Revenue at Huel passes £100m and boosts non exec board team
Revenue at meal replacement brand Huel, surged past £100m during its latest financial year.
The company has revealed its sales increased to £103m in the 12 months to the end of July 2021, up from £72m in the prior year.
Those figures compare to the firm’s revenue of £3m during its first year, which then increased to £9m, £26m and then £50m in the following financial periods.
The business received a £20m investment from Highland Europe towards the end of 2018 while Social Chain co-founder and Dragons’ Den star Steven Bartlett is also an investor.
Huel confirmed its UK sales increased by 45%, there was a 42% rise in the US as well as a 43% in the rest of the world.
The company added its underlying EBITDA increased £700,000 to £2m while making “significant investment into customer acquisition, product innovation and team expansion”.
Huel has also added former Rightmove chief financial officer Robyn Perriss to its board.
Writing on LinkedIn, Mr Bartlett said: “I couldn’t be more proud to be a board member, an investor and a long term loyal customer of such a fantastic British business.
“They are an exceptionally special team. When I first met Julian Hearn several years ago, I was blown away by his clarity of vision and the talented people he had around him. Huel has now sold over 200 million meals globally, they have a team of over 200 people, they are the fastest growing British e-commerce company internationally, they’ve now flown past over £100m in annual revenue. Huel is only just getting started.”
Co-founder Julian Hearn added: “I’m proud to announce that we hit £103m rev in our 6th financial year, whilst being EBITDA profitable. I’m super proud of what the team has achieved during such a tough time, and would like to say a massive thank you.”
Chief executive James McMaster said: “This has been another strong year of growth for Huel, with sales passing the £100m mark for the first time.
“Our momentum has continued into the new financial year, both in the strength of our trading performance and in how we set the business up for continued growth. I am delighted to welcome Robyn Perriss to our board as a non-executive director as we continue to strengthen all aspects of our business.
“As we look to 2022 and beyond, I am confident that the opportunities for Huel are significant. We face an unsustainable food system, with a huge carbon footprint and significant food waste. At the same time, obesity is high and yet almost 1bn people globally are undernourished.
“That backdrop is why Huel was founded – to provide food that prioritises nutrition, has minimal environmental impact and is convenient and affordable.
“We’re proud to have now supplied more than 200 million meals since we launched in 2015 and we believe Huel’s mission leaves the business well placed for long-term future growth.”
