Sales At Dublin-Based Vegan Food Company Fiid Increased Last Year Despite Financial Loss
Sales at Dublin-based vegan food company Fiid increased last year despite a financial loss.
As reported by The Business Post, Fiid founder Shane Ryan told The Business Post that retail sales at Fiid increased to €1.35 million during its 2020 financial year from €720,000 the previous year, despite newly-filed accounts for the company showing that it made a loss of €83,299 during its 2020 financial year.
Ryan reportedly said that Fiid is expecting turnover to increase to €3.9 million this year, which would reportedly mark a 188% year-on-year increase in sales.
Fiid reportedly currently employs 10 people after reportedly growing its workforce from a staff of two in 2019.
Ryan reportedly said that the result fell 35% short of Fiid's targets for 2020, but reportedly added that the pandemic delayed its plans for international expansion.
The Business Post quotes Ryan as saying, "We were a little bit disappointed with the result. It was significantly shy of what we wanted to do, but in retrospect it was really impressive, given the circumstances.
"We completely pulled out of the UK and focussed all our efforts on our Irish customers."
"Comfortable" Operating In A Loss-Making Position
Ryan reportedly added that the shortfall was unsurprising and reportedly said that he is "comfortable" operating in a loss-making position for the next number of years as Fiid attempts to build its brand across Ireland and internationally.
Fiid's online sales have reportedly increased by 150% year-on-year in 2021, and Ryanair reportedly said, "Online is a key focus for us, and the growth is really exciting."
Fiid has reportedly eradicated food waste from its production process, and reportedly became the world's first carbon-neutral ready-meals company last month.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.