Battle · 4 companies
Protein brands
Bulking up or cutting back: the accounts don't lie
Huel leads on 3 of the five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. MyProtein is the biggest by turnover at £1,718m, against £254m at Huel. Huel keeps the most of every £100 it takes, £7.64 as pre-tax profit.
The year ends are up to 12 months apart, so this compares each company's most recent filing rather than the same twelve months. MyProtein and Huel file group accounts that include subsidiaries; Bulk files for a single company, which flatters the groups on size.
Accounts compared: MyProtein to Dec 2025 · Huel to Jul 2025 · Bulk to Dec 2024 · Grenade to Dec 2024
The Numbers
| # | Company | Turnover | Change | Pre-tax profit | Margin | Employees | Pay per head | Turnover per head | Net assets | Bank and cash | Accounts to | Basis |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | MyProteinTHG PLC | £1,718m | -1.9% | -£69m | -4.0% | 2,912 | £52,000 | £590,000 | £425m | £183m | Dec 2025 | Group |
| 2 | HuelHuel Limited | £254m | +18.6% | £19m | 7.6% | 337 | £79,000 | £753,000 | £78m | £37m | Jul 2025 | Group |
| 3 | BulkSports Supplements Ltd | £129m | +4.6% | -£1.0m | -0.8% | 373 | £33,000 | £345,000 | £18m | £3m | Dec 2024 | Single company |
| 4 | GrenadeGrenade (UK) Limited | £81m | -13.6% | -£0.2m | -0.3% | 107 | £56,000 | £753,000 | £45m | £3m | Dec 2024 | n/d |
Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).
Category winners
The Takeaway
- Huel converts the most of its turnover. Of every £100, £7.64 reaches pre-tax profit, against a loss of £4.04 at MyProtein.
- MyProtein is the largest on the top line, £1,718m of turnover, 6.8x Huel's £254m.
- Huel is growing fastest, turnover +18.6% on its own prior year. MyProtein and Grenade went backwards.
- MyProtein is the biggest employer with 2,912 people; Huel pays the most per head, an average staff cost of about £79,000.
- MyProtein has the largest balance sheet, net assets of £425m.
Who keeps the most of every £100 of sales?
Huel keeps the most: £7.64 of every £100 of turnover becomes pre-tax profit. MyProtein does worst, losing £4.04.
Financing bites hardest at MyProtein: £4.66 of every £100 goes on interest.
Every profit figure here is the one the company filed.
The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.
Out of every £100 of turnover
Each column is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.
Who is the biggest, and does the comparison hold?
By turnover the order is MyProtein (£1,718m), Huel (£254m), Bulk (£129m), Grenade (£81m).
By headcount, MyProtein leads with 2,912 employees.
The comparison holds with the dates stated plainly: MyProtein to Dec 2025, Huel to Jul 2025, Bulk to Dec 2024, Grenade to Dec 2024. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.
Turnover on the latest filing
Who is growing fastest?
Huel grew fastest, turnover +18.6% on its own prior year, ahead of Bulk (+4.6%), MyProtein (-1.9%), Grenade (-13.6%).
Turnover change on each company's own prior year
Who employs the most, who pays the most, and who brings in the most per head?
MyProtein employs the most, 2,912 people, against 373 at Bulk.
Huel has the highest average staff cost, about £79,000 a head; Bulk the lowest, about £33,000.
Huel brings in the most turnover per employee, about £753,000, against £345,000 at Bulk. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.
MyProtein
2,912
employees, about £52,000 pay a head, £590,000 turnover a head, -59.1% on the year
Huel
337
employees, about £79,000 pay a head, £753,000 turnover a head, +18.2% on the year
Bulk
373
employees, about £33,000 pay a head, £345,000 turnover a head, +9.4% on the year
Grenade
107
employees, about £56,000 pay a head, £753,000 turnover a head, +25.9% on the year
Who owns each one?
Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.
Owned by its shareholders
Listed on the London Stock Exchange, so no single controller appears on the register.
Who owns MyProtein →
Huel Limited · 07907551Held by Mr Julian Richard Hearn
An individual recorded as a person with significant control. 5 outstanding charges on the register.
Who owns Huel →
Sports Supplements Ltd · 05654661Held by Mr Elliot James Dawes
An individual recorded as a person with significant control. 5 outstanding charges on the register.
Who owns Bulk →
Grenade (UK) Limited · 06978658Held by Grenade Holdings Limited
A company recorded as a person with significant control.
Who owns Grenade →
What does the full ledger show?
| Measure | MyProtein | Huel | Bulk | Grenade |
|---|---|---|---|---|
| Registered name | THG PLC | HUEL LIMITED | SPORTS SUPPLEMENTS LTD | GRENADE (UK) LIMITED |
| Company number | 06539496 | 07907551 | 05654661 | 06978658 |
| Incorporated | 2008 | 2012 | 2005 | 2009 |
| Accounts filed | 30 June 2026 | 7 April 2026 | 4 October 2025 | 16 September 2025 |
| Turnover, prior year | £1,751m | £214m | £123m | £93m |
| Pre-tax profit, prior year | -£202m | £14m | £6m | £12m |
| Staff costs | £150m | £27m | £12m | £6m |
| Payroll share of turnover | 8.7% | 10.5% | 9.7% | 7.5% |
| Employees, prior year | 7,127 | 285 | 341 | 85 |
| Dividends paid | n/d | n/d | £1k | n/d |
| Charges outstanding | 0 | 5 | 5 | 0 |
A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.
Protein brands: common questions
Who is the biggest of MyProtein, Huel, Bulk or Grenade?
MyProtein, with turnover of £1,718m in the year to December 2025.
Which makes the most profit?
Huel: £19m pre-tax in the year to July 2025.
Which employs the most people?
MyProtein, with 2,912 employees in its latest accounts.
MyProtein or Huel: which is bigger?
MyProtein, with turnover of £1,718m against £254m at Huel on their latest filings. On margin, Huel keeps more of each £100 as pre-tax profit.
MyProtein or Bulk: which is bigger?
MyProtein, with turnover of £1,718m against £129m at Bulk on their latest filings. On margin, Bulk keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →
MyProtein or Grenade: which is bigger?
MyProtein, with turnover of £1,718m against £81m at Grenade on their latest filings. On margin, Grenade keeps more of each £100 as pre-tax profit.
Huel or Bulk: which is bigger?
Huel, with turnover of £254m against £129m at Bulk on their latest filings. On margin, Huel keeps more of each £100 as pre-tax profit.
Huel or Grenade: which is bigger?
Huel, with turnover of £254m against £81m at Grenade on their latest filings. On margin, Huel keeps more of each £100 as pre-tax profit.
Bulk or Grenade: which is bigger?
Bulk, with turnover of £129m against £81m at Grenade on their latest filings. On margin, Grenade keeps more of each £100 as pre-tax profit.
Where do these figures come from?
Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.
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