Innocent ravaged in downturn after smoothie sales fall
Smoothie maker Innocent, which sold a minority stake to drinks giant Coca-Cola in April, fell into the red last year due to falling sales.
The group reported a pre-tax loss of £11.2m for the year ending 31 December 2008, compared to a profit of £12m the year before.
Innocent did not report a dividend, compared to 2007’s £13.9m pay out.
The 10-year-old company started from humble origins when co-founders Richard Reed, Adam Balon and Jon Wright — who met as students at Cambridge University – spent £500 on fruit, turned it into smoothies, and sold them at a small music festival in London with a sign asking “Do you think we should give up
our jobs to make these smoothies?”
But the firm, which now controls around 82 per cent of the smoothie market, suffered sales falling by 17 per cent to £105m in the UK last year and a seven per cent drop in group revenues.
Innocent, which prides itself in its eco-friendly and non-corporate approach also came under fire from fans after agreeing to £30m deal with Coca-Cola to ramp up its European expansion.
But despite falling sales last year the group said it is now on-track to deliver further growth. International sales have lifted by 82 per cent to £19.6m.
Its recent foray into vegetable pots is set to exceed £8m in revenues this year and its flavoured bottle water brand – This Water – has reported a 57 per cent growth in sales.