THG reports boost in revenue after beauty and nutrition growth

Ecommerce firm THG has reported a boost in first half revenue and adjusted earnings on the back of growth in its nutrition and beauty divisions.

In a trading statement ahead of its annual general meeting today, the Manchester-based company said revenue had grown 6.5 per cent in the first half of the year while it expected pre-tax earnings (EBITDA) of at least £40m for the period.

Adjusted EBITDA in the 12 months to May 2026 was up 36 per cent to £94m. Cash flows for the first half of the year are expected to be the strongest since 2021, THG said.

“We are on track with our growth and margin expansion strategy across the Group. By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base,” said Matthew Moulding, chief executive of THG.

“In THG Nutrition, Myprotein is reaching more consumers than ever. Year-to-date unit growth of 60 per cent has been underpinned by our rapid retail expansion and category diversification, with 18 per cent of [direct to customer] customers purchasing activewear in May 2026.”

THG Nutrition, which houses the group’s flagship MyProtein brand, grew across online and offline channels in the first half of the year.

Full year revenue, adjusted earnings and cash were expected to be in line with company consensus, it said.

THG last year successfully argued it had overpaid tax on some of its protein powders and has submitted retrospective VAT claims worth around £78m to HMRC. In its update today, the company said it was waiting for “a substantive response from HMRC, which has indicated it will provide in late Spring 2026, but this has not yet been received.”

Shares rose 0.6 per cent to 31p on Wednesday morning.

THG plc was the owner of City PM until its Ingenuity division demerged from the wider group at the start of 2025.