German meal-kit delivery firm HelloFresh raised its full-year revenue guidance after reporting strong growth in the first quarter, driven by the United States, its biggest market.
The company, which competes with struggling U.S. rival Blue Apron, now expects its revenues to grow 30 to 35 percent on a constant-currency basis this year, compared with previous expectation for 25 to 30 percent.
In the first quarter, revenues rose 44 percent to 295.6 million euros ($353.5 million), or 60 percent excluding currency effects.
The margin on adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by 7.1 percentage points to negative 7.3 percent.
HelloFresh confirmed its goal to reach break-even on an adjusted EBITDA level in the fourth quarter of 2018.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
