Fruugo. com Ltd. (or the “Group”) Full Year Trading Update
Fruugo, the UK’s leading global online marketplace platform, is pleased to provide a trading update for the Group’s 2022 financial year (FY22).
FY22 Highlights:
- Full year 2022 revenues increased by 110% year-on-year (“YoY”) to £65m, building on very strong prior year comparatives; growth of over 230% on a two-year basis
- Total transaction value through the Fruugo platform increased by 87% YoY to £255m.
- 96% of all transactions were cross-border (FY21: 91%) and 83% of all transactions were cross-currency (FY21: 82%)
Trading Update
Fruugo has continued its track record of sustained and exceptional growth, achieving revenue growth of 110% in FY22 versus FY21, and over 230% versus FY20. The business has grown revenue nearly tenfold in the period FY18 to FY22, representing a CAGR of 77% (FY18 to FY22). This strong performance reflects the quality and scalability of Fruugo’s platform and technology, its market-leading data science expertise, and the continued long-term growth in global cross-border e-commerce.
The Group generated Total Transaction Value of £255m for FY22 on behalf of retailers located all over the world. The volume of retailers using the Group’s technology platform rose by 63% YoY, and the number of shoppers buying through Fruugo from around the world increased by 114% YoY to just under 7 million in FY22. During the year, more than 96% of all transactions crossed a border, 83% of transactions were cross-currency and more than 90% of Fruugo’s revenue was generated from shoppers outside of the UK.
This market-leading growth highlights the strength of Fruugo’s highly diversified international marketplace, which enables:
Retailers to tap into global online search and shopping trends, reduce the friction and complexities of cross-border trade and access new customers in countries they would not otherwise be able to reach.
Shoppers to access global product supply with price transparency, shopping securely and in their local language and currency.
Fruugo’s agile technology and real-time model ensures shoppers are dynamically matched with retailers around the world, only offering for sale products that are in stock and ready to ship at the moment of order. The retailers fulfil the orders directly and consequently, Fruugo itself never holds stock nor is it directly subject to logistics or supply chain shortages. Since Brexit, many companies have found selling overseas to be more difficult. Many are daunted and don’t know where to start. Fruugo provides solutions by making direct-to-consumer export sales simple.
During the year, Fruugo also achieved notable recognition across the international e-commerce industry. In March, Fruugo was listed in the annual FT1000 list – the 1,000 fastest-growing companies in Europe (assessed by the Financial Times & Statista). Then, in July the company was listed in The Sunday Times 100 Awards, 2022 – the 100 fastest growing private companies in the UK. And finally in November, Fruugo won the prestigious “Growth Company of the Year 2022″ in the UK Tech Awards.
“We are delighted to report another year of exceptional growth,” said Dominic Allonby, executive chairman of Fruugo. “Due to substantial and growing demand for Fruugo’s multi-award-winning services, coupled with our high-quality execution, we have more than doubled the size of our business in just one year.
“Fruugo’s mission is simple: to enable retailers anywhere to sell to shoppers everywhere, enabling retailers to access international demand for their products that they wouldn’t otherwise be able to find. Our proprietary technology and data science expertise, in combination with the huge range of product categories available through our platform, means that Fruugo is able to continually tap into worldwide consumer demand for sought after products and categories.
“The benefits of our very diverse, cross-border marketplace model have been particularly profound in recent times and are reflected in our outstanding growth rates. While many traditional and e-commerce retailers and brand owners have grappled with external supply chain headwinds and stock availability, Fruugo has been able to deliver record revenues, by enabling the retailers using our ‘no-sale no-fee’ platform to find new shoppers all over the world.
“Fruugo already powers the global trading of thousands of ‘direct to consumer’ businesses and has the capacity to serve many, many more. As we enter 2023, we remain focused on further enhancing our platform, including developing the tools retailers use to join Fruugo, and continuing to develop the user experience on our websites.
“These are very exciting times for Fruugo. The Group’s audited financial results for FY22 are expected to confirm that FY22 set a new record for profits as well as the overall growth and scale of the business. Our high quality and experienced management team and board of directors are focused on building a large scale and world class global marketplace business. Fruugo is fast-growing, award winning, truly international, asset light and built for scale. We look forward to continuing our strong growth trajectory in 2023 and beyond.”
