AGM Statement

Huddled Group plc (AIM:HUD), the circular economy e-commerce business will be holding its Annual General Meeting today at 11:00am. At the meeting, Martin Higginson, Group CEO, will make the following statement:

"As outlined at our FY23 results, our focus for the current financial year is centred around the three interdependent fundamental aspects of the business on which we need to build: customer acquisition and retention, breadth and depth of stock, and fulfilment.

This focus is delivering sustained momentum across the Group. FY24 has started strongly, with unaudited revenue from Discount Dragon in Q2 2024 expected to be not less than £2.7m, which would represent an increase of circa 28% vs Q1 2024.

Food Circle Supermarket, soon to be rebranded Nutricircle, has bedded down well. Unaudited revenue since its acquisition on 11 April 2024 is expected be circa £350k for Q2 2024, resulting in total anticipated Q2 2024 revenue for the group of in excess of £3m, which would represent an increase of circa 43% vs Q1 2024.

As we deepen our understanding of the sector and its opportunities, we are continuing to refine our model to deliver solutions for all of our stakeholders. As circular economy businesses, Discount Dragon and Nutricircle help to prevent waste by sourcing high-quality, branded surplus products and offering them to consumers, often at substantial discounts to high street prices.

Looking ahead to the remainder of the financial year, we can clearly see what we need to focus on in order to capitalise on the opportunities available to us. We are well positioned to take our brands to more customers across the UK and scale our businesses towards profitability."