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Fruugo announces 57% growth in revenue and 231% increase in EBITDA for year to December 31 2021, with significant acceleration of the business into Q1 2022

FY21 Highlights:

  • Exceptional growth in FY21 with Total Transaction Value (TTV) of £136m (FY20: £90m)
  • FY21 Revenue of £30.7m, an increase of 57% on the prior year and over 220% on a two-year basis
  • 240 million visits to Group websites during the year (FY20: 165 million) generating over 3.2 million orders (FY20: 2.0 million)
  • 91% of all transactions were cross-border (FY20: 85%) and 82% of all transactions were cross-currency (FY20: 79%), showing the resilience and relevance of Fruugo’s business model
  • Adjusted EBITDA for FY21 of £4.3m, an increase of 230% on the prior year (FY20: £1.3m)
  • Over 90% of Fruugo’s revenue was generated from shoppers outside the UK

Fruugo’s strong performance in the period reflects the quality and scalability of its marketplace platform and proprietary technology. The Company uses sophisticated data analytics to capture the growing proportion of consumers using search engines to shop online internationally, delivering them directly to fully localised product pages in their own languages and currencies on Fruugo’s website.

As a global platform with a widely diverse retailer base, the Company is not dependent on any particular geography or product category. Fruugo combines retailer data with its agile and proprietary technology and digital marketing expertise to match product supply with consumer shopping demand in over 40 countries, only offering products that are in stock at the moment of a consumer’s search. With Fruugo significantly reducing the friction, time and cost normally associated with cross-border trade, retailers can simply concentrate on shipping the orders Fruugo generates for them.

Q1 2022 Trading Update

Fruugo has continued its strong growth momentum into 2022, recording unaudited revenue growth of over 100% against Q1 2021. This has been achieved despite lockdown restrictions easing and the subsequent return of customers to physical shops across many of our markets.

The number of retailers using the Fruugo platform across the world at the end of Q1 2022 was 78% higher than that of the same period in the prior year, with the number of orders made by shoppers also increasing substantially. More than 90% of Fruugo’s revenue was generated from shoppers outside of the UK.

Dominic Allonby, 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 e-commerce expanding rapidly, both conventional retailers and direct to consumer sellers located all over the world are seeking ways to reach global shoppers. Fruugo’s proprietary technology is designed specifically to help them do just that.

The start of FY22 has seen acceleration of this growth and 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 e-commerce 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.

Fruugo is massively diverse, both geographically and across a huge assortment of consumer products. The agility of our technology allows us to respond instantly to changes in patterns of consumer demand. In the first quarter of this financial year our sophisticated advertising systems delivered an average of 1,500 advertisements per second around the world on behalf of the retailers we serve. By combining this enormous reach with our vast assortment and dynamic technology, Fruugo continuously taps into global consumer demand for sought after products and categories, without being exposed to supply chain headaches.

These are very exciting times for Fruugo. Our business is fast-growing, truly international, asset light and built for scale. We look forward to continuing on this impressive trajectory and maintaining our strong strategic progress throughout 2022 and beyond.”