HelloFresh buys American competitor and achieved strong growth in 2017 | RetailDetail

HelloFresh buys American competitor and achieved strong growth in 2017

HelloFresh buys American competitor and achieved strong growth in 2017
Foto: ThomasDeco / Shutterstock.com

HelloFresh’ turnover last year grew 52 %, bringing it closer to profitability. The German meal box delivery service believes it will become profitable before the end of the year.

 

Closer to break-even

HelloFresh’ core business will become break-even in the final quarter of this year, according to the German meal service. “2017 was our most successful year to date. We did not only have a successful IPO, we also significantly improved our core results”, co-founder and CEO Dominik Richter said.

 

The company generated a 904.9 million euro turnover last year, compared to 597 million euro in 2016. 2017’s final quarter generated the largest turnover increase, when turnover spiked 59 % to 252.8 million euro. The meal box delivery service also lowered its losses: it had a - 70.1 million euro EBTIDA, compared to a – 82.6 million euro EBTIDA in 2016.

 

Green Chef Corporation acquisition in the US

The company forecasts a 25 to 30 % turnover increase for 2018 and the Green Chef Corporation acquisition in the United States should help generate 15 million dollars (12 million euro) in turnover for the second quarter. The company will obtain American meal delivery service Green Chef, specialized in organic meals, in an attempt to become American market leader, ahead of Blue Apron.

 

HelloFresh is active in ten countries and welcomed 1.45 million customers last year. In the fourth quarter alone, it shipped about fourty million meal boxes to consumers. It became a listed company last year, on the Frankfurt stock exchange.

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