Marley Spoon AG (ASX:MMM) recently revealed strong growth across all geographies in its first financial result since listing on the ASX in July 2018.
Founded in 2014 in Germany, Marley Spoon is a subscription-based weekly meal kit service that services customers in three primary regions - Australia, US and Europe.
The company’s June half revenue was up 99% on the previous June half excluding FX effects to €39.5 million.
Marley confirmed it is on track to meet its prospectus forecast of €93 million pro forma revenue for the full 2018 calendar year.
Growth across all segments
All regions showed strong revenue, order and active customers’ growth, with Australia being a performing the strongest.
Revenue generated in Australia surged by 140% to A$23.7 million (€15.1 million) in the June half and notable the segment is approaching profitability.
Furthermore, the total number of active customers globally has more than doubled to 125,000 compared to this period last year.
Committed to generating customer value
Marley’s CEO Fabian Siegel said: “We are now offering the most choice, with 20 dishes in two sizes after our pilot launch of a new manufacturing technology in Germany, which we are planning to roll out globally.
“At the same time, we are also making meal kits more accessible by launching our lower-price product, Dinnerly, in Australia.
“The combination of strong topline growth driven by all regions, increasing margins, stable customer acquisition costs, and moderate general and administrative expenses increases gives us all the ingredients to continue on our journey towards profitability.
“The fact that our Australian operations are now reaching that point after only three years shows the potential of the meal kit business model.”
Upcoming ASX Small and Mid-Cap Conference
Marley will be presenting at the inaugural ASX Small and Mid-Cap Conference being held in Sydney this coming Thursday, September 6.
To attend the conference, please register here.