I agree with the earlier comments - there was also no hot food on the evening train I caught from Kings Cross 2 nights ago, and there's frequently no trolley service in standard, so it simply can't be relied upon, and if you want to be sure of having a meal you just have to self-cater. I get a hot takeaway from one of the many outlets around King Cross - infinitely greater choice than on the train, as much as you want, etc. (Having done so recently, and having ended up standing in first class on a rammed train due to some incident, it was amusing to be the only person eating a hot meal in first class!)
Having said that, I'm still happy to use the (standard) service (NCL-KGX) every week because I can travel off-peak and book months ahead, and at those prices, food apart, it's still good value for that distance. When I occasionally need to travel down the night before, I used to go first class, mainly for the food, but it just isn't worth the extra cost now (for a sandwich or sausage roll, seriously?!), so takeaways it is, from NCL too.
It's not the kind of custom that VTEC will make much money on, but with the dwindling and erratic availability of the first class food offering, not uncommon delays with wires down, etc, I can't see a bright future for VTEC in terms of attracting more business customers paying the expensive full fares, so I'm not at all surprised that revenue is below expectations.
(As an alternative to travelling down the night before and paying for a hotel, I've been known to head north to Edinburgh a few times, to catch the lowland sleeper. Nice lounge, better food (and drink!) choice, and I'll be interested to sample the new trains when they arrive, although I expect the cost will be another level.)