13th Jan 2025 12:13
(Alliance News) - Huddled Group PLC on Monday said it anticipates full-year results significantly ahead of the year before, as its fourth-quarter earnings were boosted by new brand acquisitions.
The Nottingham, England-based investor in e-commerce brands said it expects to report full-year group revenue in excess of GBP14 million for 2024, compared to the GBP2.4 million reported in 2023.
Despite this, shares in Huddled were trading down 3.6% at 2.99 pence each in London on Monday at midday.
The firm also said its fourth-quarter revenue hit a record level of around GBP5.4 million, more than doubling year-on-year from around GBP2.5 million.
Huddled said it anticipates its loss before interest, tax, depreciation and amortisation to narrow in the second half of the year, compared to its first-half, compared to an adjusted Ebitda loss of GBP1.3 million in 2023.
The group's Discount Dragon brand delivered revenue of around GBP10.8 million in 2024, following its acquisition at the end of 2023. Huddled said this was more than double its income last year, inclusive of pre-acquisition revenue.
The newly-acquired Boop Beauty brand delivered revenue of around GBP500,000 in the fourth quarter, which was also its first quarter of trading under full Huddled ownership.
Nutricircle is anticipated to deliver fourth-quarter revenue of around GBP700,000.
Chief Executive Officer 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 346,000 orders, and welcomed over 100,000 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.
"Turning surplus stock into savings for our customers is constantly at the forefront of our minds. As we continue to grow and get our message out there, we are able to deal with more manufacturers and retailers directly, helping them solve a surplus issue as well as driving more value for our growing customer base, who have rated each of our brands as 'Excellent' on TrustPilot."
By Emily Parsons, Alliance News reporter
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