THG (LSE:THG) reported a record second-half revenue performance in 2025, with group H2 sales increasing 6.7% year on year, around 14% above the top end of previous guidance. Momentum strengthened into the final quarter, with Q4 constant-currency growth accelerating to 7.0%, marking the group’s strongest quarterly performance of the year.
The rebound was led by a strong recovery in THG Beauty, where Lookfantastic delivered particularly robust growth in the UK and Ireland, alongside continued progress at THG Nutrition. The Nutrition division recorded its fourth consecutive quarter of growth, supported by effective pricing, expansion into adjacent categories such as activewear and creatine, and broader distribution through offline retail channels. These gains more than offset the impact of disposals, discontinued operations and the demerger of THG Ingenuity.
As a result, THG returned to full-year revenue growth of 2.3% after two years of decline, while EBITDA guidance was maintained in line with market expectations. The group ended the year with more than £330m of cash and available facilities, providing balance sheet flexibility. Management highlighted market share gains in UK beauty and sports nutrition, deeper brand collaborations and expanded retail rollouts for Myprotein, alongside a more focused beauty strategy centred on core categories and priority territories.
Looking ahead, THG enters 2026 with what management described as strong trading momentum across both Beauty and Nutrition. While the group continues to face financial challenges, including high leverage and ongoing losses, recent operational progress, portfolio simplification and improving trading trends point to a cleaner, more disciplined business with stronger strategic positioning.
More about THG PLC
THG PLC is a Manchester-headquartered global e-commerce group and brand owner operating primarily through THG Beauty and THG Nutrition. THG Beauty runs major online platforms including Lookfantastic, Dermstore and Cult Beauty, providing a digital route to market for over 1,000 third-party beauty brands alongside its own-label products. THG Nutrition, led by Myprotein, operates across sports nutrition and wider health and wellness categories, selling directly to consumers and through an expanding network of offline retail and licensing partnerships worldwide.
Leave a Reply