June 15, 2018 / 6:50 AM / a year ago

Meal kit company Marley Spoon eyes profitability by end-2019: CEO

HAMBURG (Reuters) - Meal kit company Marley Spoon aims to use the proceeds of its planned stock market flotation in Australia to invest in growth and become profitable, its chief executive said.

“The goal is to be profitable at a group level by the end of next year,” Fabian Siegel told Reuters in an interview.

Shares in Berlin-based startup Marley Spoon, which delivers ingredients and recipes for customers to make meals at home, are due to start trading on the Sydney stock exchange on July 2.

Marley Spoon posted a net loss of around 29 million euros ($33.5 million) last year. It expects that figure to shrink to around 26 million this year, while revenues are expected to jump 75 percent to 93 million euros.

The flotation will be the fourth by a Rocket Internet (RKET.DE) holding, after Delivery Hero (DHER.DE), HelloFresh (HFGG.DE) and Home24 (H24.DE), all of which listed shares on the Frankfurt stock exchange in their home country.

“In Australia many institutional investors are interested in us, especially because we operate internationally, while many Australian companies have a regional focus,” Siegel said.

Marley Spoon has around 110,000 customers in six countries, including Germany, Australia and the United States.

The initial public offering (IPO) is to generate proceeds of around 45 million euros for Marley Spoon, which will then be valued at over 170 million euros.

U.S. meal kit provider Blue Apron Holdings Inc (APRN.N) raised $300 million when it went public in June 2017.

Reporting by Nadine Schimroszik; Writing by Maria Sheahan; Editing by Adrian Croft

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