REG - Huddled Group PLC - Interim Results and Trading Update
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RNS Number : 1092B Huddled Group PLC 29 September 2025
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596) which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time.
29 September 2025
Huddled Group plc
("Huddled", the "Company" or the "Group")
Interim Results and Trading Update
Significant growth across all brands
Discount Dragon and Nutricircle delivered divisional operating profit in
August 2025
Huddled Group plc (AIM:HUD), the circular economy e-commerce business, is
pleased to announce its unaudited interim results for the six months to 30
June 2025 (the "Period"), along with an update on trading for Q3 2025 to date.
Highlights
H1 2025 Highlights
● Revenue increased 81% to £9.48m (H1 2024: £5.25m)
● Discount Dragon revenue increased 10% compared to H1 2024 with orders up 14%
● Nutricircle revenue increased 621% compared to H1 2024(( 1 (#_ftn1) )) with
orders up 768%
● Boop Beauty H1 2025 revenue of £1.58m following its relaunch in September
2024
● Over 4m items saved from going to waste
● Over 292,000 orders in the Period, up 98% from H1 2024
Q3 2025 Highlights and Outlook
● Discount Dragon and Nutricircle reported divisional operating profit in August
2025
● Group expects to report its maiden net operating profit across all brands
before head office costs in September 2025
● Q3 2025 revenue is expected to be circa £4.9m, an increase of 43% from Q3
2024 (Q3 2024: £3.4m)
● Discount Dragon improved Basket Margin(( 2 (#_ftn2) )) by 20% in Q3 2025 vs
Q2 2025
● Nutricircle Q3 2025 revenue is expected to be circa £1.4m, an increase of
146% from Q3 2024 (Q3 2024: £0.6m)
● Nutricircle improved Average Order Value(( 3 (#_ftn3) )) by 19% and Basket
Margin by 23% versus Q2 2025
● £1.5m raised through institutional demand, at the prevailing market price, to
provide capital for future growth, stock and marketing
● Partnership with THG Ingenuity announced, enabling quicker turnaround times,
highly scalable capacity and improved proximity to potential stock suppliers
● Q4 2025 revenue expected to be not less than that of Q3 2025 and H2 2025
losses are expected to narrow from those in H1 2025
Martin Higginson, Executive Chairman of Huddled, commented:
"I'm delighted to report that the growth achieved during the Period and since,
alongside the hard work the team have put in, has positioned the Group to
reach a major milestone - based on current trajectory, we expect the Group to
be operationally profitable before head office costs in September 2025. The
81% revenue growth in H1 2025, combined with our focus on improving basket
composition, Average Order Value and Basket margin, has helped us begin to
deliver this.
"As we transition our fulfilment to THG Ingenuity, which we expect to be
complete before Black Friday, we look forward to being able to provide an
improved quality of service, allowing us to continue to grow the business
sustainably and profitably.
"Our success in diverting surplus goods from waste while delivering tremendous
value to consumers shows that sustainability and savings can operate hand in
hand."
Enquiries:
For further information please visit www.huddled.com/investors, or contact:
Huddled Group investors@huddled.com
plc
Martin Higginson
Michael Ashley
Daniel Wortley
Paul Simpson
Zeus (Nominated Adviser and Sole Tel: + 44 (0) 203 829 5000
Broker)
James Hornigold, George Duxberry (Investment Banking)
Dominic King (Corporate Broking)
Alma Strategic Communications (Financial huddled@almastrategic.com
PR)
Tel: +44 (0) 20 3405 0205
Rebecca Sanders-Hewett
Sam Modlin
Louisa El-Ahwal
Chairman's statement
I am pleased to report that we expect to achieve net operational profitability
before head office costs this month, September 2025. In the preceding month of
August we saw both Discount Dragon and Nutricircle achieve profitability
despite a backdrop of slightly lower overall revenues, underpinning our
confidence in both the surplus sector and our business model.
H1 2025, whilst clearly demonstrating growth and the market opportunity, also
highlighted the need to drive Basket Margin across all of our brands. We set
about enhancing the team to give us the depth of retail knowledge we need in
order to improve our product offering and therefore drive consistency in
margin and operational profitability.
At Discount Dragon, we took the decision to undertake a full review of this
brand, making significant changes to the team, and slowed down new customer
acquisition to allow us to fully understand both basket composition as well as
consumer habits. Whilst this has led to us trading behind management's
expectations, we are confident that it has given us the platform for future
success. We also decided we needed deeper retail knowledge across the
business, but especially in Discount Dragon. To this end we asked Michael
Ashley to step up from Non-Executive Director to Group CEO, allowing me to
focus more on strategy and move into the Executive Chairman role. Michael has
a depth of knowledge in the retail space with an illustrious career from
Boots, to Holland & Barrett where he held senior roles. He has helped us
undertake a detailed analysis, which has now led to a material step change in
Average Order Value, but also, more importantly, to a marked increase in
Basket Margin, which in turn has driven operational profitability. Our focus
now is on building consumer confidence in the offering thus encouraging
regular repeat orders.
Nutricircle, on the other hand, has continued to deliver amazing growth both
in terms of orders and revenue in the Period. That said, we believe, there is
a lot more growth in this brand and, by applying the same methodology as with
Discount Dragon, we have set about further broadening the offering with the
aim of driving improvements and consistency in the Basket Margin. These
incremental enhancements have driven us to consistent operational
profitability, and with more improvements on the cards, we expect further
traction both in terms of order numbers and Basket Margin.
Much of this success has been down to the work that Michael Ashley and the
team have undertaken over the last few months, for which I thank them. The
relentless focus on basket composition has delivered success not only in
helping us move two of the three brands into profitability in August 2025,
notoriously the most difficult month for our business, but also by improving
the consistency of our offering. This in turn has led to us expecting
operational profitability across the three trading divisions in September
2025, underpinning our confidence that we are on the right track.
Whilst Boop Beauty is still very much in its infancy as a business, we are
encouraged by both the uptake of its proposition and the returning customer
numbers. Whilst we have allocated time to improve the website, as well as our
supply chain, there is still much work to be done. We have further
strengthened the team and will focus much of our efforts, as with both
Discount Dragon and Nutricircle, on improving this brand's Average Order Value
and more importantly its Basket Margin. With over 10% of beauty products,
worth a staggering £3.8bn worth, going to waste annually in brand supply
chains, we can see there is massive potential for this business.
In Q3 2025, we raised £1.5m of new equity, which included a significant
investment from a new major institutional investor. With a strengthened
balance sheet, stock position and some short-term debt at the subsidiary
level, alongside trading divisions now contributing to head office costs, we
are confident we can move to Group profitability within the resources that we
have at our disposal.
As we move forward into Q4 2025, our focus is very much on continued
sustainable profitable growth, whilst also delivering a smooth transition to
our new fulfilment partner. Once fully bedded in, this transition will not
only offer our customers an improved service with better accuracy, it will
also drive further operational efficiencies in cost savings. In Q4 2025 our
focus will be on ensuring we protect and improve the quality of service for
existing customers which will not only maintain profitability as we drive more
returning customers, but it will also give us the confidence to accelerate
marketing to attract more new customers too.
Chief Executive's review
Having moved from a Non-Executive Director position to that of Chief Executive
Officer, I was already familiar with the business and what I believed needed
to be delivered. My short-term priorities have been to improve the product
proposition and presentation, widen the supplier base to improve consistency
of the offer, instil a disciplined approach to the supply chain and a wider
understanding of key profitability metrics and support and improve the team's
capability and capacity whilst delivering operational profit.
Discount Dragon
Discount Dragon is our most mature business with over 180,000 customers on our
database. To date the range proposition has been inconsistent with limited
choice in key categories such as food cupboard, tea and coffee and alcohol.
Sales were dominated by snacks, treats and soft drinks, which led to lower
average order values and subsequently lower profit per order.
We have therefore focused on improving the range proposition introducing a
much greater choice of branded products in the key product categories we were
missing. Simultaneously we have ensured our discounted front basket 'freebie'
offers do not exceed a certain value. In other words, ensuring we stick to a
hard set of rules both in terms of 'offers' and product range.
This has driven consistency in order value, as well as a marked improvement in
the Basket Margin by 20% from Q2 2025 to Q3 2025. This has been the key driver
in our move to profitability.
Customers now have better options available to fill their basket and reach the
£40 free delivery threshold with relative ease. It is now essential we
continue to improve the customer choice in all the key categories. This will,
we believe, encourage them to shop more regularly, making them a much more
valuable customer.
Our Q4 2025 focus is to:
● Improve frequency of returning customers
● Improve customer service through delivery accuracy and speed
● Offer next day delivery with late cut-off
● Target customer cohorts
● Build our organic social marketing with core messaging around Saving Money and
the Planet
● Build brand personality
● Continue to improve and review stock availability and range
We have made good progress in Q3 2025, but there is still much to do. Building
a solid customer base that buys into our ethos and returns to shop regularly
will drive both top and bottom line growth. We will also continue to widen the
supplier base to achieve better choice by category. It is now all about
driving profitable sales to our established customer base.
Nutricircle
Nutricircle, acquired in April 2024, has benefited from a very consistent core
proposition that centres on protein bars and healthy snacks. There is a very
strong repeat customer base which has grown steadily from the acquisition. In
January 2025, returning customers stood at 5,600, today we are at circa 10,000
repeat purchases a month. The total customer base has grown to in excess of
135,000.
We have focused on making it easier for the customer to buy, with many
improvements being made to the website and its functionality, resulting in a
better conversion rate of purchases to unique site visitors. This, in
conjunction with the changes made to demonstrate the width of choice on the
front page of the website with a greater balance of price points, has
delivered impressive growth in both Average Order Value and Basket Margin of
19% and 23% respectively from Q2 2025 to Q3 2025, leading to solid operational
profitability. We are now seeing good repeat purchasers from a stable customer
base as a result of a strong and reliable supplier base.
Our Q4 2025 focus is to:
● Improve and expand product range
● Increase Average Order Value and Basket Margin
● Build and enhance brand personality
● Improve delivery accuracy and speed
● Improve customer experience
The next stage of our development is to broaden the product choice into
supplements, vitamins and other health, and nutrition categories. This will
provide us with the platform to grow the customer database whilst remaining
operationally profitable.
Boop Beauty
Boop Beauty is our newest brand, with a database of over 50,000 customers
amassed since its relaunch in September 2024, continues to grow at a pace.
That said, given the brand is still very much in its early stages, it
unsurprisingly is still experiencing some growing pains.
The range proposition and choice of products is not yet where we want it to be
with a limited product choice in the key categories of skincare, haircare,
lipcare and cosmetics. We have also experienced intermittent stock
availability of core lines.
This brand however has huge potential for significant growth and
profitability. When we present the brands and have healthy stock the sales and
basket margin are instantly strong. Alongside this, the product economics in
beauty are very favourable and the majority of products are small in size with
a high retail price point and strong margins.
The number one priority is to drive better product supply in the core
categories and lines. We need to widen the supplier base as well as broaden
the choice in key categories. This work is already well underway and we have
strengthened the team to bring in beauty specific skills and buying knowledge
to deliver against our ambitions.
With the necessary improvement in range and additional products, we expect
Boop Beauty to be profitable on fewer orders than our other brands. The move
to a variable cost fulfilment centre not only helps us achieve this low
breakeven position, it improves our offering with faster delivery times and
later order cut-offs.
Our Q4 2025 focus is to:
● Improve stock position
● Broaden categories - hair, skin and make up
● Increase customer database
● Improve delivery cut-off time and speed of delivery
● Focus on tone of voice - create a personality for the brand
● Expand and improve visibility on social media channels
Boop has achieved a lot in only 12 months, with orders growing from a modest
862 in the month of its relaunch in September 2024, to over 7,000 this month.
We now have to apply the same formula and disciplines we have introduced into
our other brands to ensure this grows quickly and profitably as we go into the
crucial peak period of the year.
Summary
We have continued to learn and hone our offering. The improvements we have
made in Q3 2025 have helped us transition into operational profitability
before head office costs - it's now about building frequency of repeat
customers whilst adding new customers in a controlled and profitable manner.
Outlook
We look forward to the busy Q4 2025 period with excitement. We will continue
to improve the proposition in all three brands whilst managing the transition
of our fulfilment operations to THG Ingenuity, which is expected to be fully
embedded and operational ahead of Black Friday. The ability to be able to
scale whilst improving customer order accuracy and service will, we believe,
improve the frequency of repeat customer purchases. This, combined with
maintaining the Basket Margin, gives us a solid platform on which to build.
This foundation positions us for sustained growth, with Q4 2025 revenue
expected to be not less than that of Q3 2025 and H2 2025 losses are expected
to narrow from those in H1 2025 as a result.
HUDDLED GROUP PLC
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2025
Notes Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 December 2024
Continuing operations £'000 £'000 £'000
Revenue 9,483 5,252 12,928
Cost of sales (9,293) (5,305) (12,893)
_______ _______ _______
Gross profit/(loss) 190 (53) 35
Administrative expenses (2,073) (1,613) (3,888)
_______ _______ _______
Operating loss (1,883) (1,666) (3,853)
Memorandum:
Adjusted EBITDA (1,466) (1,341) (2,939)
Depreciation (91) (37) (97)
Amortisation (203) (155) (330)
Loss on disposal of non-current assets (26) - -
One-off costs 4 (97) (133) (487)
______ ______ ______
Operating loss (1,883) (1,666) (3,853)
Finance costs (6) (1) (3)
Finance income 11 92 131
______ ______ ______
Loss before taxation (1,878) (1,575) (3,725)
Taxation 36 74 110
______ ______ ______
Loss for the period from continuing operations (1,842) (1,501) (3,615)
operations
Loss after tax from discontinued operations 5 (144) (258) (317)
________ ______ ______
Loss for the period (1,986) (1,759) (3,932)
======== ======== ========
Attributable to:
Equity holders of the company (1,951) (1,745) (3,851)
Non-controlling interests (35) (14) (81)
________ ______ ______
(1,986) (1,759) (3,932)
======== ======== ========
Other comprehensive income/(expense) for the period
Loss for the period (1,986) (1,759) (3,932)
Profit on translation of subsidiaries 2 2 1
________ ______ ______
Total comprehensive expense for the period (1,984) (1,757) (3,931)
======== ======== ========
Attributable to:
Equity holders of the company (1,949) (1,743) (3,850)
Non-controlling interests (35) (14) (81)
________ ______ ______
(1,984) (1,757) (3,931)
======== ======== ========
HUDDLED GROUP PLC
CONSOLIDATED INCOME STATEMENT (CONTINUED)
for the six months ended 30 June 2025
Notes Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 December 2024
£0.01 £0.01 £0.01
Earnings/(loss) per share
From continuing and discontinued operations
Basic EPS 6 (0.60) (0.55) (1.20)
Diluted EPS 6 (0.60) (0.55) (1.20)
From continuing operations
Basic EPS 6 (0.57) (0.47) (1.13)
Diluted EPS 6 (0.57) (0.47) (1.13)
From discontinued operations
Basic EPS 6 (0.03) (0.08) (0.07)
Diluted EPS 6 (0.03) (0.08) (0.07)
HUDDLED GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2025
(Unaudited)
Share Share Foreign exchange reserve Capital redemption reserve Retained (deficit)/ Total
capital premium Merger reserve Equity reserve Non-controlling interests earnings equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 127 1,143 (34) 2,823 110 417 - 5,716 10,302
Loss for the period - - - - - - (14) (1,745) (1,759)
Currency translation of overseas subsidiary - - 2 - - - - - 2
Acquisition of subsidiaries 1 - - 53 - 54 - - 108
Partial disposal of subsidiary - - - - - - 28 (28) -
_____ _____ _____ _____ _____ _____ _____ _____ _____
Balance at 30 June 2024 128 1,143 (32) 2,876 110 471 14 3,943 8,653
_____ _____ _____ _____ _____ _____ _____ _____ _____
Loss for the period - - - - - - (67) (2,106) (2,173)
Currency translation of overseas subsidiary - - (1) - - - - - (1)
Acquisition of subsidiaries - - - - - - 2 - 2
Issue of deferred consideration shares 1 - - 20 - (20) - - 1
Acquisition of non-controlling interest - - - - - 96 48 (144) -
_____ _____ _____ _____ _____ _____ _____ _____ _____
Balance at 31 December 2024 129 1,143 (33) 2,896 110 547 (3) 1,693 6,482
_____ _____ _____ _____ _____ _____ _____ _____ _____
HUDDLED GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
for the six months ended 30 June 2025
(Unaudited)
Share Share Foreign exchange reserve Capital redemption reserve Retained (deficit)/ Total
capital premium Non-controlling interests earnings equity
Merger reserve Equity reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2025 129 1,143 (33) 2,896 110 547 (3) 1,693 6,482
Loss for the period - - - - - - (35) (1,951) (1,986)
Currency translation of overseas subsidiary - - 2 - - - - - 2
Issue of deferred consideration shares 9 - - 538 - (547) - - -
_____ _____ _____ _____ _____ _____ _____ _____ _____
Balance at 30 June 2025 138 1,143 (31) 3,434 110 - (38) (258) 4,498
_____ _____ _____ _____ _____ _____ _____ _____ _____
HUDDLED GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2025
Unaudited Unaudited Audited
Notes 30 June 30 June 31 December 2024
2025 2024
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 7 368 244 351
Intangible assets 8 4,083 4,244 4,132
Deferred tax asset 42 - 6
______ ______ ______
Total non-current assets 4,493 4,488 4,489
Current assets
Inventories 1,122 1,312 1,124
Trade and other receivables 9 650 694 817
Contract assets - 11 612
Cash and cash equivalents 552 3,280 1,639
______ ______ ______
Total current assets 2,324 5,297 4,192
______ ______ ______
Total assets 6,817 9,785 8,681
______ ______ ______
LIABILITIES
Current liabilities
Trade and other payables 10 (1,637) (995) (1,956)
Contract liabilities (21) (16) (18)
Provisions - - (162)
Loans and borrowings (653) (20) (20)
Lease liabilities - (36) (25)
______ ______ _______
Total current liabilities (2,311) (1,067) (2,181)
Non-current liabilities
Loans and borrowings (8) (28) (18)
Lease liabilities - (7)
Deferred tax - (30) -
______ ______ _______
Total non-current liabilities (8) (65) (18)
______ ______ ______
Total liabilities (2,319) (1,132) (2,199)
______ ______ ______
NET ASSETS 4,498 8,653 6,482
======== ======== ========
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Share capital 11 138 128 129
Share premium 12 1,143 1,143 1,143
Foreign exchange reserve 12 (31) (32) (33)
Merger reserve 12 3,434 2,876 2,896
Capital redemption reserve 12 110 110 110
Equity reserve 12 - 471 547
Non-controlling interests 12 (38) 14 (3)
Retained earnings 12 (258) 3,943 1,693
______ _______ ______
TOTAL EQUITY 4,498 8,653 6,482
======== ======== ========
HUDDLED GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2025
Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
OPERATING ACTIVITIES
Loss before tax from continuing operations (1,878) (1,575) (3,725)
Loss before tax from discontinued operations (138) (265) (324)
Adjustments for:
Depreciation of property, plant and equipment 95 38 99
Amortisation of intangible assets 206 210 418
Impairment of intangible assets - - 91
Loss on disposal of property, plant and equipment 26 - -
Finance costs 6 1 3
Finance income (11) (92) (131)
Foreign exchange profit/(loss) 2 2 1
Tax (paid)/refunded (1) 7 1
_____ ____ _ _____
Operating loss before changes in working capital and provisions (1,693) (1,674) (3,567)
(Increase)/decrease in inventories 2 (522) (320)
Decrease in trade and other receivables 775 164 (654)
Increase/(decrease) in trade and other payables (471) 98 1,313
_____ _____ _____
Net cash flows used in operating activities (1,387) (1,934) (3,228)
_____ _____ _____
INVESTING ACTIVITIES
Purchase of property, plant and equipment (170) (28) (196)
Purchase of intangible assets (157) (61) (244)
Proceeds from sale of property, plant and equipment 12 - -
Proceeds from sale of subsidiary undertakings - 1,047 1,047
Cash paid to acquire subsidiaries - (100) (109)
Cash acquired with subsidiaries - 9 12
_____ _____ _____
Net cash flows from investing activities (315) 867 510
FINANCING ACTIVITIES
Finance costs (6) (1) (3)
Finance income 11 92 131
New loans 672 - -
Loan and finance lease repayments (62) (12) (39)
_____ _____ _____
Net cash flows from financing activities 615 79 89
DECREASE IN CASH AND CASH EQUIVALENTS (1,087) (988) (2,629)
_____ _____ _____
Cash and cash equivalents brought forward 1,639 4,268 4,268
_____ _____ _____
CASH AND CASH EQUIVALENTS CARRIED FORWARD 552 3,280 1,639
_____ _____ _____
HUDDLED GROUP PLC
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 30 June 2025
1 GENERAL INFORMATION
The interim consolidated financial statements of the Group for the period
ended 30 June 2025 were authorised for issue in accordance with a resolution
of the directors on 26 September 2025. Huddled Group plc ("the Company") is a
Public Limited Company quoted on AIM, incorporated in England and Wales. The
interim consolidated financial statements do not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006.
2 ACCOUNTING POLICIES
2.1 Basis of preparation
The interim consolidated financial statements of the Group for the six months
ended 30 June 2025 have been prepared in accordance with IAS 34 Interim
Financial Reporting.
The entities consolidated in the interim financial statements of the Group for
the six months to 30 June 2025 comprise the Company and its subsidiaries
(together referred to as "the Group").
The interim consolidated financial statements do not include all the
information and disclosures required in the annual financial statements and
should be read in conjunction with the Group's annual audited consolidated
financial statements for the year ended 31 December 2024.
The directors are satisfied that, at the time of approving the interim
consolidated financial statements, it is appropriate to adopt a going concern
basis in accordance with the recognition and measurement criteria of
International Financial Reporting Standards ("IFRS") as adopted by the
European Union.
In reaching this conclusion, the directors considered the financial position
of the Group and prepared forecasts and projections for the next 12 months,
taking into account reasonably possible changes in trading performance and
capital expenditure requirements.
The financial statements do not include any adjustments that would result from
the going concern basis of preparation being inappropriate.
2.2 Accounting policies
The principal accounting policies adopted in the preparation of these interim
statements are consistent with those applied in the preparation of the Group's
annual consolidated financial statements for the year ended 31 December 2024
other than the Group has adopted amended financial standards effective as of 1
January 2025. None of the amendments adopted on 1 January 2025 have had a
material impact on the interim statements of the Group.
The preparation of these consolidated interim financial statements requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from these
estimates in preparing these consolidated interim financial statements.
3 SEGMENTAL INFORMATION
The Group's primary reporting format for segmental information is business
segments which reflect the management reporting structure in the Group.
Six months to 30 June 2025
Discount Boop Head Total
Dragon Nutricircle Beauty Office
£'000 £'000 £'000 £'000 £'000
Revenue 5,388 2,517 1,578 - 9,483
Cost of sales (5,329) (2,312) (1,652) - (9,293)
---------------- ---------------- --------------- --------------- ---------------
Gross profit/(loss) 59 205 (74) - 190
Adjusted admin expenses* (513) (278) (324) (541) (1,656)
---------------- ---------------- --------------- --------------- ---------------
Adjusted EBITDA** (454) (73) (398) (541) (1,466)
Depreciation (68) (11) - (12) (91)
Amortisation (172) (22) (7) (2) (203)
Gain/(loss) on disposal of assets (28) 2 - - (26)
One-off costs (57) (8) (9) (23) (97)
Finance costs (3) (2) - (1) (6)
Finance income - - - 11 11
Taxation 32 4 - - 36
---------------- ---------------- ------------- ----------------- ----------------
Loss for the period (750) (110) (414) (568) (1,842)
---------------- ---------------- ------------- ----------------- ----------------
*Adjusted administrative expenses exclude depreciation, amortisation,
gain/loss on disposal of assets and one-off costs.
**Adjusted EBITDA is a non-GAAP metric.
All revenue generated in the period originated in the United Kingdom. The
Group had no customers representing 10% or more of the Group's total revenue
in the period.
4 ONE-OFF COSTS
Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 Dec 2024
£'000 £'000 £'000
Redundancy/severance costs 56 - 311
Acquisitions and similar transactions 10 59 68
Directors' bonuses re Let's Explore Q4 2024 performance 23 - -
Aborted projects - 64 80
Other one-off costs 8 10 28
---------------- ---------------- ----------------
97 133 487
---------------- ---------------- ----------------
One-off costs are included within administrative expenses but have been added
back for the purposes of calculating adjusted EBITDA which is a non-GAAP
alternative performance measure.
5 DISCONTINUED OPERATIONS
The Let's Explore business was discontinued in the
period and the result for this business has been excluded from the continuing
results of the Group.
Summary income statement
The results for Let's Explore included in the income statement as discontinued
operations are as follows:
Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 Dec 2024
£'000 £'000 £'000
Discontinued operations
Revenue 25 22 1,294
Cost of sales (86) (97) (1,211)
________ ______ ______
Gross profit/(loss) (61) (75) 83
Administrative expenses (77) (190) (407)
________ ______ ______
Loss before tax (138) (265) (324)
Taxation (6) 7 7
________ ______ ______
Loss after tax (144) (258) (317)
======== ======== ========
Adjusted EBITDA* (126) (209) (143)
Depreciation (4) (1) (2)
Amortisation (3) (55) (88)
Impairment of intangible assets (5) - (91)
________ ______ ______
Loss before tax (138) (265) (324)
*Adjusted EBITDA is a non-GAAP metric.
Summary cash flow statement
The net cash flows for Let's Explore included in the cash flow statement are
as follows:
Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 Dec 2024
£'000 £'000 £'000
Discontinued operations
Cash generated used in operating activities 260 (167) (120)
Cash generated from/(used in) investing activities 2 (34) (63)
________ ______ ______
Net cash flows generated/(used in) discontinued operations 262 (201) (183)
======== ======== ========
6 EARNINGS PER SHARE
Unaudited Unaudited Audited
Six months to Six months to 12 months to
30 June 2025 30 June 2024 31 Dec 2024
£'000 £'000 £'000
Loss attributable to shareholders
Continuing operations (1,842) (1,501) (3,615)
Discontinued operations (109) (244) (236)
-------------------- -------------------- --------------------
Total loss attributable to shareholders (1,951) (1,745) (3,851)
-------------------- -------------------- --------------------
Basic weighted average number of shares 326,112,182 319,226,653 319,974,896
Diluted weighted average number of shares 347,433,605 348,424,673 346,328,630
============== ============== ==============
£0.01 £0.01 £0.01
Loss per share
Basic loss per share (0.60) (0.55) (1.20)
Diluted loss per share (0.60) (0.55) (1.20)
========= ========= =========
Loss per share from continuing operations
Basic loss per share from continuing operations (0.57) (0.47) (1.13)
Diluted loss per share from continuing operations (0.57) (0.47) (1.13)
========= ========= =========
Loss per share from discontinued operations
Basic loss per share from continuing operations (0.03) (0.08) (0.07)
Diluted loss per share from continuing operations (0.03) (0.08) (0.07)
========= ========= =========
Loss per share is calculated using the weighted average number of shares
outstanding during each period. Under IAS 33, diluted loss per share is
presented when a company has potential share obligations. However, IAS 33
prohibits diluted EPS from appearing better than basic loss per share. Since
including potential ordinary shares would decrease the loss per share, these
effects are excluded from the diluted loss per share calculation.
7 PROPERTY, PLANT AND EQUIPMENT
Fixtures, fittings and equipment Motor Right-of-use assets Total
vehicles
£'000 £'000 £'000 £'000
Cost
At 1 January 2025 300 162 132 594
Additions 170 - - 170
Disposals (66) - (132) (198)
_____ _____ _____ _____
At 30 June 2025 404 162 - 566
_____ _____ _____ _____
Depreciation
At 1 January 2025 86 46 111 243
Depreciation of owned assets 72 12 - 84
Depreciation of leased assets - - 11 11
Disposals (18) - (122) (140)
_____ _____ _____ _____
At 30 June 2025 140 58 - 198
_____ _____ _____ _____
Net book value
30 June 2025 264 104 - 368
_____ _____ _____ _____
31 December 2024 214 116 21 351
_____ _____ _____ _____
The method of depreciation for each class of depreciable asset is:
Fixtures, fittings and
equipment -
three years on a straight-line basis
Motor
vehicles
- between three and seven years on a straight-line basis
Right-of-use
assets
- over the term of the lease on a straight-line basis
8 INTANGIBLE ASSETS
Other
Development costs Goodwill on consolidation intangible
assets Total
£'000 £'000 £'000 £'000
Cost
At 1 January 2025 785 2,031 2,337 5,153
Additions 135 - 22 157
_____ _____ _____ _____
At 30 June 2025 920 2,031 2,359 5,310
_____ _____ _____ _____
Amortisation
At 1 January 2025 627 - 394 1,021
Amortisation charge 48 - 158 206
_____ _____ _____ _____
At 30 June 2025 675 - 552 1,227
_____ _____ _____ _____
Net book value
30 June 2025 245 2,031 1,807 4,083
_____ _____ _____ _____
31 December 2024 158 2,031 1,943 4,132
_____ _____ _____ _____
Development costs are comprised of software. Development costs are amortised
on a straight-line basis over 3 years.
Other intangible assets comprise the Discount Dragon brand, Discount Dragon
and Nutricircle customer databases, domain names and trademark costs. Other
intangible assets are amortised over two or three years.
Amortisation is charged to administrative costs in the income statement.
9 TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 Dec 2024
£'000 £'000 £'000
Trade receivables 277 151 280
Prepayments 358 389 476
Other receivables 15 154 61
---------------- ---------------- ----------------
650 694 817
---------------- ---------------- ----------------
10 TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 Dec 2024
£'000 £'000 £'000
Trade payables 861 380 1,041
Accruals 535 521 794
Taxation and social security 229 74 96
Other payables 12 20 25
---------------- ---------------- ----------------
1,637 995 1,956
---------------- ---------------- ----------------
11 SHARE CAPITAL
Shares £'000
Ordinary shares of 0.040108663 pence issued and fully paid up
As at 1 January 2025 321,316,983 129
Shares issued as purchase consideration 23,369,289 9
------------------------------- -------------------
As at 30 June 2025 344,686,272 138
------------------------------- -------------------
12 RESERVES
Full details of movements in reserves are set out in the consolidated
statement of changes in equity. The following describes the nature and purpose
of each reserve within owners' equity:
Share premium: amount subscribed for share capital in excess of nominal value.
Foreign exchange reserve: reserve arising on translation of the Group's
overseas subsidiary.
Merger reserve: premium above the nominal value of shares issued for equity
consideration.
Capital redemption reserve: nominal value of the Company's own shares
purchased and cancelled.
Equity reserve: provision for deferred equity purchase consideration to be
issued in the future.
Non-controlling interest: the value of subsidiaries' equity not owned by the
parent company.
Retained earnings: Cumulative net gains and losses recognised in the
consolidated statement of comprehensive income.
13 RELATED PARTY TRANSACTIONS
M J Higginson, a director of Huddled Group plc, is a director and controlling
shareholder of M Capital Investment Properties Limited. Services to the
value of £35,000 were invoiced in the period by M Capital Investment
Properties Limited to Huddled Group plc (year to 31 December 2024: £24,000).
At 30 June 2025, Huddled Group plc owed £Nil to M Capital Investment
Properties Limited (31 December 2024: £Nil).
R Miller, a director of Huddled Group plc during the period, is a director of
Robin Miller Consultants Ltd. In the period, services totalling £8,000 were
billed to Huddled Group plc from Robin Miller Consultants Ltd (year to 31
December 2024: £16,000). At 30 June 2025, £1,000 was owing from Huddled
Group plc to Robin Miller Consultants Ltd (31 December 2023: £1,000).
D F G Wortley, a director of Huddled Group plc, repaid a loan advanced in a
prior period. At 30 June 2025, D F G Wortley owed £nil to the Group (31
December 2024: £5,000).
M J Higginson, a director of Huddled Group plc, repaid funds advanced in a
prior period. At 30 June 2025, M J Higginson owed £nil to the Group (31
December 2024: £10,000).
S J Higginson, the son of M J Higginson, a director of the Company, charged
consultancy fees of £23,000 to the Group during the period (year to 31
December 2024: £91,000). At the period end the company owed £nil to S J
Higginson (31 December 2024: £8,000).
The key management personnel are considered to be the Board of Directors. The
total amounts paid to key management personnel during the period was
£312,000. The total amounts paid to key management personnel during the year
to 31 December 2024 was £832,000.
14 POST BALANCE SHEET EVENTS
Following an approach from Shard Capital Partners LLP and a new institutional
investor, the Company agreed to issue 46,875,000 new ordinary shares at 3.2
pence per share. The shares were issued in two tranches: 34,468,625 shares on
11 July 2025 under existing directors' authorities, and the remaining
12,406,375 shares on 12 August 2025 following shareholder approval of
additional authorities at a general meeting held on 8 August 2025.
1 Nutricircle was acquired on 11 April 2024
2 Average revenue less cost of goods sold per order
3 Average revenue per order
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