Recipe subscription box firm Gousto has reported a record underlying EBITDA of £26mn, from an £8mn loss in 2022, and which is above its September 2023 guidance of ‘in excess of £20mn.’
Its results for the year ending 29 December 2023, Gousto has also reported ‘robust’ revenue, increasing 1% year-on-year to £308mn. The recipe box operator credited its use of technology and AI, combined with a continued focus on cost discipline despite inflationary pressures, for these margins.
Timo Boldt, CEO and founder of Gousto, commented: “We have made good progress in 2023, improving our customer proposition with more recipe choice for more households, whilst also beating our financial expectations.
“But we are still early in the journey and as a pioneer of recipe kits, we will continue to leverage AI, automation and our technology capability to lead innovation in the category as we extend our reach deeper into the mainstream market.”
Gousto’s production facility at Warrington, which opened in 2022, is powered by three in-house developed algorithms – auto replenish, auto routing and pick face optimisation. Warrington’s maximum pack speed is 140% faster than its first generation facilities with a pick accuracy of 99.97%.
The high level of pick accuracy elevates the customer experience whilst also improving the bottom line through a material reduction in customer refunds, explained Gousto. At the same time, its operational food waste is limited to less than 1%.
Learn how Boldt saw a gap in the market for healthy, convenient and sustainable home cooking in an exclusive company profile in the newly published SubscriptionX 2024 Report. The case study also looks at Gousto’s reaction to there being no off-the-shelf subscription technology and the team’s work to build its own.
The report also looks at real-world examples through in-depth case studies of Hotel Chocolat, Graze, Cocoon and Netflix.
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