Protein Works, one of Europe’s fastest growing health and lifestyle brands, announces a 45% increase in revenues

Protein Works, one of Europe’s fastest growing health and lifestyle brands, has announced a 45% increase in revenues for the year ended 31 August 2021.

The Cheshire-based business delivered another year of record-breaking results which saw net revenues top £25.6m, up from £17.6m the previous year. Adjusted EBITDA increased by 36% to £2.0m.

Protein Works™ is a specialist online retailer and brand owner, selling high repeat purchase goods direct to consumers across health, fitness and lifestyle categories. It is a fully vertically-integrated operation spanning product development, manufacturing, retailing and logistics, with 95% of its product range manufactured in-house to exacting standards.

2021 saw a year of rapid growth, fuelled by the major shift in consumer spending online and the continued upwards trend in healthy living across all its markets. Protein Works generated a third of its revenues outside the UK and expects this share to rise further as it expands its international plans over the next year.

Following the MBO in 2019, backed by YFM Equity Partners, the business has focused heavily on what it calls its “technology driven innovation” platform. Placing technology and data at the heart of its product development strategy, it has created a number of innovative product brands that spear-head growth in its core categories of vegan, protein shakes and meal replacements.

These unique product brands include Vegan Wondershake®, Ridiculous Vegan Bar™, Whey Protein 360® and abnormal®. In 2021, the company broke into the personalised nutrition space with the launch of abnormal®, a ground-breaking subscription service that provides a bespoke meal replacement. Each customer receives a complete meal shake, tailored to their specific needs, based on a wide range of health and lifestyle touch points.

“The nutrition market is evolving faster than ever and it’s vital we’re able to not only track in real-time customer trends, but to innovate at speed and at a granular level, to meet them.” explains Mark Coxhead, CEO of Protein Works™. Coxhead continues: “Technology sits at the heart of the business and drives decision-making at every step of the way. To succeed right now, a brand needs to create products that fit closely to what a customer is looking for.”

In a period when both Brexit and Covid-19 caused major disruption to supply chains, Protein Works enhanced its operational capabilities. In December 2020, the company opened a new warehouse facility in Cheshire, doubling the size of its operation to over 75,000 sq ft.

Over 50 new jobs have been created in the local area in the last 12 months across all areas of the business to meet the increased demand. Protein Works™ also shipped more than half a million orders globally in the last financial year.

“We’re working hard to adapt to the prevailing global conditions and create targeted logistics solutions for each region in order to address the unique challenges that Brexit and Covid-19 bring,” highlights Mark Coxhead.