Meat-free brand Quorn Foods has reported a 12% rise in global growth as the firm invests £7 million in a new North East Global Innovation Centre.
Reporting its H1 2018 results, the company unveiled like-for-like sales totalling £12 million for the first six months of the year – up 12% on the same period last year.
Quorn says that it is now on track to become a billion-dollar business by 2027.
As part of reaching this goal, the company is containing to invest in innovation and technological capability.
Its latest effort is a further £7 million investment in a new Global Innovation Centre and its North East HQ which, it says, will create a “high tech British powerhouse” and maintain its “innovation leadership in the meat-free industry”.
This facility will break ground at the end of this summer and enhance capability in both core protein fermentation and innovation capability to develop new and better products.
“With category momentum we are confident we can become a $1 billion business in under 10 years,” says Quorn Foods Chief Exec Kevin Brennan.
“We are seeing lots of Silicon Valley investment and hype in this space but we have already built up 30 years of expertise in the meat-free category.
“With our renewed investment in R&D we expect to lead the way for decades to come. We hope to demonstrate that there are great British businesses in the North that can win on a global stage.
“We are already seeing amazing growth internationally: Australian sales are up 50% and US sales are up 23%. In the US supermarket giant Kroger, we now have the fastest selling product in the category.
“With continued investment we believe we can continue this level of performance.”