THG interim revenue growth supported by Myprotein rebrand

THG PLC on Thursday highlighted "solid" revenue growth in the first half of the year, supported by higher sales of its Myprotein-branded products.

The Manchester, England-based retailer of beauty products and nutrition supplements said group revenue rose 5.8% to £828.7 million in the first six months of 2026 from £783.4 million a year earlier.

On a continuing constant-currency basis, revenue increased 7.2%, excluding the impact of the disposal of loss-making territories and Claremont Ingredients in August 2025.

Adjusted earnings before interest, tax, depreciation and amortisation for the period rose 78% to £42.8 million, from £24.0 million a year earlier.

THG shares were down 8.5% at 29.00 pence in London on Thursday.

The company said it expects third-quarter revenue growth of around 2%, with sales affected by the European heatwave, the introduction of EU duties for THG Beauty from July 1 and the phasing of own-brand beauty revenue into the fourth quarter and financial 2027.

THG expects these factors to be one-off in nature, while third-quarter earnings and cash generation are expected to remain in line with expectations and "robust".

Chief Executive Officer Matthew Moulding said THG was "clearly reaping rewards of Myprotein's global rebrand delivered across 2023 and 2024, alongside the expansion of the brand into licensing, activewear and higher-margin categories."

Sales of the group's sports nutrition brand, Myprotein, increased 57% reaching a total of £58.5 million sales compared with £37.2 million a year earlier.

The group also said pretax loss narrowed to £36.3 million from £66.7 million a year earlier, and operating loss narrowed to £10.6 million from £30.0 million.

THG said its outlook for full-year results remained in line with consensus, with free cash flow expected in the range of £25 million to £35 million. As reported by the company, market consensus for the 2026 expects revenue of £1.80 billion and adjusted Ebitda of £101.7 million.

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