Manchester-based online beauty firm The Hut Group (THG) said its group sales rose 47% to £736 million in the year ended December 31, 2017 — and that it expects to create a further 2,000 new jobs in 2018.
Fast-growing, privately-held Hut Group said its international sales rose 62% to £512 million, its gross profit increased 51% to £318 million and EBITDA rose 38% to £69 million.
In May 2018, the group increased its banking facility to £600 million “for use in significant strategic initiatives and further potential M&A.”
Work has begun on a new 870,000 sq. ft. head office for Hut Group at Manchester Airport.
The work will be completed in stages over the next two years and will ultimately house around 10,000 employees
“THG invested heavily in talent during the year, creating 1,884 jobs and growing its global workforce to over 4,000 colleagues by year end,” said Hut Group.
“The group also invested in its Talent Function, including internal communications, leadership academies and office infrastructure.
“Through its in-house leadership development platform, THG Academy, the group is building the next generation of business leaders.
“THG now employs colleagues representing 66 nationalities and working in offices located in 10 cities around the globe, in the UK, USA, Europe and Australia.
“The average age of a THG employee is 29. THG expects to create a further 2,000 new jobs in 2018.”
The Hut Group CEO Matthew Moulding said: “2017 was a year of significant development and growth for The Hut Group, as we invested in our infrastructure, our technology platform, our people and our brands.
“THG is now firmly a global player and it is particularly pleasing to see over 70% of group sales coming from overseas, and 58% of total sales being of our own brands.
“During the year our acquisitions of Hangar Seven and UK2 saw us develop further our propriety technology platform, THG Ingenuity, and investments in key brands such as ESPA, Illamasqua and GLOSSYBOX further extended our leading beauty offer.
“In addition, our job creation continued apace and we welcomed over 1,800 colleagues to The Hut Group around the world.
“With our growing, talented workforce, our leading brands and our cutting-edge technology and infrastructure, we look forward to a further year of growth in 2018.”