Idris Elba-backed Huel reports jump in profits
A protein shake company backed by Idris Elba, the Hollywood actor, has swung into profit after a surge in demand.
Huel said that its affordable and convenient meal replacement products were more relevant than ever at a time of “significant pressure on consumers’ wallets”.
It has sold more than 300 million meals globally since it was launched in 2015. The Hertfordshire-based business, which sells shakes, pouches and bars to people such as office workers and students, recorded a 28 per cent increase in sales to £184.5 million in the year to the end of July.
Profit before tax rose to £4.7 million, compared with a £10.6 million loss the year before, driven by gross margin growth and a “normalisation” of exceptional costs.
Huel’s board includes