BULK Adam Rossiter (1)

CEO Adam Rossiter (above) and Elliot Dawes launched Bulk in 2006

An increase in the popularity of strength training has lifted DTC nutrition brand Bulk to a record performance as revenues jumped 30% to £123.1m in 2023.

The business – launched by CEO Adam Rossiter and Elliot Dawes in 2006 – said in its accounts that strong retention rates and new customer acquisition hitting record highs were behind the results.

Bulk added almost 800,000 new customers last year and sold more than nine million products, with clear whey protein the fastest-growing line and the value essentials range performing “strongly” in the cost of living crisis. Creatine products also continued to be a customer favourite for those looking to build muscle mass, while sales also reflected the consumer trend for using recovery products such as collagen and magnesium.

The brand invested in NPD and marketing on TikTok to reach gen Z consumers increasingly focused on nutrition, wellbeing and fitness in the gym.

Its record revenues pushed adjusted EBITDA to £9.3m, compared with £2.6m in 2022, while pre-tax profits rose to £6m versus £66k in the previous year, which took a hit from input cost inflation as ingredients such as whey protein shot up in price.

Bulk added its momentum had continued into 2024 with further strong growth.

“When we founded Bulk almost 20 years ago, we had a vision to become the highest-quality nutrition brand in the market,” Rossiter said.

“Whether it is the calibre of our ingredients, the standard of our testing and manufacturing, or the efficacy of our formulations, our unwavering commitment to quality is what makes Bulk unique.

“As a brand, we have combined an experienced executive team, a targeted growth strategy and smart product innovation to deliver for our customers. This balance of factors has enabled us to achieve record results in 2023 and continued strong growth in 2024.

“Whether it is muscle-building products such as clear whey protein or recovery options like magnesium, Bulk is establishing itself as the one-stop shop for nutrition. We are excited to bring brand new products to market in 2024, as well as customer loyalty schemes and new technology to enhance the consumer experience.”

Bulk created 83 new roles in 2023 and now has a total headcount of almost 400 staff. It manufactures more than 80% of the products sold on its site at manufacturing facilities in Colchester in the UK and in Poland.

The business operates 16 localised websites across the UK (its largest single market) and Europe, with 85% of sales coming from DTC and the rest from Amazon.