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Huddled Group plc

("Huddled", the "Company" or the "Group")

Trading Update

The fundamentals are now established and so the business is ready to scale.

The Directors of Huddled Group plc are pleased to announce the following trading update.

H1 2026 - HIGHLIGHTS AT A GLANCE

Financial & Operational

·      Peeko: Product margin per item sold more than doubled in the first four months of 2026, reaching circa £3.00 per item in May 2026.

·      Peeko: Items per order reduced by circa 54% between January and May 2026 thereby reducing picking cost per order.

·      Peeko: 86,000 orders, Average Order Value >£37, product margin per order >£17 (Jan - April 2026).

·      Nutricircle: 46,000+ orders, Average Order Value >£34, product margin per order >£17 (Jan - April 2026).

·      Next-day delivery: fully operational via THG Fulfil on orders placed up to 11pm.

·      Trustpilot: Peeko rising from 4.0 to 4.6 stars (27,000+ reviews); Nutricircle 4.7 stars (6,600+ reviews).

Strategic

·      Peeko launched: merger of Discount Dragon and Boop Beauty into a single value retail destination.

·      Beauty Box breakthrough: sold out in two days in May 2026; 10,000+ units now in production.

·      New channels live: Peeko now active on 'eBay Live' and 'Whatnot'.

OVERVIEW

Q1 2026 revenue was £4.2m, marginally below Q1 2025 (£4.4m). There was a deliberate strategic decision to moderate volume while structural issues were addressed: removing uneconomic low-value items, restructuring the range, moving to more bulk purchases, thus reducing the number of items per order, migrating fulfilment to THG Fulfil, and rebuilding per-item margin from the ground up.  In 2025, the business recorded multiple trading days of exceptional revenue and orders and so demand is clear, however, it is important not to seek revenue growth at the cost of unit profit.

The Directors are confident the business is ready to return to volume growth.

PEEKO - THE ONLINE COSTCO

Peeko.co.uk is the merger of Discount Dragon and Boop Beauty into a single, focused value retail destination. The positioning is clear: an online CostCo - a curated range of major brand surplus stock at genuinely compelling prices, with occasional "middle aisle" products that reward loyal customers and drive repeat visits.

A decision had been taken to reduce the focus on a loss-leader strategy and replace with a  loyalty-based rewards programme for regular returning customers. The move to more bulk buys has driven the average of items per order down, whilst driving margin per item up. Today every order under £50 generates a £3.99 delivery contribution, ensuring even the smallest of orders makes a profit contribution. As order value increases, we still make a solid contribution despite covering the costs of the delivery. It's imperative and a prerequisite that each sale delivers a profit.

Peeko generated over 86,000 orders in the four months to 30 April 2026 at an AOV of over £37 and product margin per order of over £17.

Product margin per item sold has more doubled to circa £3 in May 2026 vs January 2026. Average items per order has fallen from over 12 to under 6, reducing pick costs.

NUTRICIRCLE - HEALTH, NUTRITION & WELLNESS

We have taken the decision to keep Nutricircle as a standalone brand following securing several significant long-term supply agreements with major nutrition brands. The audience is very engaged, with AOV and product margin per order remaining relatively constant at circa £34 and £17 respectively, and with Trustpilot reviews improving to 4.7 stars, the site is currently rated 'Excellent'. Investment in stock depth and marketing will now increase to support this progress.

THE BEAUTY BOX - A PIVOT THAT BECAME A BREAKTHROUGH

Boop Beauty has struggled to a degree with major cosmetic brands being uncomfortable supplying surplus stock for individual discounting.

The Boop Beauty Box has therefore been created comprising a curated collection of premium branded cosmetics presented as a collection, not individual discounted items which has solved this issue, whilst still being attractive to customers. In May 2026, a premium Beauty Box sold out on TikTok in two days. Stock is now in place to produce 10,000+ boxes, projected to make circa £10 per order. These boxes will be featured on TikTok and TikTok Live as well as on Peeko's own site.

CUSTOMER RETENTION

The cost to acquire a new customer frequently exceeds first-order profit. however, the data on what happens next gives genuine confidence.

In a retail landscape where consumer behaviour, fulfilment economics and supplier dynamics are constantly shifting, we believe competitive advantage belongs to those who test quickly, learn honestly and adapt without hesitation. Our mantra of "Fail Fast" has never been more important. Every decision taken in H1 2026 - removing low-value items, pivoting Boop Beauty into the Beauty Box, repositioning Peeko as an online CostCo, trialling multiple marketplace channels, and locking down a solid fulfilment solution - has followed exactly this discipline.

Since making these changes we can see customers are returning and the retention curve improving.

All of this is underpinned by customer reviews. Trustpilot reviews on Peeko have increased by over 5,000 customers, with the overall star rating also increasing from 4.0 to 4.6, with this brand now rated as Excellent. Nutricircle now stands at 6,635 reviews, also rated Excellent.

NEW CHANNELS

Marketplaces: 

Peeko is now live on Temu, eBay and Amazon. Whilst orders are still relatively low, we do see the opportunity for growth across these channels. Margin per order on Temu is solid at around £5 per order, with Amazon, lower due to their fees at just under £3.

The deal sites remain an active part of the company's channel strategy with numerous deals going live each month.

The Boop Beauty Box has sold very well on both TikTok Shop and TikTok Live. Going forward we will use the TikTok channel to promote only beauty items as these seem to be the products which resonate with that audience.

Live Auction Commerce: 

The fastest-growing retail format globally. Huddled is positioned early.

·      eBay Live - FMCG live channel covering groceries, cosmetics and mid-aisle bargains in development, and being tested.

·      Whatnot - Testing in progress with daily live auction shows. Early signs are encouraging. We have also agreed a direct THG fulfilment solution (a significant exception to Whatnot's standard model); giving us the ability to offer 400+ products with next-day delivery on orders placed up to 11pm.

"We know what this business is capable of. We've fixed what was stopping us from doing that consistently. We have a great value proposition, next-day delivery, genuine customer loyalty, and the margins to justify scaling. The hard part is done. What comes next is the exciting part."

Martin Higginson, Executive Chairman, Huddled Group plc

Enquiries:

For further information please visit www.huddled.com/investors, or contact: