that were down only 1% on 2025, compared to a 9% decline in 2024. Within this, the trajectory of our core retail and food service businesses improved quarter on quarter from -6% in Q1, -5% in Q2 and -1% in Q3 to closing the year with fourth quarter sales that were flat year on year¹.

We continued to strengthen and reinforce our leadership of the UK market, increasing our share 0.9pts year on year to 31%². This performance was driven by the success of our second “Mission Snack Swap” campaign in the summer, which has seen our Quorn snacking portfolio grow over 30%, combined with investment into removing all artificial ingredients from our core frozen ingredients range, as part of the “Nothing to Hide” campaign. This campaign saw Quorn frozen ingredients return to buyer growth (+2% YoY) for the first time in over 12 months³.

We have also worked hard to improve our cost efficiency through both our supply chain and office functions. This has driven an improvement in gross margins and reduction in administrative costs, which have allowed us to halve the underlying operating loss of the business (from £12m in 2024 to £6m in 2025), while also increasing our marketing investment to drive our brands and the category.

Our cash performance and the commitment of our owners continue to provide a strong foundation for the business. In 2025 Quorn was once again cash positive at the operating level and repaid £30m of external borrowing through a combination of cash injected by Monde Nissin and funds generated within the business.

This improved performance and the outlook for the business combined to drive a modest write-up in the value of the business in the books of our parent company, following three successive years of write downs.

Looking ahead, the category dynamics have improved a little and there are early signs of recovery for the sector, but we continue to face a turbulent environment which is further complicated by events in the Gulf.

Against that challenging backdrop, we’ve continued to grow share, attract new buyers and win in the priority areas that we’ve focused on. We continue with our supply chain transformation program to further rebuild margins and generate funds to grow the business and category. We’re also going to keep bringing exciting innovation to the market, most recently in the form of our new Quorn Protein Bites, as well as making our Quorn range more convenient and accessible across even more occasions.

We believe that it’s more important than ever to provide consumers with positive protein choices that are tasty, healthy, convenient, affordable and good for the planet. We are excited about working with our customers and partners to meet this need in 2026 and beyond.

Nick Cooper
CFO at Quorn Foods

References

¹ Constant currency sales growth as reported as part of Monde Nissin’s quarterly earnings disclosure
² NIQ value share 52 weeks ending 27th December 2025
³ Nielsen Panel, GB Total Coverage, Meat Free (Quorn Foods defined) 12 w/e 1st November 2025