Quorn’s packaging claims that the vegetarian meat alternative is surprisingly succulent, and indeed it is proving to be a juicy success for Premier Foods plc. The U.K. food company announced a 123% jump in its fiscal first-half profits, thanks to sales growth in its recently acquired brands. In addition to
buying Quorn maker Marlow Foods for £172 million ($314 million) in June 2005, it also bought Campbell Soup Co.’s British and Irish units for £460 million last month. Premier’s pretax profits in the six months ended July surged to £27.9 million, from £12.5 million in the year-ago period. Its revenues climbed 18% to £430.5 million in the fiscal first half, from £363.6 million in the same period a year earlier. At the center of the growth was the meat-free division, Quorn, which delivered double-digit growth. Quorn is a protein-based meat alternative derived from fungus. —
Matthew Wurtzel
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