Shares of Manchester-based online retailing group THG plc rose about 7% after it published 2025 results showing revenue up 2.3% to £1.717 billion and a statutory profit of £54.1 million compared to a loss of £326.1 million in the prior year.
“This improvement of over £380m is principally attributable to more than a £260m positive swing in the result from discontinued operations, which generated a profit in 2025 versus a loss in 2024,” said THG.
“The result was further aided by a c.£95m reduction in charges classified as adjusting items within continuing operations.”
THG said its THG Beauty business reported the strongest Q4 growth performance since Q4 of 2021, driven by Lookfantastic (+16.2%) in the UK and Ireland.
THG said its THG Nutrition business reported growth in all four quarters “driven by a return to online growth and significant retail footprint expansion into over 40,000 doors.”
THG CEO Matthew Moulding said: “Today’s results reflect the strength of our business models and the exceptional execution by the team.
“I am pleased with how we have continued to transform THG during 2025, returning to consistent growth against a challenging macro-economic backdrop through disciplined investment in our brands and an unwavering focus on our customers worldwide.
“THG Beauty has been a standout performer, which was especially pleasing after a slower start to the year. Lookfantastic led the charge in the UK, delivering outstanding growth and becoming the number one UK beauty retailer on TikTok Shop.
“We also celebrated our biggest-ever year for new brand and exclusive product launches, keeping our proposition fresh through newness and product discovery.
“Myprotein as the world’s largest online sports nutrition brand, remains one of our greatest assets. Even in an unprecedented commodity cost environment, the brand’s momentum is clear as it enters its 5th consecutive quarter of growth.
“Our expansion into offline retail has seen exceptional results, and our licencing model is seeing unparalleled momentum, with over 43 million licensed products sold out in the year. Our diversification beyond whey protein is taking shape, especially in activewear which delivered rapid growth in both revenues and margins throughout the year.
“The refinancing of the group’s balance sheet in the year was especially pleasing, resulting in significant deleveraging, ahead of any settlement of our £78m claim with HMRC. We enter 2026 on the front foot with strong trading momentum and a focus on material free cash flow delivery.”