Huel’s sales for the 2024 financial year surged past £200m for the first time, as its profits more than tripled to £13.8m in the year. It also completed construction of its in-house manufacturing facility in Milton Keynes.
Revenues for the period rose by 16% to £214m, while profit before tax soared by 194% to £13.8m.
UK sales jumped by 17% in the UK to £110.1m, increased by 16% in the United States to £67.2m, and by 13% across the rest of the world to £36.7m.
Huel also reported an 86% increase in adjusted EBITDA to £18.2m, and a two percentage point jump in gross margin up to 59%.
Highlights of the year for Huel included the expansion of its retail presence in stores by 128% to more than 25,000 sites internationally.
The brand also completed the construction of its state-of-the-art in-house manufacturing facility in Milton Keynes, which Huel said, “enhances our sustainability credentials; (which) began manufacturing in August 2024.”
Huel also invested in a series of new product launches, including its Black Edition ready-to-drink meal, it’s Daily Greens ultimate super greens powder and a new vitamin & energy drink range in the UK, EU and US.
Huel chief executive James McMaster said: “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 £200m 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.
“We continue to improve and widen our product offer to serve the demand from health-conscious consumers looking for convenient nutrition products.
“We’re proud of the progress we’ve made with new launches – including the Black Edition ready-to-drink meal, which became our most requested product ever. We also expanded further outside of meals products with the launch of our Daily A-Z Vitamins Drink and our Daily Greens powder.
“The future for Huel is bright. We are motivated by playing our part in tackling some of the biggest issues facing society today – unhealthy eating and obesity, food waste and greenhouse gas emissions.
“With a growing awareness that a time-poor society is defaulting to junk food with high saturated fats, high sugar, low fibre, low vitamins and low protein content, we’re proud that our products provide a solution.
“Our success would not be possible without the hard work of our team and our amazing Hueligan community, so a huge thank you to all of you.
“We look forward to continuing to deliver a true omni-channel experience for our customers who want high-quality and convenient nutrition options that are good for them, their wallets and the environment.”
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