Protein Works is poised to celebrate a significant achievement as it breaks the £50m sales barrier for the first time. The Cheshire-based company is nearing the sale of 400 million protein shakes globally, with its turnover reaching £50.7m in the year ending 31 August, 2024.
This figure represents an increase from the £42.8m reported in the previous year's sales. Protein Works is marking its fifth consecutive year of double-digit growth in turnover, as reported by .
Additionally, the firm has recorded a pre-tax profit of £8.8m, a climb from £6.4m in the prior period.
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Founded by Mark Coxhead, the brand is currently steered by CEO Laura Keir. Keir remarked on the growth, saying "after over a decade of back-to-back growth, the team creates pressure for itself to perform and we work relentlessly to achieve our goals."
She added, "So chalking up another year of double-digit growth is great. We now have a five-year CAGR [compound annual growth rate] of 24 per cent which is a testament to the resilience of our strategy."
Keir also noted, "Of course, hitting the +£50m milestone, and amassing a growing base of two million customers, makes things even sweeter as we close the year."
The brand's CEO further emphasised their success and future focus, stating "We have an indisputable record of delivering for our customers and investors and we will continue to be hyper-focused on gearing up for growth across our teams."
Protein Works has previously expressed ambitions to push its turnover to £100m in the impending years.
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Stuart Baber, Chief Supply Chain Officer, commented on the company's trajectory: "2024 was an exciting year for Protein Works as we cemented our place as one of the most exciting brands in the functional foods space. But we rarely look back."
He continued, "We’re wired for growth. As we push into 2025, and the launch of our new PW Campus we’ll look to become one of the most exciting brands to work for too."
David Bell from YFM, which has been backing Protein Works for over five years, expressed pride in the team's achievements: "We’re exceptionally proud of the C-Suite Team at Protein Works who have led their teams through some significant macro challenges and subsequently delivered significant business milestones over our journey with them. +£50m is of course a nice milestone, though capping off a fifth year of double-digit growth is exceptional."