Fruugo revenues climb 57% as it accelerates business

Fruugo has reported a 57% growth in revenue and and 231% increase in EBITDA for year to December 31 2021 as it accelerates its’ operation.

The company has also continued its strong momentum through to this year, recording unaudited revenue growth of over 100% against Q1 2021.

The number of retailers using the Fruugo platform across the world at the end of Q1 2022 was 78% higher than that of the same period in the prior year, with the number of orders made by shoppers also increasing substantially.

Over 90% of Fruugo’s revenue was generated from shoppers outside of the UK.

“Our audited results for FY21 demonstrate continued excellent growth in Fruugo’s turnover and profitability. The power of the Fruugo proposition has never been more relevant as retailers around the world seek new sources of revenue and effective channels to market,” Fruugo executive chairman Dominic Allonby said.

“With cross border ecommerce expanding rapidly, both conventional retailers and direct to consumer sellers located all over the world are seeking ways to reach global shoppers.

“Fruugo’s proprietary technology is designed specifically to help them do just that.

“The start of FY22 has seen acceleration of this growth and we are delighted to be reporting further strong trading this year.

“Our priority is to scale the business and maintain growth momentum by leveraging our data analytics skills to continue driving efficient customer acquisition, monetising traffic and expanding product categories across the globe.

“The continued expansion of the market for cross-border ecommerce and our planned investments to further enhance our platform and service offering, gives us confidence that we can continue to deliver exceptional levels of growth.

“Fruugo is massively diverse, both geographically and across a huge assortment of consumer products. The agility of our technology allows us to respond instantly to changes in patterns of consumer demand.

“In the first quarter of this financial year our sophisticated advertising systems delivered an average of 1,500 advertisements per second around the world on behalf of the retailers we serve.

“By combining this enormous reach with our vast assortment and dynamic technology, Fruugo continuously taps into global consumer demand for sought after products and categories, without being exposed to supply chain headaches.”

Allonby expressed his excitement for the future by adding: “These are very exciting times for Fruugo. Our business is fast-growing, truly international, asset light and built for scale.

“We look forward to continuing on this impressive trajectory and maintaining our strong strategic progress throughout 2022 and beyond.”

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