Dairy alternatives challenger Minor Figures has accumulated total losses of almost £30m as it remained stuck in the red for another year, according to newly filed accounts.
However, co-founder and CEO Stuart Forsyth told The Grocer the oat milk brand finally reached profitability this year after its investment strategy started to pay off.
Revenues in the year to 30 June 2025 increased 6% to £35.8m as demand for oat-based milk alternatives remained steady.
Minor Figures said in the accounts that macroeconomic conditions were challenging, but the oat category continued to grow, with the business strategically focused on revenue growth and market penetration to position itself as one of the top three brands across all major markets in the long term. It claimed to be one of the fastest-growing brands in the category in North America and Europe as distribution increased across the on-trade, grocery and online channels.
Pre-tax losses at Minor Figures reduced slightly to £3.2m. It took cumulative losses since the business started in London in 2014 to £28.8m.
“Our investment strategy was designed with the long-term global picture in mind,” Forsyth said. “The losses we reported in earlier periods reflect deliberate, targeted investment to build scale, strengthen our capabilities, launch NPD and position the business for sustainable growth.
“Over the past year, we’ve made significant progress in executing that plan.
“We’ve substantially reduced those losses through a combination of disciplined cost management, improved operational efficiency and stronger revenue performance.
“As a result, the business as of today is now profitable – an important milestone that validates our strategy. We see this year as a natural inflection point. The foundations built during that investment phase are now driving a global business that is more resilient, efficient, and scalable.
“We remain focused on maintaining profitability, while continuing to invest selectively opportunities that will deliver long-term value.”
UK retail value in the milk alternative category rose 3.2% to £338.5m, but volumes slipped 1% [NIQ 52 w/e 20 September 2025], the latest report in The Grocer revealed. Only Plenish, Califia Farms, Rude Health and Glebe Farm managed to shift more units, with Minor Figures recording an 8.7% drop.
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