Huddled Group makes “solid progress” in second quarter
Huddled Group, the owner of the online Discount Dragon supermarket, has said it expects to report first half revenue of no less than £5.2 million after making “solid progress” in its second quarter.
Group revenue increased by 46% from the first quarter to £3.1 million after Discount Dragon revenue climbed by 29% to £2.77 million with June revenue breaking through the £1 million barrier for the first time.
In a trading update, Huddled Group said its recently acquired Food Circle Supermarket has bedded in well and that its rebrand to Nutricircle will be fully completed in August 2024.
Huddled Group has also recently taken a 75% stake in Boop Beauty, the online retailer of surplus beauty and cosmetic products, as part of its strategy to build a portfolio of ecommerce brands.
Martin Higginson, chief executive of Huddled Group, said: “We are delighted with the progress we have made during the first half of the financial year.
“It is apparent to us that our business model, centred around helping suppliers effectively manage their surplus stock by buying products often destined for waste at a significant discount to their retail value and offering these goods to customers at heavily discounted prices, is highly relevant.”
Looking ahead, the group said it will continue to invest for growth, predominantly in customer acquisition marketing, but also in improving the performance of its websites.
