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Huddled Group says Discount Dragon has delivered solid growth post-acquisition

Huddled Group has said its Discount Dragon business has delivered solid growth since it was acquired by the group last October. In its full-year results announcement… View Article

FOOD AND DRINK NEWS UK

Huddled Group says Discount Dragon has delivered solid growth post-acquisition

Huddled Group has said its Discount Dragon business has delivered solid growth since it was acquired by the group last October.

In its full-year results announcement for the 12 months to 31 December, Huddled Group said Discount Dragon achieved post-acquisition revenue of £1.6 million from 17 October to 31 December 2023. Looking at the first quarter of 2024, the retailer’s revenue climbed to £2.1 million from £1.8 million in the fourth quarter of 2023.

Martin Higginson, chief executive officer of Huddled Group, said: “Discount Dragon has continued to deliver solid growth both in terms of revenue and customer numbers since we acquired the business.

“At a challenging time for consumers, the offering is extremely relevant, and we feel that being able to offer great products, including many of the biggest brands at significantly discounted prices, delivered to the customer’s door, will have wide appeal.

“Alongside this, we are playing our part in reducing food waste by offering short-dated, mispackaged or other surplus stock as part of our core range.”

Looking at the results for the wider Huddled Group for the 12 months to 31 December, the group delivered a profit from total operations of £13 million compared to a loss of £0.7 million in the prior year. Revenue from continuing operations (constituting Discount Dragon and Let’s Explore) was £2.4 million.

During the year, the group revised its strategy for growth following the sale of its Immotion and Uvisan businesses. The acquisition of Discount Dragon underpins its new strategy of building a portfolio of high growth ecommerce brands. The group also recently completed the acquisition of Food Circle Supermarket.

Higginson added: “Delivering on our strategy of building a group of high growth ecommerce businesses, the acquisition of Food Circle Supermarket bolsters our position in the online surplus food sector and introduces a broader range of customers to the group, with a specific focus on health and nutrition, which is a fast-growing space in the sector.”

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