Covent Garden Soup Maker Hain Daniels Hit With More Losses

May 8, 2024

During its latest financial year, Hain Daniels Group, the UK subsidiary of The Hain Celestial Group, faced challenges that led to a decline in sales and an increase in losses. The maker of popular brands such as Covent Garden Soup and Linda McCartney’s vegetarian food reported a turnover of £43.7 million for the year ending June 30, 2023, down from £47.2 million in the previous period. Additionally, pre-tax losses widened from £1.7 million to £3.7 million.

One significant factor contributing to the decline in turnover was the shift in consumer preferences from frozen to chilled food, particularly in the plant-based category. This trend impacted Hain Frozen Foods’ performance, leading to a decrease in turnover not only in the UK but also in Europe and other regions.

Despite these challenges, Hain Daniels Group remains committed to providing well-priced, high-quality products and maintaining strong relationships with its customer base. The company acknowledges the competitive nature of the marketplace, particularly in terms of pricing and promotional activities, and continues to manage trading risks effectively.

As part of The Hain Celestial Group, a NASDAQ-listed company, Hain Daniels Group operates within a broader portfolio of brands, including Ella’s Kitchen and Frank Cooper’s. Founded in 1993 and known for its merger with Celestial Seasonings in 2000, The Hain Celestial Group continues to navigate the dynamic landscape of the food industry.