This has shifted its strategy back towards growth as the plant-based brand continued to improve margins and move closer to profitability.
Revenues at the business, which was named the fastest-growing brand in fmcg in 2023, declined by 3.8% to £17.6m in 2025, newly filed accounts revealed this week.
Under CEO Mark Cuddigan, This moved focus away from the top line to reset margins and cut cost, significantly reducing the number of SKUs produced in the process.
Gross margins jumped to 18.9% last year as a result. It’s a further improvement on the 12.3% recorded in 2024, the first time the vegan brand had achieved a positive gross margin since launching in 2019.
Operating losses also shortened from £6.2m to £4.6m as the company again cut administrative expenses to £8m. A pre-tax loss for the year of £4.7m put cumulative losses at This at £39m.
This secured a further £3.8m in bank loans in 2025 to bolster liquidity and improve its financial headroom, according to the Companies House accounts. It follows £12m being pumped into the business as part of a £20m Series C round in 2024, with co-founders Andy Shovel and Pete Sharman, as well as other early investors, taking £8m in a secondary sale.
A year of progress
Cuddigan, the former boss of Ella’s Kitchen who took charge from the founders in early 2024, said 2025 had been an important year of progress for This.
“Operational improvements and accelerating market momentum have ensured the foundations are now firmly in place for the next phase of our strategy, which is based on growth,” he told The Grocer.
“In 2025, we delivered another year of significant gross profit improvement, with margins expanding by more than 660 basis points following the step change achieved in the prior year. Despite a modest reduction in turnover, gross profit increased to £3.3m, up from £2.2m in 2024, driven by continued gains in operational efficiency and disciplined cost control.
Cuddigan said the 26% year-on-year improvement in operating losses reflected a “sustained focus on building a leaner, more efficient business”.
“Looking ahead, we believe the business is now entering a period of accelerated growth. Alongside continued gross margin progression, we are seeing increasing traction across our core range, while also preparing to launch exciting new innovation into the market.
“Encouragingly, this growth momentum is already building from the latest launch of Fillet Steak, which represents a major opportunity for This and a meaningful driver of our future growth.”
Cuddigan added Circana Unify data for the most recent 12-week period showed a 21% increase in value sales and a 36% jump in volumes.
“It’s a strong indicator of growing consumer demand, increasing household penetration and strengthening brand relevance within the category,” he said.
Earlier this year, co-founder Andy Shovel told his LinkedIn followers This had registered its first-ever net profitable month in December, with annualised gross revenues of £24m and a net profit of £56k.
“Will it be a few months until we’re reliably profitable every month? Yep. Has it taken a year or two longer than we wanted? Yesssir. But it’s a huge moment for the business, and frankly – for the slightly bruised plant-based sector as a whole,” he wrote at the time. “We’ve been the leading UK challenger brand for a while, so I’m hoping this strong signal can send positive ripples across the category.”
The plant-based category continued its decline in 2025 as consumer appetite for fake meat products diminished further, with clean-label and natural products from the likes of The Tofoo Co, Better Nature and Tiba Tempeh bucking the trend.
Tesco declared in February that plant-based food was experiencing a comeback as demand for veg-led and fibre-rich offerings helped the category back into growth for the first time in years.
This has also recognised the shift and moved away from meat mimic lines, launching a Super Superfood range in 2025.
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