Manchester-based e-commerce, beauty and nutrition giant The Hut Group (THG) on Monday raised its annual revenue forecast for the second time since its September IPO.
Full-year 2020 revenue is now expected to be between £1.57 billion and £1.6 billion — up from a forecast on October 26 of between £1.48 billion and £1.52 billion.
That means full-year 2020 revenue growth is now expected to be between 38% and 40% year-on-year.
THG calls itself a “global technology platform specialising in taking brands direct to consumers.”
The firm runs websites including lookfantastic.com, myprotein.com, espaskincare.com and coggles.com that sell beauty and nutrition products.
The Hut Group went public at 500p per share in September. Its shares rose another 4% on Monday to around 670p to give the company a stock market value of around £6.5 billion.
The news on revenue came in a trading update following the October and November sales period including Black Friday and Cyber Week.
“The group has seen new customer acquisition trends further accelerate into Q4 across all divisions, supported by very strong performances during Singles Day, Black Friday and Cyber Week,” said The Hut Group.
“New active customers in November totalled over 1.7m (+74% YoY), with almost 900,000 new customers in Cyber Week alone.
“In addition, both customer retention rates and average spend per customer have seen continuing positive trends, further underpinning a very strong performance during the most important trading period of the year.
“These positive trends have been broad based across all brands and territories, resulting in the group now expecting a significant outperformance for both Q4 and the FY 2020, versus previous guidance.”