Protein Works set for ‘epic milestone’ as sales pass £50m
Protein Works is gearing up to achieve an “epic milestone” as its sales broke through the £50m barrier for the first time.
The Cheshire-headquartered business is on the verge of selling 400 million protein shakes worldwide as it revealed its turnover hit £50.7m in the year to 31 August, 2024.
The latest turnover total for Protein Works comes after the firm reported sales of £42.8m in its prior 12 months.
The company added that it has now achieved double-digit turnover growth for a fifth consecutive year.
Protein Works has also posted a pre-tax profit for the year of £8.8m, up from the £6.4m it reported in the previous period.
The brand was originally founded by Mark Coxhead and is now led by chief executive Laura Keir.
Keir said “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.
“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.
“Of course, hitting the +£50m milestone, and amassing a growing base of two million customers, makes things even sweeter as we close the year.
“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 previous said it is aiming to increase its turnover to £100m in the coming years.
Chief supply chain officer Stuart Baber added: “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.
“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 of YFM, the private equity backer of Protein Works for the last five and a half years, said: “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.”