GABpH

Gabelli Equity Trust, Inc. (The) Pfd Ser H

21.8384
USD
0.13%
21.8384
USD
0.13%
21.4700 26.0200
52 weeks
52 weeks

Mkt Cap 2.29B

Shares Out 105.00M

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Meal-kit firm HelloFresh confirms 2025 targets despite inflation woes, shares rise

Aug 15 (Reuters) - German meal-kit maker HelloFresh HFGG.DE on Monday confirmed its mid-term targets and said it was "cautiously optimistic" about the second half of the year despite soaring inflation and slowing economic growth, sending its shares soaring. The Berlin-based company, which delivers boxes with ingredients and recipes directly to consumers' doors, last month warned that inflation, waning consumer confidence and the war in Ukraine would weigh on its earnings in the latter half of 2022. "We are cautiously optimistic for the second half of the year," Chief Executive Dominik Richter told reporters, adding HelloFresh was "very well on track" to reach its 10-billion-euro ($10.2 billion) revenue goal and a 10% core profit (EBITDA) margin by 2025, corresponding to EBITDA of 1 billion euros. "That is something that hasn't changed since we first announced that in 2020, so we feel positive about the business not only in H2, but even more so how we trend against that mid-term target," he said. The company reported a 7.5% fall in adjusted EBITDAto 145.9 million euros in the three months to June 30, above analysts' average forecast of 136 million eurosand in line with its pre-announced range of 140 million to 150 million euros. "We've been largely mitigating inflation effects without passing on the higher costs in full to our customers," Richter said in a statement. HelloFresh shares, which have lost around a half of their value since the start of the year, were up 9.5% at 0738 GMT, on top of the pan-European Stoxx 600 index .STOXX. The group, which serves more than eight million customers in 17 countries, also said it planned to launch its service in two new European markets this autumn. As of Monday morning, the company's website advertised for jobs in Spain and Ireland aside from the markets it already operates in. ($1 = 0.9771 euros) (Reporting by Tristan Chabba and Elena Vardon; editing by Milla Nissi) ((Tristan.chabba@thomsonreuters.com; Elena.vardon@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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