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During the first quarter of 2019, meal delivery service HelloFresh saw a strong increase in both its number of customers (+ 32 %) and its turnover (+ 42 %). However, the company is still struggling to become profitable.
More customers
2.5 million active customers ordered 65 million meals and pushed turnover up from 295.6 million to 420.1 million euros in the first quarter of 2019. “We have had a very successful Q1 2019, with strong customer growth and consistent margin expansion. Given the seasonal importance of the first quarter to bring new customers to our service, we are very happy about the great start we had for the year”, CEO Dominik Richter says.
The company is growing both in the United States and abroad. In the United States, the number of customers increased by 15.9 %, resulting in a 21.4 % increase in the number of meals delivered. HelloFresh now gets 57 % of its revenue from the American market. Growth is even stronger in other countries where the company is active (61 % more customers, 55.4 % more turnover).
Improving margins
So far the meal box deliverer has not managed to make a profit, but its margins have improved. As a whole, the group made a gross loss (AEBITDA) of 26.1 million euros. International activities (as in: outside of the US) saw a positive AEBITDA for the fourth quarter in a row.
HelloFresh was founded in Berlin in 2011 and is also active in Australia, Austria, Belgium, Canada, Germany, Luxembourg, the Netherlands, New Zealand, Switzerland, the United States and the United Kingdom. The company is quoted on the Frankfurt stock market.
