THG on track to hit guidance after best first quarter for five years

THG PLC on Tuesday reported its best first-quarter growth since 2021, with performance only ‘modestly’ impacted by disruption in the Middle East.

The Manchester, England-based online retailer of sports nutrition and beauty products said revenue grew 4.6% to £393.1 million in the first quarter of 2026, or by 7.0% for continuing operations at constant exchange rates.

THG Beauty sales rose 2.4% to £233.3 million, or 5.8% at CER, accelerating from 5.4% in the second half of financial 2025.

THG Nutrition sales grew 8.1% to £159.8 million, or by 8.8% at constant currency.

The FTSE 250 listing said growth was modestly impacted by disruption in the Middle East by around 30 basis points, with underlying growth accelerating compared to the prior quarter.

The Beauty arm delivered continued retail momentum, driven by growth in orders and active customers, while Nutrition grew across all channels, with expansion into higher-margin categories alongside pricing, helping to offset elevated whey costs.

As a result of the ‘strong’ start to the year, THG maintained full-year guidance.

It said its strongest first-quarter cash flow performance in three years, underpins full-year free cash flow guidance of £25 million to £50 million.

Shares in THG stood 7.3% higher at 41.38 pence in London on Tuesday morning.

Chief Executive Matthew Moulding said: ‘It is energising for everyone at THG to see such a strong start to 2026, building on the better-than-expected momentum we delivered in H2 2025.’

He said THG enters the second quarter with ‘confidence’ after a better-than-expected first three months of the year, ‘giving us a stronger base against any unforeseen risks later in the year.’

THG pointed out the affected regions in the Middle East represent less than 1.5% of group revenue in 2025, weighted towards THG Beauty.

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