Innocent Drinks has reported a reduction in its pre-tax loss, bouncing back from what it described as a "challenging year".
The London-headquartered company, which falls under the Coca-Cola umbrella, disclosed a pre-tax loss of £39m for 2023, based on the latest accounts submitted to Companies House, as reported by .
These figures, filed significantly past the 30 September, 2024 deadline, show an improvement from a pre-tax loss of £75m in 2022. Alongside the decrease in losses, Innocent Drinks also saw its group turnover climb from £426.2m to £452.9m during the same timeframe.
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Employment at the firm increased as well, with the average number of staff rising from 790 to 858.
The company's recovery and market share gain were highlighted in a board statement: "The year saw a significant improvement in performance on the prior period."
It continued, "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 statement acknowledged the difficulties encountered during this shift, exacerbated by external pressures such as inflation and the cost-of-living crisis. However, it noted, "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."
The statement concluded with positive news on turnover and profitability, attributing the success to better availability of goods through improved supply chain management, which helped recapture market share.
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"The Blender will enable us to manufacture 70 per cent of our beverages, offering benefits for both profitability and responsible operation."
"It will give us control over our cost base and production in the long term, aiding us in reaching our science-based target."
Innocent Drinks, established in 1998 by Richard Reed, Adam Balon and Jon Wright, is now 90 per cent owned by Coca-Cola.