Innocent Drinks slashes loss after overcoming ‘challenging year’
Innocent Drinks has slashed its pre-tax loss after it recovered from a “challenging year”, it has been revealed.
The London-based brand, which is owned by Coca-Cola, has reported an operating loss of £3.7m for 2023, according to delayed accounts filed with Companies House.
The results, which were filed long after the initial deadline of 30 September, 2024, come after Innocent Drinks slumped to a loss of £41.3m in 2022.
While the company’s pre-tax loss reduced, its group turnover also increased from £426.2m to £452.9m over the same period.
The average number of people employed by Innocent Drinks also rose from 790 to 858.
Innocent Drinks recaptures market share
A statement signed off by the board said: “The year saw a significant improvement in performance on the prior period.
“2022 was a challenging year for us as we began to ramp up our transition to becoming an end to end manufacturing business following the investments made in our first ever factory ‘The Blender’.
“The ramp up challenges we faced in this transition were compounded by external factors such as inflation and the cost-of-living crisis.
“Though these issues continue to be tracked and managed by the business we have been able, through efficiencies, supply chain management and responsible price increases, to see an improvement in performance in 2023.
“Turnover and profitability have both increased while we have been able to recapture market share through a more consistent availability of goods through our supply chain.
“The Blender will allow us to produce 70 per cent of our drinks and provides benefit for both profit and operating responsibly.
“It will allow us to control our cost base and our production in the long term and supports us in achieving our science-based target.”
Innocent Drinks was founded in 1998 by Richard Reed, Adam Balon and Jon Wright. It is now 90 per cent owned by Coca-Cola.