HelloFresh pursues global growth story with strong performance in Q2 2017
14 AUGUST 2017, BERLIN
Summary• Continued strong revenue growth in Q2 2017 of 53% vs. Q2 2016 to over EUR 230 million // • Robust performance across all key performance indicators // • Consistent margin expansion vs. Q2 2016: gross margin up c. 2 points to 59%; adjusted EBITDA margin up c. 5 points
HelloFresh, one of the leading global meal kit companies, continued its success in 2017 across its nine markets with a strong second quarter. Driven by a very healthy performance across all key performance indicators, the company’s revenue rose in the second quarter by 53% year over year, reaching more than EUR 230 million (Q2 2016: EUR 150 million). In addition, HelloFresh continues to consistently expand its margin profile, with a gross margin of 59,4% and a significantly improved adjusted EBITDA margin by 4.9 percentage points to minus 7.4%.
“HelloFresh’s strong growth forcefully demonstrates our expertise as a leading food company, relentlessly focusing on customer satisfaction. We’ve been following our long-term business strategy and are happy to confirm that everything turns out as planned and envisioned. We can’t wait to continue this path in the future” said Dominik Richter, CEO and co-founder of HelloFresh.
In the second quarter of 2017, HelloFresh delivered 33.7 million meals (Q2 2016: 22.7 million) to 1.25 million customers (Q2 2016: 0.8 million), with 4.7 million orders (Q2 2016: 3.1 million).
HelloFresh also continued to improve its gross margins by c. 2 percentage points on a year-on-year basis, reaching 59.4% of revenues in the second quarter of 2017 (Q2 2016: 57.6%). On a year-on-year basis, its gross profit grew by 58% to EUR 136.7 million in the second quarter of 2017 (Q2 2016: EUR 86.4 million). Adjusted EBITDA margin continued to significantly improve by 4.9 percentage points year-on-year to minus 7.4%.
HelloFresh’s strong growth trajectory is supported by its solid cash balance of EUR 112.8 million as of June 30, 2017 and additional EUR 30 million of freely available undrawn bank loans.
HelloFresh is one of the leading meal-kit companies in the world operating in the USA, the United Kingdom, Germany, the Netherlands, Belgium, Australia, Austria, Switzerland and Canada. HelloFresh delivered 33.7 million meals in the 3-month period from 1 April 2017 to 30 June 2017 to more than 1.25 million customers. HelloFresh was founded in November 2011 and is based in Berlin. Additional offices are located in New York, London, Amsterdam, Zurich, Sydney and Toronto.