Huddled Group FY revenues exceed £14m, hails 'year of growth'
By Iain Gilbert
Date: Monday 13 Jan 2025
(Sharecast News) - E-commerce business Huddled Group said on Monday that 2024 was "a year of growth" across all of its brands, with total group revenues exceeding £14.0m.
Huddled said full-year revenues were roughly 485% higher than the previous year, exceeding internal expectations across all of its core brands.
The AIM-listed group also reported record quarterly group revenue in Q424 of approximately £5.4m, a roughly 50% increase on Q324.
Huddled added that its adjusted underlying loss was expected to be narrower in H2. In contrast, its FY24 loss was pegged to be in line with expectations, reflecting its fully expensed acquisition of over 100,000 customers in the year and scaling-up of warehouse capacity.
Chief executive Martin Higginson said: "2024 was an incredible year. We more than doubled the revenue of Discount Dragon, acquired two new brands in Nutricircle and Boop Beauty, processed over 346K orders, and welcomed over 100K new customers. As we move into 2025, we will start to see the benefits of the additional warehouse space and efficiencies. In addition, the growth in orders, and revenue, will bring further savings from packaging, carriers and payment processing, helping to drive better margins across the group.
"Whilst there is still much to do, we are confident we now have the foundations for success in place. I would like to thank the entire Huddled team for their continued efforts and hard work, the talent we have is incredible."
As of 1050 GMT, Huddled shares were down 3.55% at 2.99p.
Reporting by Iain Gilbert at Sharecast.com
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