Meal replacement firm Huel has revealed a sharp jump in profits as more of its products hit UK supermarkets.
The food, drink and nutrition business reported a pre-tax profit of £13.8 million for the year to July, up 194% on the previous year.
This came as revenues lifted by 16% to £214 million for the year, boosted by continued growth online and the expansion of its retail presence.
We delivered a strong financial performance
It saw UK revenues rise by 17% to £110.1 million as more products hit the shelves in UK supermarkets.
James McMaster, chief executive of Huel, said the company is taking a “firmly omnichannel” approach in order to keep growing sales.
He stressed that the vast majority of UK food and drink sales are still through grocery stores and the brand therefore needs to be where those customers are.
The firm first launched into supermarkets five years ago, but has rapidly grown in bricks-and-mortar retail recently.
It said its products are now available in 25,650 stores globally, more than doubling its presence from a year earlier.
Mr McMaster added: “This has been another year of growth and expansion for Huel, as we continue to demonstrate there is strong demand for convenient, sustainable and nutritious food options.
“We have scaled up with our widest range of products ever, selling to more customers via our direct to consumer business as well as a rapidly growing footprint in physical retail stores.
“We delivered a strong financial performance.
“We broke the £200 million revenue mark for the first time while also driving a significant uplift in profitability, helping to ensure that our growth is as sustainable as our products.”
