Marley Spoon’s H1 2020 revenue has seen an 89 per cent growth to €116.2m (AU $189.01m), in comparison to its H1 2019 figures, as the COVID-19 pandemic continues to “create a favourable market environment for us,” CEO Fabian Siegel said.
Marley Spoon 1H 2020 Snapshot
- Revenue: €116.2 million (AU$189.01m), up 89 per cent from 1H 2019
- Net loss: €67.5 million (AU$109.79), up from 21.7 million in H1 2019
- Positive operating EBITDA in Q2 – loss of 2m for H1 2020
- Operating EBITDA in Australia: 15 per cent of revenue in Q2, nine per cent for first half.
Across all markets, Marley Spoon has increased its active customers by 104 per cent in Q2 20 to 350,000 customers, compared to Q2 19. In Australia, this figure has increased by 94 per cent to 114,000 customers.
Sales in Australia also increased to 82 per cent in H1 2020, compared to PCP.
“Given the continued strong market environment and an overall acceleration in ecommerce, Marley Spoon is expecting stronger revenue growth than previously guided and is therefore upgrading its guidance to 80-100 per cent growth for CY2020 vs. PCP,” the company said.
Marley Spoon said demand for its home delivered meal kits in all markets throughout Q2 and an acceleration in the adoption of online grocery shopping throughout the quarter were a result of the COVID-19 outbreak and government countermeasures.
“The resulting surge in demand for our brands has led to strong growth, a record margin and a positive operating cashflow for the half year as well as a profitable second quarter,” said Marley Spoon CEO Fabian Siegel.
“While we prepared for a sizeable drop in quarter on quarter revenue for Q3, reflecting uncertainty of customer behaviour during the COVID-19 pandemic, this has to date not materialized. We are continuing to experience significantly reduced customer acquisition costs and strong demand for our brands in all regions.”
“We would like to express our gratitude to all our team members in our manufacturing centres around the world who are proudly fulfilling an essential service to our customers – allowing them to have their dinners prepared in the safety of their homes.”
Marley Spoon will prepare its Australia subsidiary for future growth with a new purpose-built facility in Sydney of 14,200 sqm, nearly tripling its Sydney footprint with scheduled move-in estimated for H1 2021.
It also cited a challenging time for its Melbourne facility, which temporarily closed due to COVID-19 cases at its site, but has since restarted operations.
