Recipe box firm Gousto has returned to profitability as it improves its customer proposition and increases its use of technology and AI.
For the year to 29 December 2023, Gousto reported underlying EBITDA of £26m – a figure the company said was “comfortably above” its guidance of above £20m, Retail Week reported. It had made an £8m loss for the same period in 2022
Sales edged up 1% to £308m and gross profit margin rose 296 basis points to 53.2%, which the recipe box provider said was boosted by a “continued focus on cost discipline and the capacity reset in 2022”.
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Gousto founder and chief executive Timo Boldt said: “We have made good progress in 2023, improving our customer proposition with more recipe choices for more households, while also beating our financial expectations.”
He added that it will “continue to leverage AI, automation and our technology capability to lead innovation in the category as we extend our reach deeper into the mainstream market”.
It comes as Gousto is looking to expand its customer base in a new partnership with Sainsbury’s.
Earlier this month, the supermarket giant said that six new Gousto recipe kits including a Korean Yang-Nyum chicken, truffle mayo burger fries, a shredded hoisin chicken wrap, Paneer tikka naan and salad, a Mongolian lamb stir-fry, and a chicken and apple casserole would be available in 60 stores nationwide.
Gousto chief customer officer Sally Matthews said the collaboration with Sainsbury’s looks to bring the recipe kit firm’s “leading dinnertime choice and variety to even more households across the country”.
