THG PLC
LSE:THG
THG PLC
THG Plc operates as a multi-website online retailer. THG Ingenuity commerce provides an end-to-end direct-to-consumer e-commerce solution for consumer brand owners under software as a service license. The company also provides stand-alone digital services, including hosting, studio content, translation services and beauty product development and manufacturing. THG Beauty is a brand owner, retailer and manufacturer in the prestige beauty market, combining its owned brands across skincare, haircare and cosmetics. THG Nutrition includes online sports nutrition brand Myprotein and its family brands (Myvegan, Myvitamins, MP Clothing and Myprotein Pro) with an integrated business model. THG OnDemand enables brands to offer products to a range of consumers through Websites including Zavvi, IWOOT and Pop in a Box. Other business includes Luxury D2C Websites including Coggles, AllSole and MyBag.
THG Plc operates as a multi-website online retailer. THG Ingenuity commerce provides an end-to-end direct-to-consumer e-commerce solution for consumer brand owners under software as a service license. The company also provides stand-alone digital services, including hosting, studio content, translation services and beauty product development and manufacturing. THG Beauty is a brand owner, retailer and manufacturer in the prestige beauty market, combining its owned brands across skincare, haircare and cosmetics. THG Nutrition includes online sports nutrition brand Myprotein and its family brands (Myvegan, Myvitamins, MP Clothing and Myprotein Pro) with an integrated business model. THG OnDemand enables brands to offer products to a range of consumers through Websites including Zavvi, IWOOT and Pop in a Box. Other business includes Luxury D2C Websites including Coggles, AllSole and MyBag.
Revenue Decline: Group revenue for the first half was GBP 783 million, down 2.6% year-on-year, mainly due to planned disposals and strategic withdrawal from certain Beauty operations.
Nutrition Recovery: THG Nutrition returned to growth with a 3% revenue increase, driven by new customer growth and rapid offline retail expansion, especially for Myprotein.
Balance Sheet Strength: Gross debt was reduced by GBP 374 million, and the Claremont Ingredients disposal for over GBP 100 million accelerated the move toward a net cash position.
Margin Dynamics: Adjusted EBITDA came in at GBP 24 million (3.1% margin); Nutrition margins improved year-on-year due to stabilized commodity prices, but high input costs weighed on first-half results.
Guidance Maintained: Full-year 2025 guidance remains unchanged, with management expressing confidence in medium-term targets.
Beauty Back to Growth: THG Beauty returned to growth in Q3, led by strong UK trading and growing loyalty program membership.
Offline Retail Expansion: Myprotein products now available in over 34,000 doors globally, targeting 45,000 by year-end, with continued focus on competitive pricing and new licensing deals.
Potential VAT Windfall: A GBP 45 million contingent asset could materialize from a favorable VAT case outcome.
