(Reuters) – HelloFresh, a German manufacturer of meal-kits for children and adults in Germany reported stronger-than-expected results for its first quarter. The results were announced just prior to market close Wednesday. Full results will follow on Thursday.

The group revenue was 1.92 billion euro ($2.01billion), an increase of 32.7% over the first quarter last year, and higher than the 1.84 billion euro estimate by analysts using a consensus company report

Although adjusted EBITDA declined to 99.3million euros from 159.2million euro, it still landed in excess of the consensus estimate of 67.9million Euros.

Dominik Richter, Chief Executive Officer of the company stated in a press release that “our unique diversification across geoographies brands and business models has enabled us to navigate an extremely volatile macroeconomic environment” and continued our strong and profitable growth trajectory into 2022.

Berlin-based firm confirmed the previously stated outlook. It expects revenue growth of between 20% and 26% on constant currency and an adjusted EBITDA range between 500 to 580 millions euros.

Jefferies brokerage published a note Wednesday stating that HelloFresh has proved investors’ fear over the risk of core profit guidance being “unfounded”.

Investors fear that there will be a decrease in investment and higher prices as a result of COVID-19’s market restrictions, which has led to losses for food delivery and pandemic-era winners.

HelloFresh shares rose after the announcement, and closed up 11.6% Wednesday.

($1 = 0.9531 euros)