Manchester-based beauty, nutrition and activewear etailer ecommerce, has issued a trading statement to coincide with its annual general meeting today (Wednesday June 24), reporting revenue growth in the first half of the year of around 6.5%, up from a 2.5% decline a year earlier and expected to contribute to THG’s best first-half free cash flow since 2021.
It also said that for the first half its adjusted EBITDA will be at least £40 million, up 95%, adjusting for the sale of an ingredients business that it exited last September, and it reiterated its guidance for the full year.
In THG Beauty, revenue growth was underpinned by a strong skincare performance (+9.2% YTD). Lookfantastic “continues to outpace the UK prestige beauty market, supported by new brand launches including Dyson, BEAME and Dr. Loretta, alongside a growing active customer base.”
Campaign and ambassador activity “remains a key engagement tool”, with the Olivia Attwood launch “delivering strong conversion and positive brand health momentum. Spontaneous awareness, prompted awareness and consideration are all up amongst the target audience, further positioning THG Beauty as the destination of choice for discovery across regime and trending brands”.
Lookfantastic “continues to demonstrate social commerce leadership as the #1 multi-brand beauty retailer on TikTok Shop”, delivering YoY revenue growth of around 48% in Q2.
THG Nutrition, owner of the MyProtein brand, reported continued growth despite elevated whey costs, helped by pricing actions, product innovation and retail expansion, including for its range of gym clothing.
Revenue excluding Asia is expected to increase around 11% in the first half as the company shifts towards a licensing model in the region.
It said a “focus on innovation across the portfolio during the first half has been a key growth driver”, including influencer-led activewear collaborations supporting YoY AOV growth.
The online retailer and protein shakes maker also flagged that it is still awaiting a response from HMRC regarding retrospective VAT claims worth around £78 million linked to its nutrition arm.
Chief executive Matthew Moulding said: “By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base.
“In THG Nutrition, Myprotein is reaching more consumers than ever. Year-to-date unit growth of +60% has been underpinned by our rapid retail expansion and category diversification, with circa 18% of D2C customers purchasing activewear in May 2026.”
