Vegan ready meal maker Allplants has recorded heavy losses as the business wrestled to shift its capital-intensive model amid challenging macro-economic conditions and declining demand in the plant-based category.
Revenues fell to £4.1m in the seven months to 31 March 2023, compared with £9.2m in the year to 31 August 2022, a 22% drop on an annualised basis.
Allplants recorded pre-tax losses of £9.9m for the period, on top of £11m the previous year, according to the first full set of unexempt accounts filed at Companies House by the business.
CEO and founder Jonathan Petrides called the 2022/23 trading period “undoubtedly the most intensively choppy waters we’ve ever sailed the Allplants ship through”, with rampant inflation, a cost of living crisis, supply chain disruption and rocketing interest rates.
He added, in the strategic report of the accounts, that the adversity had brought out the best in the team as they focused to find “step-change efficiencies” in every aspect of the cost base, switched to a moderated marketing strategy and ramped up strong traction in new retail and wholesale channels.
Allplants secured another £1.8m in the latest funding round in June and appointed fmcg veteran Tim Kelly as its first chairman to help with the next phase of growth. Petrides said at the time that the company had made “remarkable strides” in the first year of an ambitious two-year turnaround plan.
“We are fortunate as we have supportive shareholders who back us to continue spearheading the premium wholesome veg-led growth of plant-based,” Petrides told The Grocer this week. “We have a fantastically entrepreneurial team on a mission, and we have a clear path to profit, which we will reach in the next few quarters.
“So, overall, we are optimistic about the next 12 months and beyond – as we are for our wholefood healthier eating category.”
Allplants has transitioned from a pureplay DTC brand into an omnichannel business, operating across retail and foodservice, with listings at Ocado and independents, as well as with q-commerce sites such as Deliveroo Hop and Zapp.
No comments yet