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.
Financials · LTM to 30 Jun 26
Source: results 10 Sep 26 ↗
- Revenue
- £1.8bn
- Operating profit
- £27.6m
- Net income
- −£65.8m
- Free cash flow
- −£3.7m
- Net debt
- £340m
- Market cap
- £446m
- EV / EBIT
- 28.5×
- FCF yield
- −0.8%
- Price / book
- 1.1×
Latest half-year · H1 26 vs H1 25
results 10 Sep 26 ↗
- Revenue
- £829m +6%
- Operating profit
- −£10.6m prior −£30.0m
- Net income
- −£43.7m prior £76.3m
- Cash from operations
- −£36.7m prior −£40.5m
Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
Latest report: H1 26 (six months to 30 Jun 26), published 10 Sep 26 · read the results ↗
£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source
| LTM Jun 26 | FY 25 | FY 24 | FY 23 | FY 22 | |
|---|---|---|---|---|---|
| Revenue | 1,763.2 | 1,717.9 | 1,751.4 | 2,045.4 | 2,239.2 |
| Gross profit | 706.1 | 688.0 | 693.6 | 840.3 | 880.0 |
| Adjusted EBITDA | 95.4 | 76.6 | 83.3 | 114.1 | 64.1 |
| Operating profit | 27.6 | 8.1 | (147.9) | (185.4) | (495.6) |
| Amortisation | 40.9 | 41.9 | 45.5 | 68.8 | 58.6 |
| Share-based payments | 12.7 | 7.9 | 16.6 | 16.7 | 10.7 |
| Finance costs | (67.4) | (80.1) | (63.6) | (79.9) | (56.5) |
| Profit before tax | (39.0) | (69.4) | (202.4) | (252.0) | (549.7) |
| Tax | – | – | – | 3.6 | 9.8 |
| Net income (owners) | (65.8) | 54.1 | (326.1) | (248.4) | (540.0) |
| Discontinued operations | (24.6) | 117.8 | (145.6) | – | – |
| EPS basic | – | 4.0p | (24.0p) | (19.0p) | (44.0p) |
| EPS diluted | – | – | – | (19.0p) | (44.0p) |
| H1 26 | vs H1 25 | H2 25 | H1 25 | H2 24 | H1 24 | H2 23 | |
|---|---|---|---|---|---|---|---|
| Revenue | 828.7 | +6% | 934.5 | 783.4 | 817.4 | 934.0 | 1,076.1 |
| Gross profit | 339.3 | +6% | 366.8 | 321.2 | 322.2 | 371.4 | 432.9 |
| Adjusted EBITDA | 42.8 | +78% | 52.6 | 24.0 | 34.6 | 48.8 | 67.0 |
| Operating profit | (10.6) | n/m | 38.2 | (30.0) | (63.5) | (84.4) | (85.9) |
| Amortisation | 7.6 | −12% | 33.3 | 8.6 | – | – | – |
| Share-based payments | 7.7 | +166% | 5.0 | 2.9 | 8.1 | 8.5 | 8.8 |
| Finance costs | (26.8) | −32% | (40.5) | (39.5) | (24.5) | (39.1) | (40.9) |
| Profit before tax | (36.3) | n/m | (2.7) | (66.7) | (84.3) | (118.1) | (118.9) |
| Tax | (7.4) | n/m | – | 0.6 | – | (3.1) | 3.7 |
| Net income (owners) | (43.7) | n/m | (22.1) | 76.3 | (204.9) | (121.2) | (115.3) |
| Discontinued operations | 0.0 | n/m | (24.6) | 142.4 | – | – | – |
| EPS basic | – | – | – | – | (16.0p) | (8.0p) | (9.0p) |
| EPS diluted | – | – | – | – | – | (8.0p) | (9.0p) |
| LTM Jun 26 | FY 25 | FY 24 | FY 23 | FY 22 | |
|---|---|---|---|---|---|
| Cash from operations | 37.2 | 33.4 | 96.5 | 141.8 | 37.7 |
| Interest paid | (42.1) | (46.0) | (45.0) | (47.8) | (27.9) |
| Tax paid | (6.5) | (3.7) | (0.6) | (5.4) | (4.9) |
| Capex (PP&E) | (4.2) | (4.0) | (31.7) | (46.3) | (94.9) |
| Capex (intangibles) | (16.5) | (17.1) | (69.6) | (79.4) | (81.6) |
| Lease principal paid | (20.3) | (20.6) | (47.5) | (49.5) | (49.0) |
| Shares issued | (0.5) | 21.4 | 93.3 | – | – |
| H1 26 | vs H1 25 | H2 25 | H1 25 | H2 24 | H1 24 | H2 23 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | (36.7) | n/m | 73.9 | (40.5) | 133.9 | (37.4) | 162.4 |
| Interest paid | (15.3) | −20% | (26.8) | (19.2) | (26.6) | (18.4) | (29.4) |
| Tax paid | (4.0) | +233% | (2.5) | (1.2) | 0.7 | (1.3) | (3.8) |
| Capex (PP&E) | (2.6) | +5% | (1.6) | (2.5) | (14.9) | (16.8) | (17.5) |
| Capex (intangibles) | (7.4) | −8% | (9.1) | (8.0) | (32.5) | (37.1) | (36.1) |
| Lease principal paid | (10.0) | −4% | (10.3) | (10.4) | (25.1) | (22.4) | (24.3) |
| Shares issued | (0.2) | n/m | (0.4) | 21.8 | – | – | – |
| Latest Jun 26 | FY 25 | FY 24 | FY 23 | FY 22 | |
|---|---|---|---|---|---|
| Goodwill | – | 836.0 | 958.3 | 1,207.4 | 1,275.8 |
| Other intangibles | 827.2 | 836.0 | – | – | – |
| Property, plant & equipment | 53.0 | 55.8 | 64.9 | 273.2 | 360.0 |
| Other investments | – | – | – | 8.0 | 21.6 |
| Inventories | 267.8 | 272.8 | 265.4 | 297.1 | 373.3 |
| Trade receivables | 131.4 | 106.7 | 147.3 | 271.8 | 264.9 |
| Cash | 88.7 | 183.1 | 308.6 | 416.2 | 473.8 |
| Current assets | 492.1 | 589.9 | 1,484.4 | 987.0 | 1,136.1 |
| Total assets | 1,504.9 | 1,599.2 | 2,545.6 | 2,780.6 | 3,089.2 |
| Trade payables | 395.8 | 464.8 | 342.5 | 638.4 | 636.4 |
| Borrowings, current | 63.4 | 69.6 | 112.8 | 29.0 | 31.0 |
| Lease liabilities, current | 21.7 | 20.9 | 10.3 | 43.5 | 44.0 |
| Current liabilities | 553.2 | 643.0 | 1,605.6 | 758.6 | 749.2 |
| Borrowings, non-current | 365.4 | 360.7 | 491.8 | 621.0 | 648.2 |
| Lease liabilities, non-current | 125.3 | 109.9 | 31.1 | 301.4 | 290.4 |
| Total liabilities | 1,109.1 | 1,173.9 | 2,239.7 | 1,758.9 | 1,787.4 |
| Total equity | 395.8 | 425.2 | 305.8 | 1,021.7 | 1,301.7 |
| Net cash / (debt) ex leases | (329.7) | (233.0) | (304.3) | (218.2) | (180.6) |
| Net cash / (debt) incl. leases | (476.8) | (363.8) | (345.6) | – | – |
| Undrawn facilities | 150.0 | 150.0 | – | – | – |
| H1 26 | H2 25 | H1 25 | H2 24 | H1 24 | H2 23 | |
|---|---|---|---|---|---|---|
| Goodwill | – | 836.0 | – | 958.3 | – | 1,207.4 |
| Other intangibles | 827.2 | 836.0 | 857.4 | – | – | – |
| Property, plant & equipment | 53.0 | 55.8 | 60.9 | 64.9 | 263.4 | 273.2 |
| Other investments | – | – | – | – | – | 8.0 |
| Inventories | 267.8 | 272.8 | 265.1 | 265.4 | 298.9 | 297.1 |
| Trade receivables | 131.4 | 106.7 | 121.3 | 147.3 | 244.8 | 271.8 |
| Cash | 88.7 | 183.1 | 129.4 | 308.6 | 287.7 | 416.2 |
| Current assets | 492.1 | 589.9 | 572.5 | 1,484.4 | 836.8 | 987.0 |
| Total assets | 1,504.9 | 1,599.2 | 1,607.8 | 2,545.6 | 2,582.0 | 2,780.6 |
| Trade payables | 395.8 | 464.8 | 432.8 | 342.5 | 542.8 | 638.4 |
| Borrowings, current | 63.4 | 69.6 | 45.7 | 112.8 | 32.4 | 29.0 |
| Lease liabilities, current | 21.7 | 20.9 | 17.9 | 10.3 | 46.1 | 43.5 |
| Current liabilities | 553.2 | 643.0 | 556.3 | 1,605.6 | 670.9 | 758.6 |
| Borrowings, non-current | 365.4 | 360.7 | 412.2 | 491.8 | 608.1 | 621.0 |
| Lease liabilities, non-current | 125.3 | 109.9 | 109.1 | 31.1 | 288.7 | 301.4 |
| Total liabilities | 1,109.1 | 1,173.9 | 1,183.7 | 2,239.7 | 1,668.8 | 1,758.9 |
| Total equity | 395.8 | 425.2 | 424.1 | 305.8 | 913.2 | 1,021.7 |
| Net cash / (debt) ex leases | (329.7) | (233.0) | (321.4) | (304.3) | (350.5) | (218.2) |
| Net cash / (debt) incl. leases | (476.8) | (363.8) | (448.4) | (345.6) | – | – |
| Undrawn facilities | 150.0 | 150.0 | – | – | 170.0 | – |
Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.
Company filings. Not investment advice.