Protein Works, one of the UK’s fastest growing functional food brands, today announces that it has seen turnover increase by c.40% for the fiscal year ending 31st August. The Cheshire based consumer food business posted record revenues of £42.8 million and alongside that milestone also declared record pre-tax profits, which were up 296% on the previous year to £6.5m.
During FY23, Protein Works welcomed over a quarter of a million new customers in the UK alone, showcasing its expanding influence and appeal in the domestic market. The company has also experienced 68% year-on-year growth internationally. After further optimising its post-Brexit EU distribution strategy and effectively scaling digital marketing strategies, 34% of turnover now comes from global markets.
The brand, originally founded in 2012, is rated number one by customers for its nutrition fuelled and flavour packed ‘Best Shakes on the Planet’. Owing to its focus on quality across the product range and service proposition the company has now clocked in over a decade of uninterrupted growth.
Alongside this rate of expansion, the team at Protein Works have also delivered a fifth consecutive year of pre-tax profit growth, achieving £6.5 million in 2023, up from £2.2 million in the previous year. This sustained profitability reflects the company’s continuous leverage and optimisation of its unique vertically integrated business model which sees it operate 100% of core functions in-house. Across two sites in Cheshire, the brand runs its own manufacturing and fulfilment operations alongside marketing, brand, tech, data, customer services and supply chain. This model has enabled rapid scale and agility in turbulent macro conditions, while attracting some of the best talent in the North West.
The brand, originally founded by Mark Coxhead, is led by Laura Keir following a move from MD to CEO in 2023.
“We’re very proud of the remarkable performance Protein Works has delivered in recent years, and of our status as one of the most trusted functional food brands. Our team and brand’s ability to swiftly adapt and innovate in response to consumer needs, coupled with a focus on operational efficiency, data led thinking and marketing excellence, has driven our success to new heights. The latest numbers are a testament to our incredible community of customers and the dedication and talent of our team. We have a great brand, with a proven legacy of high performance and now exceptional profitability – it makes us very excited for the future,” said Laura Keir, CEO of Protein Works.
As Protein Works continues to build on its momentum, the company remains dedicated to delivering high-quality, innovative, health focused functional foods to its growing customer base both in the UK and internationally.
