Innocent Drinks makes first profit since 2020
Innocent Drinks has returned to profit for the first time since 2020 as its revenue continued to rise, it has been confirmed.
The business, which is now majority-owned by Coca-Cola, has posted an operating profit of £13m for 2024, late-filed accounts with Companies House have revealed.
It is the first time Innocent Drinks has reported a profit since the £4.8m it achieved in 2020.
Since then it has posted losses of £9.5m in 2021, £41.3m in 2022 and £3.7m in 2023.
Innocent Drinks’s turnover also increased from £452.9m to £466.1m over its latest financial year.
The company was founded in 1998 by Richard Reed, Adam Balon and Jon Wright. It is now 90 per cent owned by Coca-Cola.
Nick Canney, CEO of innocent Drinks, said: “2024 was another step in a positive direction, the environment was challenging, and we faced significant external headwinds, but we made real progress across Europe.
“We grew turnover, profitability, and market share, which is a testament to the resilience of our teams – I am super proud of them for what they’ve delivered this year.
“Our blender now produces 70 per cent of our drinks and has been absolutely key in driving efficiency, sustainability and strengthening our foundations and helping to get more drinks out to more people.
“As we head into 2025, I’m realistic about the challenges ahead, but confident that we’re in a stronger position to keep moving forward.”
Innocent Drinks hails impact of ‘the blender’
A statement signed off by the board said: “In 2024 Innocent continued its journey of profitable growth, underpinned by a maturing end-to-end supply chain and a sharpened strategic focus.”
It added: “This has not only improved operational efficiency and output but also contributed meaningfully to our profitability and environmental goals.
“Turnover and operating profit both increased year-on-year and we strengthened our market share across most of our key European markets.
“The improved performance reflects the stabilisation of our operations and the benefits of prior investments in manufacturing capability.”
Earlier this year, Nicki Garland was appointed as the new UK and Ireland boss of Innocent Drinks.
Garland succeeded John Taylor who moved to a new role as GB franchise operations senior director at Coca-Cola.
She became Innocent Drinks’ third UK and Ireland managing director in just over a year when she was announced in June.