Quorn continues to weigh on Monde Nissin profits

Dean Best

Thu, May 15, 2025, 5:03 AM 2 min read

Monde Nissin’s profits fell by much than a 5th successful the archetypal 4th arsenic the Philippines group’s problems with UK meat-free concern Quorn continued.

In the 4th to the extremity of March, Monde Nissin saw its nett income descent by 21% contempt rising sales, which were boosted by its different assets successful food.

The institution has seen income and profits astatine Quorn, which it acquired successful 2015, travel nether unit successful caller quarters, deed successful portion by slowing request for meat-free products successful the UK.

Quorn’s show has led Monde Nissin to record a bid of impairment charges.

Reporting first-quarter numbers yesterday (14 May), the radical booked nett income attributable to equity holders of 2.73bn pesos ($48.9m), down 21.5% connected a twelvemonth earlier.

Monde Nissin cited 2 charges tied to its meat-alternative business, which is centred astir Quorn. It recorded a 290m pesos “non-cash accounting nonaccomplishment connected the just worth of the nutrient alternate guaranty asset” and 69m pesos successful costs related to restructuring moves astatine the UK-headquartered business.

The gross from Monde Nissin’s Meat Alternative part dropped 3.8% and fell by 5.8% connected a constant-currency ground arsenic “category softness continues”, the institution said.

The division’s gross nett accrued 10.8% to 759m pesos amid little input costs, reduced inventory and the group’s “supply concatenation transformation” efforts for the business, it added.

Speaking to analysts aft the results were published, Monde Nissin’s absorption pointed to the show of Quorn snacking products successful the UK, an country the concern has been developing.

“In the very, precise caller information read, we’re really seeing accrued penetration with UK consumers driven by that absorption connected Quorn snacking,” Quorn Foods CFO Nick Cooper said.

Asked if the radical planned to effort to trim much costs astatine Quorn, David Flochel, the division’s recently installed CEO, said: “I deliberation we are decidedly overmuch connected way driving our thin organisation according to our plans connected the 1 end, connected the SG&A side. And past we person the full translation going connected successful the proviso concatenation side, which is an ongoing process and execution going connected for this twelvemonth but besides adjacent year.

“So, yes, determination volition beryllium further betterment and we'll support looking astatine the champion acceptable betwixt our absorption areas and the organisation to present that strategy and the absorption areas we privation to deliver. Absolutely.”

Monde Nissin’s 2nd division, Asia-Pacific Branded Food and Beverage, reported a 4.1% emergence successful first-quarter nett income to 17.6bn pesos, helped by higher volumes of biscuits, cakes and culinary products. Noodles income fell 4.5%.