Notonthehighstreet announces 2019 financial results
Notonthehighstreet has released its financial results for the year ended 31 March 2019, reporting an improved performance in the second half of the year and operating EBITDA profit growth.
Total sales were sustained just below the previous year's levels as the business focused on customers with greater long-term value. This resulted in revenue growth in the second half. Operating EBITDA profits almost doubled, from £1.7m to £3.1m, benefiting from a more targeted marketing strategy. The business also increased its active customer base to more than 2.5 million.
Darren Shapland, Chairman, notonthehighstreet said: “FY19 was a positive year for notonthehighstreet and I’m pleased with the results and overall performance of the business, particularly in a challenging consumer environment. Our new CEO, Claire Davenport, previously CEO of HelloFresh UK, has an extensive background of successfully scaling businesses and disrupting markets and we’re delighted to welcome her into the business as she works with the team to deliver on our exciting plans for the future.”
Claire Davenport, Chief Executive Officer, notonthehighstreet added:“I joined notonthehighstreet in August of this year to build on the solid foundations that the team worked tirelessly to lay down in FY19. Key priorities include continuing to invest in our tech platform and focus our efforts on creating a step change in our Partner and customer experience. Our journey will take time but we have a strong, committed and passionate team of people and activity is already in full swing as we approach Christmas, our busiest time of year.”
This year, notonthehighstreet decided to publish its financial results in a fuller annual report in the interests of transparency, particularly with the EU’s ‘Platforms for Business’ (P2B) Regulation coming into force in April 2020. The Company is not subject to all of the requirements of the Company (Miscellaneous Reporting) Regulations 2018 but it has decided, again in the interests of transparency, to disclose more information and has used the Wates Principles as inspiration. These principles are designed to improve corporate governance standards among private companies.