Marley Spoon’s half-year revenue jumps 55 per cent
Marley Spoon has increased revenue for the six months to June 30 by 55 per cent to 61.38 million euros, as repeat customers order larger bundles.
Increased spending on order fulfilment and marketing, however, saw the meal kit company incur a half-year loss of 21.6 million euros.
New manufacturing technology was rolled out in Europe and Australia which the company said will lay the foundation for future scalability, increased menu choices and customer personalisation.
Australian operations were profitable on an earnings basis for the first time in the second quarter, boosted by the technology additions and Marley Spoon’s strategic partnership with Woolworths.
The US was the fastest growing segment for the business with 86 per cent revenue growth year-on-year. The company expanded its budget offering Dinnerly in both the US and Australia.
“We are operating in a high growth category that is just starting to switch from offline to online shopping,” Marley Spoon CEO Fabian Siegel said on Friday.
“To capture this opportunity, we are building the infrastructure and laying the foundations for a large, globally operating, direct-to-consumer brand business. Out first year as a public company was an important milestone in this journey and we look forward to continued growth ahead.”
Marley Spoon’s operating EBITDA margin increased to -28 per cent in the first half of 2019, up from -36 per cent on the same period the year prior.
The meal kit provider expects to reach profitability on an operating EBITDA basis by 2020.