Fitness nutrition business announces record results
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A Cheshire based fitness and nutrition business has announced record results for the last 12 months.
The Protein Works has posted record numbers for its financial year ending August 2019, with net revenues hitting £12.5m and net profits approaching £1m for the first time.
Alongside growth in the UK, the strongest growth was seen in the company’s international markets, combined with an exponential increase in sales of its market-leading vegan range.
The Protein Works was launched in 2012 to offer premium health and fitness nutrition direct to consumers online.
The multi-award-winning brand went through a management buyout in June 2019, backed by the specialist private equity fund manager, YFM Equity Partners.
Following the deal, Richard Millman – ex total fitness and leisure connection – joined the board as non-exec chairman, alongside Laura Keir, chief finance officer Arvin Ghoora and founder and chief executive Mark Coxhead.
Six months on from the deal, the team are embarking on an ambitious plan of expansion from their facility in Runcorn where they innovate, formulate, manufacture and despatch a range of over 1,000 product lines including shakes, snacks, foods and supplements.
A major investment programme is already underway and primarily focused on scaling their production facility to meet growing demand.
At the same time, an upgrade in the IT software that drives the online retail offering has been implemented.
Arvin Ghoora said: “We are investing around half a million pounds across our unique operation here in the Northwest of England.
“We have The Nuttery producing Loaded Nuts™ Ben & Jerry style peanut butters, The Protein Bakery creating low sugar, high protein snacks and The Shakery manufacturing our huge range of protein shakes. The future is very exciting indeed.”
The brand has built its vegan range offering over several years and is well known across the health and fitness community for being at the forefront of innovation.
The recent launch of its ground-breaking Vegan Wondershake, providing a plant-based protein shake with a dairy taste, has been an instant hit, finally changing the game for anyone following a healthy vegan lifestyle.
Laura Keir added: “We’re immensely proud to have probably the best vegan protein shake range out there right now. Around a third of our sales come from vegan products and in January 2020 alone, sales are up 150% year on year.”
Outside of the UK, The Protein Works now has online stores in eight European countries with more to follow. In addition, through its global distribution partners, it has a brand presence in over 50 countries worldwide, coupled with an exciting pipeline of product innovations for 2020.