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Fruugo posts strong full year growth

Fruugo has seen its full year revenue increase by 57% to £30.7 million as its total transaction value climbed to £136 million from £90 million in… View Article

GENERAL MERCHANDISE

Fruugo posts strong full year growth

Fruugo has seen its full year revenue increase by 57% to £30.7 million as its total transaction value climbed to £136 million from £90 million in the prior year.

In the year to 31 December 2021, EBITDA growth was also strong with an uplift of 230% to £4.3 million.

During the period, visits to the online marketplace’s group websites rose to 240 million from a previous 165 million. This led to orders increasing to 3.2 million from 2 million in the previous year

While 91% of all transactions were cross-border, over 90% of Fruugo’s revenue was generated from shoppers outside the UK.

Dominic Allonby (pictured), executive chairman of Fruugo, said: “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. 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.”

Giving an update on trading in the new financial year, Fruugo said it posted revenue growth of over 100% against the first quarter of 2021 and that the number of retailers using the Fruugo platform at the end of the period was 78% higher than the same time last year.  

Allonby added: “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.”

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