Meal replacement brand Huel reveals jump in profits as products hit UK stores

The food, drink and nutrition business reported a pre-tax profit of £13.8m for the year to July, up 194% on the previous year as more of its products hit UK supermarkets

Meal replacement company Huel has reported a surge in profits as more of its products hit UK supermarkets.

The business, specialising in food, drink, and nutrition, boasted a pre-tax profit of £13.8m for the year ending in July, marking a 194% increase when compared to the year before. The firm saw its revenues soar by 16% to £214m over the same period, propelled by its booming online presence and an increase in retail distribution. In the UK alone, turnover surged by 17% to hit £110.1m with more of Huel's meal options finding shelf space in supermarkets.

James McMaster, Huel's CEO, revealed that the brand is committed to an "firmly omnichannel" strategy to keep sales on the upswing. He emphasised that the bulk of food and drink purchases in the UK are still made through traditional grocers, so it's vital for Huel to be accessible to shoppers in these venues.

The company made its debut in supermarket aisles just five years ago but has since seen rapid growth in physical retail spaces. It now boasts that its products grace the shelves of 25,650 stores worldwide—a figure that's more than doubled from last year. McMaster commented with pride on the company's trajectory: "This has been another year of growth and expansion for Huel, as we continue to demonstrate there is strong demand for convenient, sustainable and nutritious food options."

He added, "We have scaled up with our widest range of products ever, selling to more customers via our direct to consumer business as well as a rapidly growing footprint in physical retail stores.We delivered a strong financial performance. We broke the £200m revenue mark for the first time while also driving a significant uplift in profitability, helping to ensure that our growth is as sustainable as our products."