Sales at Grenade, the sports nutrition company owned by Mondelēz International, jumped towards £100m during its latest financial year, it has been revealed.
The company has posted a turnover of £93.2m for 2023, according to newly-filed documents with Companies House, up from £59.5m.
Its pre-tax profit also increased from £8.2m to £12.1m over the same period.
Grenade was founded husband and wife team Alan and Juliet Barratt and was acquired by Mondelēz International in 2021.
A statement signed off by the board said: “We delivered strong results, volume growth and momentum in 2023.
“We made sure our brands and categories were in a robust position and importantly we prioritised safety.
“Share gains in the snacking market was the primary driver in turnover growth of 56.51 per cent, achieved thanks to strong customer relations, marketing and innovation.
“This was seen across our key brands, channels and customers whilst our marketing activity also drove strong consumer loyalty.”
Grenade’s UK revenue increased from £52m to £83.3m but dipped from £1.3m to £1.1m in Europe.
However, in the rest of the world its turnover rose from £6.2m to £8.7m.
Grenade’s competition
Huel, which is backed by the likes of Idris Elba, Jonathan Ross and Steven Bartlett, posted a revenue of £184.4m for the year to July 31, 2023, up from £144.3m.
It also went from making a pre-tax loss of £10.6m to a pre-tax profit of £4.6m.
PhD Nutrition, which is owned by London-listed Science in Sport, achieved a revenue of £34.1m in 2022, a rise of 15 per cent.
Protein Works saw its sales and profit jump during its latest financial year.
The Cheshire-headquartered group reported a turnover of £42.8m for the 12 months to August 31, 2023, up from £30.7m.
Its pre-tax profit also surged from £293,774 to £4.1m over the same period.