Huel, the Hertfordshire-based company known for its vitamin-enriched food items and backed by investors such as Idris Elba, Steven Bartlett, and Jonathan Ross, has reported a nearly threefold increase in profit during its latest financial year.
The firm posted a revenue of £214m for the 12 months to 31 July, 2024, an increase from the previous year's £184.5m, as reported by .
The company also saw its pre-tax profit surge from £4.7m to £13.8m over the same period, according to recent figures. Huel stated that its products are now available in 25,650 stores, a significant rise from 11,250.
The firm attributed its revenue growth to a "combination of growth in e-commerce revenue from new customers and repeat sales, along with a greater contribution from retail revenue following a significant increase in Huel's retail presence".
In terms of regional performance, Huel's º£½ÇÊÓƵ revenue rose by 17 per cent to £110.1m, US revenue increased by 16 per cent to £67.2m, and revenue from the rest of the world grew by 13 per cent to £36.7m.
The company also revealed that it now employs more than 300 people.
Steven Bartlett’s Huel adverts banned
However, this success was marred by controversy when adverts featuring Dragons' Den star Steven Bartlett for nutrition brands Zoe and Huel were banned in August. The ban came after it was determined that they failed to disclose their commercial relationship with the celebrity entrepreneur.
The Advertising Standards Authority (ASA) has criticised adverts that appeared on Facebook in February as they "omitted material information" about their connection to Bartlett.
Bartlett, who amassed his wealth after co-founding Social Chain in Manchester, holds investments in Zoe and serves as a director at Huel.
‘A strong financial performance’
Huel's CEO James McMaster commented: "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."
