Manchester’s THG PLC, owner of MyProtein sports nutrition brand and the Lookfantastic beauty website, has reported improved trading in the second quarter of fiscal 2025.
The group returned to positive revenue growth across its Beauty and Nutrition divisions on a constant currency basis, and confirmed its full-year guidance remains unchanged, it said in a statement ahead of today’s annual shareholder meeting.
THG Beauty revenue is expected to decline between 2% and 3% in the second quarter, an improvement from a 9.8% decline in the first quarter.
Beauty retail, which represents the majority of the division, made market share gains and THG noted that the withdrawal from lower-margin Asian and European territories will annualise in the coming quarter, removing a year-on-year revenue drag from that point.
In Nutrition, revenue has grown 5-7% in Q2, accelerating from 0.1% in Q1 and marking the fastest pace since early 2022 as its offline strategy made progress, with Myprotein products now available in over 34,000 retail site globally, including key listings in Europe, Asia, and the US. It added that while prices for milk and whey remain elevated, there are signs of softening, particularly in high protein concentrations.
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The statement added: ““From a largely standing start three years ago, Nutrition’s offline strategy is gaining significant traction. Myprotein products are now available in over 34,000 doors, principally within the UK, US and Japan,” it said.
“New retail listings secured in Europe in H1 2025 include 900 stores for the Dutch health and wellness specialist Kruidvat. Asia momentum continues to build with listings in 7-Eleven (>3,000 stores in Taiwan and Singapore), Costco (Taiwan) and Decathlon (Vietnam market entry through store-in-store model).
“Offline expansion across the US has been particularly pleasing with an almost 5-fold increase in doors expected during the year to c.8,400 (2024: 1,500). Notable US wins include listings in Walmart, CVS and expansion into additional GNC stores.
“Myprotein’s move into both the offline and licensing space will see c.45 million units sold via these channels during 2025 through >40,000 global doors by the end of the year, enabling Myprotein to reach millions of new customers and further amplify brand awareness. The retail sales value of offline and licensed products is expected to be around £170m for FY 2025.”
The group expects direct exposure to US tariffs to be under £1 million before mitigating actions but said it will continue to monitor trade policy developments and potential impacts on supply chains and consumer sentiment.
