Meal-kit company HelloFresh Australia has grown its Australian revenue by over 50 per cent during the company’s first quarter.
The company said its Australian business now has a revenue run rate now significantly above AUD $200M, consistent profitability, and year-on-year (YOY) Q1 growth above 50 per cent.
Founded six years ago, the business, at group level, achieved audited FY revenues of AUD 1,450 billion (EUR 905 million) – the first time they have broken to the AUD 1 billion mark. This result represented year-on-year growth of 52per cent.
“Our contribution to the group’s Q1 results has been significant and promises to remain so thanks to the benefits of scale we’re now seeing,” said HelloFresh Australia founder and CEO Tom Rutledge.
“We’re growing faster than we ever have in absolute terms, as well as achieving consistent profitability thanks to strong margin development and increasing basket sizes. And all the while, there’s ongoing improvement in our key customer experience metrics driven by the continued strong improvements to our product offering.”
At a global level, HelloFresh increased its number of active customers by 61.7 per cent to around 1.88 million worldwide (Q1 2017: 1.16 million), and increased consolidated revenue by 59.8 per cent on a constant currency basis.
This equates to 44.0 per cent adjusted for FX to AU$468M, compared to Q1 2017 which was AU $325M.
The margin strongly improved year-on-year with AEBITDA margin expansion of 7.1 per cent points compared to the same period last year. In the first quarter of 2018, the company’s AEBITDA margin rose by 7.1 pp to (7.3) per cent (Q1 2017: (14.4 per cent), while the contribution margin increased by 5.8 pp to 26.1 per cent (Q1 2017: 20.3 per cent).
HelloFresh now ships over 600,000 meals each week across NSW, VIC, QLD, ACT, SA, WA and NT.
Grocery is the next key target for online retailers across Asia Pacific, according to the latest annual e-commerce forecast from global research firm Forrester.
Forrester says with over $5 trillion in sales at stake in the global grocery category, both offline and online retailers are fighting for their share of the biggest prize in retail.
The global online grocery market is expected to double from $150 billion in 2017 to $334 billion by 2022, powered by increased investment by retailers in the online channel.
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