Eco cleaning brand Smol moved closer to profitability last year as its investment drive to accelerate growth bore fruit.
The company, which sells eco-friendly cleaning products via a subscription service, grew its revenue 37% to £43.5m in the 12 months to June 2024, marking another year of serial growth. Its sales have more than doubled since 2021.
Smol said this had been driven by more customers and a higher average spend, supported by new product launches.
Notably, the company’s pre-tax losses fell to around £850k after ballooning to over £5m the year before. This was helped by operating efficiencies and greater stability in raw material prices.
Smol has prioritised investing in growth since it raised $34m in a series B round in 2021. This includes building a new production facility and hiring 20 more employees to take its total to 108.
“These impressive financial results validate our strategic vision of transforming the cleaning products industry through sustainable innovation,” said Nick Green, co-founder and CEO.
“We’re continuing to invest in growing our impact as a business, including the establishment of a new production facility which will provide the foundation for future growth.
“This strategic expansion in both our physical footprint and team will position us perfectly to meet the accelerating demand for our sustainable products.”
Smol’s rival OceanSaver was pinged by the Advertising Standards Authority last week for making unsubstantiated claims over its environmental impact.
It followed a complaint by cleaning brand Ecover over OceanSaver’s supposedly “plastic-free” laundry pods.
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