Manchester-based online retailing group THG plc has published interim results for the half-year ended June 30, 2026, showing revenue growth of 7.2% to £828.7 million, above guidance of +6.5%.
However, group statutory result for the period was a loss of £43.7 million (H1 2025: profit of £76.3m) as “the prior year included a one-off net gain of £142.4m on discontinued operations recognised in connection with the demerger of THG Ingenuity, which did not recur in the current period.”
THG operates through two consumer businesses — THG Beauty and THG Nutrition. THG Beauty operates online platforms including Lookfantastic, Dermstore and Cult Beauty. THG Nutrition is led by Myprotein.
In its outlook, THG said: “Whilst Q3 earnings and cash generation are expected to be in line and robust, Q3 revenues have been impacted by the European heatwave slowing demand in part, but primarily by EU duty for THG Beauty being applied since 1 July 2026 and own-brand beauty revenues phasing into Q4 and FY 2027.
“These factors we expect to be one-off in nature but which drive an expectation for the Group to deliver c.2% revenue growth in Q3 …
“Following the successful sale of Claremont Ingredients in August 2025 for £103m, several of the Group’s other non-strategic, standalone brands and assets have attracted bid interest.
“Should any sale occur at some point in the near future, it is expected that any proceeds would be higher than that for Claremont Ingredients, moving the Group from net debt to net cash positive for FY 2027 …
“2026 current trade and outlook re-enforce our confidence in the sustainability of the stated base line divisional EBITDA margins for THG Beauty and THG Nutrition of +6% and +12% respectively.
“Whilst THG Nutrition margins have yet to return to these historical and medium-term norms, the improving forward view on the whey cost coupled with the non-whey revenue diversification strategy underpins our view.”
THG CEO Matthew Moulding said: “THG delivered a strong first half, reflecting our successful transition from a capex-intensive technology and consumer brands group into a highly profitable global leader in Nutrition and Beauty, focused on delivering sustainable growth in free cash flow.
“As a business, we delivered strong revenue growth and our Adjusted EBITDA more than doubled, driven by a stellar performance from the Myprotein brand.”
“The Group is now clearly reaping the rewards of Myprotein’s global rebrand delivered across 2023 and 2024, alongside the expansion of the brand into licensing, activewear and higher-margin categories.
“Brand recognition continues to reach record highs, supporting a 57% increase in Myprotein branded products sold worldwide in H1, to 58.5m products.
“The brand is on track to sell over 130m products in FY 2026, which we believe makes Myprotein not only the world’s largest sports nutrition brand, but also the fastest-growing established brand by product volumes.”
“THG Beauty continues to strengthen its position as a leading global digital beauty platform, underpinned by technology leadership, exciting new brand partnerships and strong brand health.”
“The strength of these first-half results demonstrates the progress we’ve made and the quality of the Group we have today.
“Looking ahead, we enter H2 with real momentum, whilst also acknowledging broader market challenges around consumer discretionary spend, record high whey commodity pricing, as well as recent EU tariffs.
“The Group has delivered significant initiatives to mitigate these headwinds, supporting FY 2026 consensus, while positive signs around the direction of whey input costs are encouraging for the future.”