Huel swung into profit over the past year, as sales surged 28%.
The meal replacement firm’s pre-tax profit hit £4.7m in the 12 months to 31 July, up from a £10.6m loss in 2022.
Sales soared to £184.5m and active customers were up 8% to 988,000.
Huel CEO James McMaster said the “strong year of revenue and profit growth” was driven by the company’s “affordable, sustainable and nutritional products”.
He added that despite cost of living pressures, “Huel is more relevant than ever and we have now sold more than 300 million meals globally since launch.”
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The brand launched in 2015 and offers products including nutrition bars, vitamins, instant meals, on-the-go drinks and protein powder.
Over the past financial year, its retail presence increased by 51% to 11,250 stores worldwide.
In November 2022 the brand announced a £20m investment round and brought on board fitness influencer Grace Beverley, actor Idris Elba and his wife Sabrina Elba as investors and advisors.
Huel said the investement will allow it to drive greater efficiency and flexibility in its manufacturing process with its first factory, based in Milton Keynes, set to open in summer 2024.
McMaster said: “This has been a pivotal year where we have matured into a business with significant international presence, an omnichannel model, investment in our own factory as well as 5% profitability.”
In its 2024 financial year, Huel expects continued momentum in the business.
McMaster added: “I know we will scale further with a wider selection of Huel products, increased retail presence and growing profitability. All underpinned by a culture that drives us to be better and keeps our Hueligan customers happy across the globe”.
