THG rejects “unacceptable proposals"
The CEO of THG has confirmed that the group has rejected a number of “unacceptable” offers.
Despite being a high performer on the London Stock Exchange when first listed, the Manchester-based group has seen its value fall over recent months.
This morning, CEO, Matthew Moulding stated:
“You will all be aware that there has been significant speculation about possible third party interest in THG. I can confirm that the Board has received indicative proposals from numerous parties in recent weeks. The Board has concluded that each and every proposal to date has been unacceptable, failing to reflect the fair value of the Group, and confirms that THG is not currently in receipt of any approaches.
“We continue to focus on delivering our exciting growth strategy across a number of large global sectors, and prepare to step up to the premium segment of the LSE at the appropriate time.”
In the full year figures, THG reported record revenue of £2.2bn and adjusted EBITDA of £161m.
"In our first full year as a public company, 2021 saw us scale revenue and expand our business model, well ahead of targets set at IPO,” continued Moulding.
"Alongside significant revenue growth, FY 2021 saw us acquire and successfully integrate a number of complementary businesses, deepening our vertical integration across both Beauty and Nutrition and expanding our reach to consumers across the globe.
"The operational resilience and performance of our Ingenuity infrastructure, especially during our peak trading period was a highlight, as was the opening of our automated warehouse at our ICON technology campus, delivering material improvements and cost savings across our global storage and delivery infrastructure.
"Our technology platform is now powering an expansive list of global brands across a multitude of sectors, and the number of third-party websites has almost doubled during the year.”
In its outlook, THG stated that the second quarter had started “In line with expectations.”