Grenade: Profit at protein bars brand wiped out
Protein bars brand Grenade has slumped into the red after its sales were slashed and it diverted funds into investment projects.
The business, which is owned by Mondelēz International, has reported a pre-tax loss of £237,763 for 2024 after having made a profit of £12.1m in the prior 12 months.
New accounts filed with Companies House also show its turnover declined over the same period from £93.2m to £80.5m.
Grenade was founded husband and wife team Alan and Juliet Barratt and was acquired by Mondelēz International – which owns the likes of Cadbury – in 2021.
The company’s UK sales declined from £83.3m to £71.5m in 2024 but rose from £1.1m to £4.6m in Europe.
However, its turnover in the rest of the world was slashed from £8.7m to £4.3m.
A statement signed off by the board said: “Despite some operational challenges, the business broadly broke even in 2024, with an immaterial loss, with significant investment promoting the brand and our products to help with future growth.
“This investment will result in growth across the company’s core markets and expansion into new territories, building on our strong partnership with Mondelēz.
The accounts for Grenade come after its owner Mondelēz International reported a turnover of £2.4bn for 2024 in the UK, a rise from £2.2bn.
Results also filed with Companies House recently however showed its pre-tax profit dipped from £88.1m to £61m over the same period.
Mixed fortunes for Grenade and Cadbury
Last week, CityAM reported that Cadbury had shaken off losing the royal seal of approval after a surge in European sales helped its profit jump during its latest financial year.
The Birmingham-based iconic chocolate maker hit the headlines at the end of 2024 after being dropped from the list of royal warrants for the first time in 170 years.
Cadbury was first awarded a royal warrant as chocolate and cocoa manufacturers by Queen Victoria in 1854.
However, King Charles III included the brand among a 100-strong list of companies and products that had their warrants withdrawn, according to a list published by Buckingham Palace’s Royal Warrant Holders Association in December.
At the time, Cadbury’s owner said it was disappointed to have been stripped of its warrant.
Accounts filed with Companies House recently revealed that Cadbury’s turnover jumped from £155.8m to £206.5m in 2024.
While sales in the UK remained flat at £64m, turnover in Europe more than doubled from £49.3m to £103.6m.
Cadbury’s sales in the rest of the world, however, dipped from £41.5m to £38.7m during the year.
As a result of its surging sales, Cadbury’s pre-tax profit also increased from £42.3m to £52.4m.