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Losses pass £100m at shopping giant run by one of Manchester's richest men
15.09.2022 - 12:19 / manchestereveningnews.co.uk
An online retail and software giant run by one of the richest men in Greater Manchester lost over £100m during the first half of the year, it has been revealed.
THG, which is behind brands such as LookFantastic and MyProtein, suffered pre-tax losses of £108.1m for the six months to June 30, compared to losses of £81.3m during the same period in 2021. However, the group's sales rose to a record £1.07bn during that time, up from £958.8m.
In a statement to the London Stock Exchange, the group said its results showed "substantial progress as we continue to build a strong, sustainable global platform supporting THG brands and Ingenuity clients".
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It added that its record half-year revenue was "underpinned by stable customer behaviour metrics driving market share gains in large beauty and nutrition markets".
THG Beauty's sales increased 20% to £552.8m while THG Ingenuity rose 21.4% to £104.2m. THG Nutrition went up by 101% to £332.1m and THG OnDemand grew by 1% to £51m.
HG said its operating losses of £89.2m after being impacted by:
Following the publication of THG's half-year results, shares in the group slumped by more than 20% to 40.4p each.
THG added that its intention to step up to the premium segment of the main market of the London Stock Exchange remains, "with timing subject to the outcome of an FCA review for reform of the listing regime expected in 2023".
The group also warned that its adjusted earnings before interest, taxes, depreciation and amortisation will fall below 2021 levels to £100m to £130m, with revenue growth of 10% to 15%.
That’s compared with previous guidance of flat earnings this year and sales growth of 22% to 25%.
The
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