With an increasingly growing number of Brits participating in this month-long celebration of veganism each year, Veganuary is now a very much an established and popular yearly event.
More than 706,965 people signed up to the challenge to try a vegan diet for the month of January in 2023 and numbers are expected to cross this benchmark this year. With Veganuary 2024 proclaimed to be the biggest one yet, it’s essential for retailers to stock up on a range of best-selling and well-known brands to entice customers.
The campaign, which invites people to try a vegan diet during January, was first launched from a York kitchen table in 2014 by Jane Land and Matthew Glover. The number of people signing up for this has been growing ever since. According to a YouGov poll, 9 per cent of GB adults have participated in Veganuary since the first pledge in January 2014.
Popularity of this campaign can be ascertained by the fact that people from every country in the world have taken part in Veganuary only except for Vatican City and North Korea.
Interestingly, it's not just about a month. Habits formed in this campaign are proven to last long with many making permanent changes in their lifestyle. Over 50 per cent of Veganuary participants planned to maintain their new diet in some capacity after the challenge was over, substituting vegetarian or vegan products into their daily lifestyle.
In fact, the flexitarian lifestyle has become one of the most common dietary paths now. In 2023, more and more Brits are following a meat-free diet by choosing to become vegetarian, pescatarian or vegan.
According to Finder, there were 3.4 million vegetarians in the UK in 2023. The latest figures show there are also 1.4 million vegans in the UK. Overall, there are around 14 per cent of adults in the UK (7.2 million) following a meat-free diet.
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There is a clear age divide when it comes to views on eating meat. Studies show that millennials are currently the most meat-free generation. Almost one in four (18 per cent) of millennials currently go without meat by following a pescatarian, vegetarian or vegan diet. Gen Z are not far behind, with 16 per cent of this generation currently following a meat-free diet. However, those in this age group are the most optimistic when it comes to cutting meat out of their diet with, with 43 per cent of gen Z’s intending to do so.
London is leading the trend with almost half of Greater London (46 per cent) expected to be following a flexible diet. With one in four Londoners currently following either a vegetarian, pescatarian or vegan diet, London is already the most meat-free region in the UK.
Following London is the West Midlands, East Midlands, Yorkshire and the Humber, East of England, Northwest and Wales. On the other end of the intention spectrum is the Northeast, where just 9 per cent of the population is interested in adopting a meat-free lifestyle.
Munching and Meals
In this month or otherwise too, having an aisle or a section dedicated to healthy and vegan snacks can be a store’s highlight and can go a long way in attracting both curious as well as loyal customers.
Fairfields Farm Crisps, particularly their vegan Cheese and Onion flavour, is a great bet here. With an increase in vegan and dairy-reducing diets, some shoppers have been left missing the days they could indulge in their favourite flavour and this offering comes as a perfect solution.
Since reformulating as vegan-friendly, Fairfields Farm Crisps’ Cheese & Onion skin-on potato crisps has seen a significant boost in sales, increasing by 89.3 per cent, almost doubling year on year.
Fairfields Farm Crisps’ growth is expected to speed up even more in convenience channels with the introduction of the brand’s new A.F. Blakemore & Son’s direct-to-store initiative, which will allow the brand to sell to Spar franchise stores and Harvest forecourts using A.F. Blakemore & Son's central invoicing system.
Apart from snacking, it is important that the store has a fairly good collection of vegan and plant-based meals to cater to the ever-growing demand for vegan products.
Richard Cooper, Senior Brand Manager at Chicago Town, Dr. Oetker Professional, also feels that over the last year,there has been an increase in demand for free-from, plant-based meat alternatives, vegetarian and vegan products and healthy eating has been a major driver of change in legislation and consumer behaviour.
“44 per cent of UK adults is very health conscious, up +3ppts year-on-year, which includes embarking on various types of diets. As a result, healthy eating is a contributing factor towards consumers opting for more sustainable solutions, as 46 per cent of Brits admit that this plays a role in their food choice decision making”, Cooper said.
He further added that from 2022, the trends of free-from, vegetarian and veganism are showing no signs of slowing, with almost half (48 per cent) of new products being vegan in 2022. On the other hand, many consumers have been experimenting with ‘flexitarian’ lifestyles, and this accounts for one-third of the market.
Dr. Oetker has seen a growth in sales for its Pizza Perfettissima vegan options, Cooper told Asian Trader, adding that the maker has also just launched the Chicago Town Vegan Pepper-no-ni into the market, which is performing extremely well.
Dr Oetker Professional has seen its vegan pizza share increase by 2ppts within its full pizza range vs last year. Dr. Oetker Professional’s Pizza Perfettissima has also launched several vegetarian and vegan options such as the Puro Base, which is a vegan and halal base only, no sauce and therefore it can be used for starters such as garlic bread, bruschetta, a main pizza with any desired toppings, or dessert pizzas too, for example an apple pie pizza.
Popular Chicago Town products to consider in this aisle are Chicago Town Loaded Cheese (RRP £2.50 per quarter slice), Chicago Town BBQ Jackfruit (RRP £2.50 per quarter slice), Chicago Town Vegan Stuffed Crust Pepper-no-ni, Pomodoro (£10.99 RRP per pizza) and Puro Base (£10.99 RRP per pizza).
Apart from stocking vegan and vegetarian snacks and meals, having an equally wide and rich food to go section can add a cherry on this cake. Whilst sandwiches are still considered a traditional go-to for lunchtime snacks, more innovations in this sector are emerging.
In order for retailers to maximise sales, it is important to have a wide, well-stocked range of food to go on offer for key times of the day and also offering options for different dietary needs and missions.
Chicago Town’s Pizza To Go offers both vegetarian and vegan options and, as a brand, is proud to be able to tap into the mindset of ‘just like the real thing’ products, stated Cooper, adding that Chicago Town Pizza To Go has seen rise in sales of its vegetarian and vegan offering.
A particular store could add an additional SKU, add pizza to their meal deals or food delivery options to boost their revenue. All these things Dr Oetker Professional support with PoS and activation assets, including but not limited to posters, window stickers, A boards, feather flags as well as digital assets for screens in store.
A Veganuary round-up wouldn’t be complete without mentioning VFC – the vegan fried chicken company founded by Veganuary’s own Matthew Glover.
With activism at its heart, VFC is a brand on a mission to save as many chickens as possible and change people’s perception of vegan food. Last year, VFC launched a new Spicy range that includes fillets, tenders and popcorn – perfect for wraps, tacos and burgers or just to dip and eat on their own.
VFC is continuing its trail-blazing NPD drive with a range of fakeaway ready meals- market-first Chick*n Sausages and a new chilled Chick*n Mince SKU.
New VFC One Bag frozen ready meals are single serve and can be pan-fried from freezer to bowl in eight minutes, offering the ultimate convenience to time-poor shoppers. The range, which is made with pea-protein, includes Chick*n Fried Rice and Chick*n Curry, and has been developed to offer all the flavour of the nation’s takeaway favourites in a healthier, convenient, meat-free format.
Following years of requests, Heinz also finally released vegan versions of two of its most popular soups- Creamy Tomato and Beanz & Vegan sausages.
Not to forget THIS, the brand offering hyper realistic alternatives to chicken, and bacon meat-alternatives made using peas and soya beans.
Following two years of research and development, partnering with world-leading texture and flavour scientists, THIS certainly has a huge fan following for its unique products that perfectly mimic meat in taste, texture, appearance and smell. THIS isn’t chicken and THIS isn't bacon have been bestsellers as well as talked-about brands.
This year, THIS has teamed up with BrewDog for a limited edition Veganuary menu item – Europe’s first skin on vegan chicken wings. The skin on wings promise an unparalleled sensory experience, following a two year development and three patent-pending technologies. THIS Isn’t Chicken Wings feature a seaweed-based crispy skin that mimics the texture and taste of traditional chicken wings.
Other product lines to consider stocking are products from Beyond Meat, Heura, Meatless Farm, Bird’s Eye, Vivera and VBites.
Sweet and milky
Veganism and Veganuary requirements are often linked to snacks and meals section though confectionery is another aisle where retailers can tap this trend to offer something extra.
The plant-based category is growing at an exponential rate, creating demand for confectionery products that taste and feel like traditional confectionery. In fact, confectionery giant Swizzels has been urging retailers to stock up on its vegan range as it continues to grow in popularity.
Swizzels has seen a surge in sales of its vegan range post-Covid, with a 19 per cent increase in its vegan Variety Range, including popular Curious Chews, Luscious Lollies, and Scrumptious Sweets.
The company has also seen a 28 per cent increase in its vegan Countlines, including Drumstick Choos, Love Hearts and Refreshers Choos, as well as an 18 per cent increase in its Originals bag range, including Double Lollies, Mini Love Hearts rolls and Parma Violets packs.
In its fourth year running a campaign in support of Veganuary, Swizzels has made what started as a Veganuary-only movement a year-round trend with the key focus message- ‘All These, All year, All Vegan’, to promote the extensive range of vegan sugar confectionery.
SWIZZELS
Swizzels’ vegan range is a popular addition to any retailer’s sugar confectionery selection. As the leading supplier of Variety bags, including Curious Chews, Scrumptious Sweets and Luscious Lollies, retailers should not miss out on the opportunity to supply the whole range.
Other vegan fan favourites from the range include Love Hearts, Parma Violets, Minions Tropical Chew bars, Refreshers Choos, Drumstick Choos, and more.
Clare Newton, trade marketing manager at Swizzels, said, “Vegan sugar confectionery is becoming increasingly popular as vegan options move beyond the established categories of meat and dairy alternatives.
“We’ve found that innovation within the vegan sugar confectionery category is a strong driver to entice consumers to try out vegan products and keep them coming back for more. Plant-based sugar confectionery is in high demand and vegan alternatives have never been more important. Social media movements have helped fuel the interest in vegan lifestyles with the growth of food-related accounts and influencers.
“We want our customers to feel confident that they can still enjoy their favourite confectionery products all year round, not just during Veganuary.”
Furthermore, Fruit-tella’s best-selling chews are also transitioning to a fully vegan recipe.
The switch to vegan is being implemented across the full range of chews including the Fruit-tella favourite Strawberry Mix Chews, the moreish Fruit-tella Duo Stix, and the more recent edition of Fruit-tella Berries & Cherries.
The delectable chews will still contain real fruit juice and be made with all-natural colourings and flavours. All Fruit-tella sharing bag sweets are individually wrapped, and as such they are a treat that promotes hygiene and portion control. This makes them the perfect portable snack for families.
Free-from and vegan chocolate brand Moo Free is also a great option to stock in stores. The latest NPD to join Moo Free’s festive line-up is the Christmas Cracker Selection Box (£3.45 RRP) and Oscar the Bear (marbled) (£3.95 RRP). With over a decade of experience, Moo Free’s entire range is dairy, gluten and soya free, whilst also being suitable for vegans. Each product is made using its free from chocolate, sourced from ethical cocoa from Rainforest Alliance certified farmers. As with all Moo Free products, the range doesn’t use any single-use plastic and the packaging can be fully recycled.
Another interesting name to consider here is Protein Ball Co- the West Sussex snacking company famous for its vegan snacking options. Launched by a couple back in 2015 who didn't want healthy snacks to have to be compromised on taste or texture, The Protein Ball Co has launched two new flavours just in time for Veganuary- Choc Chip Muffin and Salted Caramel protein + vitamin balls.
Krispy Kreme is also here to celebrate Veganuary with their brand-new limited edition vegan doughnut Cookie Indulgence range. Revamping their fan-favourite Cookies & Kreme doughnut, Krispy Kreme has launched a vegan version of their delicious Kreme frosting, so plant-based fans don’t need to miss out on the crunchiest doughnut.
For those looking for more variety of vegan-friendly confectionery, Hancocks is the one-stop solution as Bradford-based confectionery wholesaler offers more than 200 vegan, vegetarian and Halal lines filling 50-foot-long aisle with tasty treats on each side to cater to the specific dietary requirements.
The launch of the new vegan and halal line seems to be gaining popularity with sales having increased by 40 per cent since it launched. Top-selling lines include Vegan Assorted Fizzy Mix, Vegan Jully Blue Babies, Vegan Blue Raspberry Bonbons and Ooze Tubes.
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Plant-based milk in another section wherein a store can create its own niche and clientele.
Plant-based milk and meat alternatives are seeing a meteoric rise in popularity, particularly in the UK, considered the European stronghold for alternative milks. With non-dairy options accounting for 16 per cent of beverage sales at Starbucks in 2023, the shift towards these alternatives seems unstoppable.
Vegan brand The Coconut Collab, best known for their yoghurts, have recently launched their first plant-based milk. Called M!LK, the barista-style milk appears exactly like its mainstream dairy counterpart, and describes itself as 'surprisingly un-coconutty-tasting!'
Galaxy’s vegan instant hot chocolate is another great option if enthusiasts are looking for a comforting drink to keep themselves warm and cozy.
Wrap
It is the time of the year when convenience stores should ramp themselves to cater to the needs of both Veganuary first-timers and seasoned vegans alike.
The rise of veganism in the UK is continuing its upwards trajectory, seeing a 40 per cent increase over the last 12 months. In addition to this, it's predicted that by 2025, a staggering one quarter of the UK is going to be vegan.
While the inclination is increasing, yearly events like Veganuary works as a booster, pacing up the sales of plant-based products as this is the time when people are highly motivated to go meat free. Even those who have not signed up are still curious and somewhat inclined to try vegan products.
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As ever, supermarket giants are leaning into Veganuary with a huge focus on vegan food items – but this time, they are spotlighting their own ranges, following a year where private-label products ruled the roost thanks to the cost-of-living crisis.
Local stores can have their own niche addition too by taking some small steps like giving space to startup vegan brands. One can also consider offering month-long discounts on milk alternatives and meat analogues, enabling people to overcome the cost barrier and initial hesitation.
It is important to remember here that apart from encouraging people to try new foods, Veganuary also manages to achieve sustained dietary changes for many. In 2023, a half-year survey found that more than a quarter of new signups had kept up a plant-based diet six months after taking part in Veganuary.
Needless to say, it is imperative to catch shoppers’ attention this month when both newbies and seasoned ones are looking out for more options. Go vegan!
Approximately £663 million has been paid to over 4,300 claimants across four schemes for the victims of Post Office Horizon scandal. This is up from £594 million figure reported last month.
Sharing the latest report, Department for Business and Trade (DBT) stated on Friday (7) that £315 million has been paid under Horizon Shortfall Scheme (HSS), including interim payments while £128 m has been paid under Group Litigation Order (GLO) Scheme.
£65 million has been paid under Overturned Convictions (OC) and £156 million has been paid under Horizon Convictions Redress Scheme (HCRS).
Initial interim payments are available to eligible postmasters upon getting their conviction overturned on the grounds that it was reliant on Horizon evidence, states the department.
As of 31 October 2024, all 111 eligible claimants have either reached full and final settlement or received a minimum of £200,000 through interim payments.
From these 111, Post Office Ltd has received 82 full and final claims.
Of these 82 claims, 66 have been paid and a further 7 have received offers. The remaining 9 are awaiting offers from Post Office Ltd.
"Post Office Ltd has been progressing non-pecuniary settlements first to get money to postmasters as quickly as possible, which means a number of partial settlements have been reached in addition to the full and final settlements published here. Post Office Ltd continues to work on finalising these outstanding claims," states the department.
Under GLO scheme, the department had received 408 completed claims from eligible GLO postmasters. 252 have been paid and a further five have accepted offers and are awaiting payment. Another 126 postmasters have received offers from DBT and the remaining 24 are awaiting offers.
In HSS, £315 million has been paid including £33.3 million in interim payments to original claimants and £7.9 million in interim payments to late applications.
DBT informs, "On 13 March 2024, the government announced that all eligible HSS claimants would be entitled to a fixed sum award of £75,000 to settle their claim.
Post Office Ltd continues to make top-up payments to claimants who had previously accepted a full and final offer below the value of £75,000, to bring their total redress to £75,000."
The Post Office Horizon scandal saw more than 900 sub postmasters being prosecuted between 1999 and 2015 after faulty Horizon accounting software made it appear that money was missing from their accounts.
Hundreds are still awaiting compensation despite the previous Conservative government announcing that those who have had convictions quashed are eligible for £600,000 payouts.Read more.
A former sub-postmaster who was wrongly convicted amid the Horizon scandal has recently received a £600,000 settlement.
Keith Bell, 76, was a sub-postmaster in Stockton, Teesside, between 1987 and 2002, when he was convicted of false accounting. He had to do 200 hours of community services when he was convicted.
Speaking to BBC, Bell stated that though he feel he could finally do the things he should have done for 20 years, he did not feel entirely vindicated.
"There's parts of my life I'll never be able to have over, but now I've got a chance to do things I haven't been able to do," he said.
"I decided that at my age I wanted to accept the offer that was given to me, I could have appealed for more, but that would have meant the process going on for years."
"Because of that conviction I lost jobs, I was unable to find work that could support my family, basically, and I became bankrupt," he said.
Bell added that he was inspired to fight for compensation by the ITV drama Mr Bates vs The Post Office.
He said, "I never, ever, thought I'd be in a position to challenge the Post Office, I didn't know enough about IT, I didn't have enough legal knowledge, nor did I have the funds to do it - I just decided I needed to put my weight behind the cause."
Last May, the government quashed all convictions which were part of the Post Office scandal.
Bell said the U-turn had been a "huge relief".
He added daily life had been a "struggle" over the past 20 years, but he was very lucky his customers and friends had been "very kind", while he was aware other sub-postmasters had a "terrible time".
Bell had spent years believing he had been at fault for the shortfalls which occurred at his Post Office branch in Stockton-on-Tees.
He had been a sub-postmaster from 1985, and like hundreds of others, began to experience unexplained shortfalls in his accounts after having the Horizon IT system installed in his branch.
He called Post Office helplines but was given little support, so when his books didn’t balance, he’d make up the shortfall himself. He did this firstly from his own savings, then from the proceeds of a house sale, before finally delaying some transactions in desperation to "make the books look right".
When auditors noticed discrepancies and wrongly told him other sub-postmasters had not had issues with Horizon.
He admitted to a charge of false accounting over a shortfall of £3,000 at Teesside Magistrates’ Court in 2002 and was handed a sentence of 200 hours community service. Unable to maintain mortgage payments on the business property, it was repossessed by the bank.
James Hall & Co. Ltd is celebrating apprentices across the business during National Apprenticeship Week 2025.
Under the theme of ‘Skills for Life’, apprentices in a range of departments from IT to marketing, food and drink processing to facilities and maintenance, and butchery to retail are being acknowledged.
Their contribution includes the success of James Hall & Co. Ltd and its associated brands SPAR, Clayton Park Bakery, Fazila Foods, Ann Forshaw’s Alston Dairy, and Graham Eyes High Quality Butchers.
In the last 12 months, several new Apprenticeships have been undertaken by employees at James Hall & Co. Ltd who are seeking to upskill in areas include horticulture, photography, food technology, printing, and recruitment.
The company is also working more closely with universities and colleges on Degree Apprenticeships, and more than half of James Hall & Co. Ltd’s Apprentices are completing qualifications at Level 4 or above.
Wendy Parkinson, Early Careers Lead at James Hall & Co. Ltd and national member of the Apprenticeship Ambassador Network, said, “We are extremely proud of our Apprentices and the significant contribution they make to our business performance.
“We offer continuous career development opportunities to our employees, whether that is young people starting out in their career, members of our workforce who are seeking to progress in their current role, or employees who retrain to go down a new career pathway within the business, such is the range of different careers within a company like James Hall & Co. Ltd.”
Current Apprentices, as well as those who have completed Apprenticeships, have spoken of the positive impact that knowledge and skills development has had on their careers.
James Hall & Co. Ltd honors apprentices across various departments.James Hall & Co. Ltd
The company’s Apprentices will be celebrated with colleagues studying a range of other qualifications at the annual James Hall Learning and Development Awards taking place later this month.
Grace Wood, a Level 2 Horticulture Apprentice, based at James Hall & Co. Ltd’s SPAR Distribution Centre, said, “I am really enjoying my Apprenticeship, and we have a diverse landscape within the depot grounds that continuously require attention to keep our site looking at its best.
“In the role I am in, you get the immediate satisfaction of seeing the improvement work that you have done. I love the opportunities my Apprenticeship is providing me to be creative through planting with different species and colours.”
Lavina Holt, a Level 2 Food & Drinks Process Operator Apprentice, at Ann Forshaw’s Alston Dairy, said, “I love my job and the Apprenticeship has made me feel more confident when carrying out my role. It has been useful understanding food hygiene and health and safety in greater detail, and a recent GMP audit which I shadowed was particularly interesting.
“I have had a mixed career, and I was nervous about taking up the Apprenticeship believing I was too old for learning. However, I have found the experience to be the complete opposite. I feel it has set me up well in a position I am happy in, with the potential for career progression.”
Steven Dennison, a former Team Leader Level 3 Apprentice, who is Assistant Store Manager at SPAR Wolsingham, said, “I have nothing but praise for Apprenticeships and the two that I have completed. They have supported my career progression and cemented my position in retail.
“I love retail because of its unpredictability with no two days the same. I began on a contract of 16 hours per week, before moving to a 30-hour contract at SPAR Lanchester. With the role I am in now in Wolsingham, there is the added challenge of the forecourt, deli, and butchers, and I will do a further Apprenticeship in the future.”
James Hall & Co. Ltd is a fifth-generation family business which serves a network of independent SPAR retailers and company-owned SPAR stores across Northern England six days a week from its base at Bowland View in Preston.
The Coca-Cola Company on Tuesday announced robust fourth-quarter and full-year 2024 results, demonstrating the effectiveness of its “all-weather strategy” amidst a dynamic global landscape.
The beverage giant reported a 6 per cent increase in net revenues for the fourth quarter, reaching $11.5 billion (£9.24bn), while organic revenues surged by an impressive 14 per cent. For the full year, net revenues grew 3 per cent to $47.1bn, with organic revenue up 12 per cent.
“Our all-weather strategy is working, and we continue to demonstrate our ability to lead through dynamic external environments,” said James Quincey, chairman and chief executive. “Our global scale, coupled with local-market expertise and the unwavering dedication of our people and our system, uniquely position us to capture the vast opportunities ahead.”
Fourth-quarter organic revenue saw a 14 per cent jump, fueled by a 9 per cent rise in price/mix and a 5 per cent increase in concentrate sales. Full-year organic revenue grew 12 per cent, driven by an 11 per cent increase in price/mix and a 2 per cent rise in concentrate sales.
Fourth-quarter operating margin reached 23.5 per cent, compared to 21.0 per cent in the prior year. Full-year operating margin was 21.2 per cent versus 24.7 per cent in the prior year, impacted by items including a $3.1 billion charge related to the fairlife acquisition. Comparable operating margin expanded for both the quarter and the full year, driven by strong organic revenue growth.
Fourth-quarter earnings per share (EPS) increased 12 per cent to $0.51, with comparable EPS also up 12 per cent to $0.55. Full-year EPS declined slightly to $2.46, while comparable EPS grew 7 per cent to $2.88. Currency headwinds impacted both EPS and comparable EPS performance, the company said.
Coca-Cola added that it gained value share in total non-alcoholic ready-to-drink (NARTD) beverages for both the quarter and the full year.
Global unit case volume grew 2 per cent in the fourth quarter, and 1 per cent for the full year. Sparkling soft drinks grew 2 per cent for both the quarter and the full year. Trademark Coca-Cola also saw 2 per cent growth in both periods.
Juice, value-added dairy and plant-based beverages declined 1 per cent for the quarter and were even for the full year. Water, sports, coffee and tea grew 2 per cent for the quarter and declined 1 per cent for the full year.
The company attributed the decline in coffee, 1 per cent for the quarter and 3 per cent for the full year, to the performance of Costa coffee in the UK.
Looking ahead to 2025, Coca-Cola anticipates organic revenue growth of 5 to 6 per cent and comparable EPS growth of 2 to 3 per cent. However, the company expects a 3 to 4 per cent currency headwind for comparable net revenues and 6 to 7 per cent for comparable EPS.
Dutch brewer Heineken on Wednesday reported a slight dip in sales for last year, mainly due to currency fluctuations, although overall beer volumes increased.
The world's second biggest brewer after AB InBev said revenue in 2024 came in at €36 billion (£30bn), compared to the €36.4bn it made the year before.
Beer volume overall grew by 1.6 per cent. In 2023, the brewer reported a 4.7 per cent decline in overall beer volume.
"Our beer volume expanded in all four regions, across both developed and emerging markets," said CEO Dolf van den Brink.
Looking ahead, the company said it expected to post "continued volume and revenue growth" despite ongoing economic challenges.
These included "weak consumer sentiment in Europe, volatility, inflationary pressures and currency devaluations across developing markets, and broader geopolitical fluctuations," the firm said.
Net profits were down sharply, at €978 million, compared to the €2.3bn posted in the previous year.
However, the company explained this was due to a one-off impairment from an investment in China Resources Beer, whose share price tanked on the Hong Kong stock exchange.
This write-down already hit the half-year results. "It's old news," said Van den Brink, describing it as a "technical adjustment."
The firm forecast operating profit before exceptional items and amortisation to be in the range of between four and eight percent in 2025.