Hut Group hits number one in Sunday Times Tech Track 100

By Stephany Nunneley, Tuesday, 22 September 2009 15:05 GMT

thehut

The Hut Group has hit number one on the Sunday Times Tech Track 100.

With it’s third consecutive appearance on the chart, the e-commerce provider has seen sales grow 189 percent a year from £997,000 in 2005 to £24 million in 2008.

“To be ranked 1 is a incredible achievement,” stated the Hut’s CEO Matthew Moulding. “Given the tough economic climate, the huge growth and subsequent listing in the Tech Track is especially rewarding and we’re thrilled we have been able to buck the downward trend.

“The company has grown rapidly and thanks to the demand for competitively priced entertainment products and our new product categories. There is a real opportunity for us to drive the business forward; we’ll continue improve the overall offer and experience to our customers which is our overall goal, this will deliver increased in market share in all the areas we operate in. The recent raft of management appointments within the senior team means we are well on the way to deliver our ambitious target of £90m turnover in 2009 and driving the business to the next stage in its exciting journey.”

The group plans to expand in the coming months, with new sites with four major retailers in the next four weeks.

Press release through the break.

Ecommerce provider, The Hut Group, has ranked number 1 in this year’s ‘Sunday Times Tech Track 100’. Appearing for the third consecutive year, The Hut Group has seen sales grow 189 per cent a year from £997,000 in 2005 to £24m in 2008.

The list ranks the fastest-growing private technology companies in Britain by sales growth over a three-year period. Rising from eighth position in 2008, The Hut Group provides ecommerce solutions for some of the UK’s leading retailers including Asda, Argos, LoveFilm, Woolworths and WH Smith. The Hut Group also runs its own stores, thehut.com, a broad market place, which offers a range of lifestyle products such as clothing, beauty, entertainment and electronics. It also acquired high street brand, Zavvi.co.uk in March this year and transformed it into a thriving leisure and entertainment focused online-only retailer.

Matthew Moulding, CEO at The Hut Group, comments, “To be ranked 1 is a incredible achievement. Given the tough economic climate, the huge growth and subsequent listing in the Tech Track is especially rewarding and we’re thrilled we have been able to buck the downward trend.

“The company has grown rapidly and thanks to the demand for competitively priced entertainment products and our new product categories. There is a real opportunity for us to drive the business forward; we’ll continue improve the overall offer and experience to our customers which is our overall goal, this will deliver increased in market share in all the areas we operate in. The recent raft of management appointments within the senior team means we are well on the way to deliver our ambitious target of £90m turnover in 2009 and driving the business to the next stage in its exciting journey,” continues Moulding.

In the coming months, the group will continue to expand the range of products available, offering customers increased choice and functionality, while delivering the best price and value; as well as launching new sites with 4 major retailers in the next 4 weeks, making them the best choice for consumers during peak Christmas trading in 2009.

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