The Hut Group sees sales surge following pandemic-led online demand
Online retailer The Hut Group enjoyed rising revenues, sales and number of customers in 2020, after the pandemic forced people to shop online.
Group revenue at the business was up 41.5 per cent to £1.6bn in 2020, and adjusted EBITDA was up 35 per cent to £151m.
Some 10.7 new customers shopped with The Hut Group last year, with the number of beauty box subscribers up 39 per cent year-on-year, and the number of orders from the nutrition and beauty arms of the business growing 41 and 58 per cent respectively.
The Hut Group, which counts brands My Protein and Lookfantastic under its umbrella, saw a statutory loss before tax of £482m, which it said was primarily driven by non-reoccurring costs like September 2020’s IPO and Covid-19-related costs.
Without those costs, it said, the group had an operating profit of £46m in 2020.
Founder Matthew Moulding said: “We approach FY21 with confidence having navigated successfully through a milestone year in the group’s history.
“Our global D2C brand building capabilities and proprietary Ingenuity technology platform has enabled us to further develop both our external brand relationships, and our expanding portfolio of Beauty and Nutrition own brands.
“Leveraging the platform to build an impressive client base of blue-chip consumer brands has been a highlight of the year, supported by encouraging momentum in the current year Ingenuity Commerce pipeline.”