Fruugo revenues surge 57% to £30.7m

Online global marketplace Fruugo has seen its FY21 revenues surge 57% to £30.7m, over 220% on a two-year basis, which it attributed to the “quality and scalability” of its marketplace platform and proprietary technology. Fruugo also confirmed that for the 52-week period ended 31 December 2021, that adjusted EBITDA increased 231%, up from £1.3m to £4.3m. In addition, the platform said it received 240 million visits to group websites during the year (FY20: 165 million) generating over 3.2 million orders (FY20: 2.0 million). It added that 91% of all transactions were cross-border (FY20: 85%) and 82% of all transactions were cross-currency (FY20: 79%). For the current year, Fruugo said it has “continued its strong growth momentum” into 2022, recording unaudited revenue growth of over 100% against Q1 2021. 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.” He added: “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.”