Shares of Manchester-based online retailing group THG plc rose as much as 10% on Thursday after it published results for the half-year ended June 30, 2025, and said trading momentum from Q2 into Q3 “continues to build positively.”
THG operates through two consumer businesses — THG Beauty and THG Nutrition.
It said the successful THG Ingenuity demerger at the start of H1 alongside the Q3 disposal of Claremont Ingredients to Nactarome Group for £103 million puts the group “on an accelerated path towards a net cash position, with the H1 2025 refinancing securing long-term committed facilities.”
THG said first-half group revenue slid 2.6% to £783.4 million “driven by a return to growth in THG Nutrition, offsetting a decrease in THG Beauty which was primarily a result of strategic model changes (disposal of certain operations, own brand investment and retail territory prioritisation).”
The group reported a first-half loss before tax of £66.7 million compared to a first-half loss before tax of £56.3 million in the prior year.
Group statutory profit for the period of £76.3 million (H1 2024: loss of £121.2m) “includes the result from discontinued operations and the gain on the demerger of THG Ingenuity at the start of FY 2025.”
THG CEO Matthew Moulding said: “I’m really pleased at how THG has gained momentum throughout the first half and into Q3.
“A slower start to the year in Beauty, alongside record whey prices in Nutrition, initially held back performance, but we saw clear improvement in Q2, in particular supported by Myprotein offline retail and licensing sales.
“As a business we’ve reaped the benefits of the recent extensive strategic initiatives across the Group, including the global rebranding of Myprotein throughout 2024.
“I’m especially pleased with the response to the new positioning of the Myprotein brand, reflected in the exciting breadth of partnerships we’re delivering with other global brand owners and a return to new customer growth.
“Our Beauty business particularly in the UK demonstrated impressive resilience, securing market share gains in Q2, with a growing loyalty base and successful new brand launches supporting a return to revenue growth in Q3.
“Meanwhile the refinancing of our long-term debt, as well as the sale of Claremont Ingredients, significantly reduces the Group’s net debt position whilst highlighting the value of some of the lesser known, smaller businesses in THG.
“I’d like to thank everybody in the business for their dedication and focus during this transformative period which sets us up well for our most profitable and cash generative period in H2. Our momentum is positive and Q3 will be our strongest trading period of the year so far, underpinning our confidence in the outlook.”