THG
THG · Main Market · Personal Care, Drug and Grocery Stores · mcap £416m · 27.2p
THG owns online beauty retailers such as LOOKFANTASTIC and sports nutrition brand Myprotein. Until January 2025 it also ran Ingenuity, a platform that sells ecommerce services to other brands.
THG, an online beauty and nutrition retailer, spent 2023-26 moving from losses and heavy spending to modest profit. It spun off its Ingenuity technology arm, refinanced its debt with founder support, and by 2026 was growing revenue again at about 7% a year, though debt and a weak share price remain.
Where it stands
- Revenue growth has returned: H1 2026 revenue rose 7.2% and adjusted EBITDA (a measure of operating cash profit) more than doubled to £42.8m, ahead of guidance. 10 Sep 2026
- Net debt fell to £233m at end-2025, with 2026 guidance of £110m-£130m after free cash flow and VAT repayments. The refinanced debt now runs to 2029. 26 Mar 2026 4 Apr 2025
- Growth now leans on Myprotein's offline retail and licensing push. Q3 2026 growth is guided to only about 2%, with 6-7% for Q4. 10 Sep 2026 12 Feb 2026
How we got here
Recovery from decline, cash focus. After revenue fell in 2023, THG returned to growth in late 2023 and reached free cash flow breakeven for the year. Adjusted EBITDA of £120m beat January guidance. Capex was cut to £100m-£110m for 2024, and the credit facility was extended to May 2026. 17 Oct 2023 16 Jan 2024 4 Mar 2024 10 Apr 2024
Beauty grows, Nutrition struggles. Beauty and Ingenuity improved while Nutrition shrank. H1 2024 EBITDA came in towards the low end of expectations and net debt rose. The Frasers Group partnership and a Myprotein rebrand were announced as part of the response. 23 Apr 2024 24 Jun 2024 17 Sep 2024 10 Oct 2024
Ingenuity demerger and relisting. THG raised £95m at 49p, a 14.6% dilution, to fund the Ingenuity demerger. Shareholders approved it and it completed in January 2025. THG also moved to a listing category that allows FTSE index inclusion. 17 Sep 2024 11 Oct 2024 15 Oct 2024 27 Dec 2024 2 Jan 2025 28 Nov 2024
Refinancing under founder backing. Shares fell to about 25p as 2025 began with Beauty revenue down. A refinancing extended debt to 2029 and was backed by £60m from founder Matthew Moulding at 32.3p. THG rejected a £400m-£600m bid for Myprotein from Selkirk. 24 Mar 2025 4 Apr 2025 23 Apr 2025 29 Apr 2025
Return to growth in 2025-26. Growth resumed: Q3 2025 revenue rose 6.3%. The £103m Claremont sale cut debt, and Myprotein offline expansion pushed Nutrition growth. FY 2025 profit and net debt beat expectations, and H1 2026 EBITDA doubled. 25 Jun 2025 6 Aug 2025 14 Oct 2025 13 Jan 2026 26 Mar 2026 10 Sep 2026
Company filings. Not investment advice.