THG

THG · Main Market · Personal Care, Drug and Grocery Stores · mcap £416m · 27.2p

THG owns online retail brands, mainly LOOKFANTASTIC and Cult Beauty in beauty and Myprotein in sports nutrition. It sells direct to consumers and, increasingly, through licensed products in shops.

Target	Promise	Said	Status
2024
FY 2024	FY 2024 capex of £100m-£110m	17 Oct 2023	✗ Missed · target changed
	“we now anticipate FY 2024 capex spend will be c.£30m less than previously guided at £100m to £110m” Also stated 16 Jan 2024 · 10 Apr 2024 Result After the demerger, capex was guided to fall to about £20m a year for RemainCo, replacing this target. “Specifically, capital expenditure will reduce to c. £20m pa (FY 2024 pre Demerger guidance: £100m to £110m)”23 Jan 2025 · Q4 2024 Trading Statement
FY 2024	All divisions deliver revenue growth in FY 2024	16 Jan 2024	✗ Missed
	“Exit momentum from 2023 underpins our confidence in all divisions delivering growth in FY 2024.” Result Nutrition revenue fell to £580m from £658m in FY 2024; Group revenue was flat to slightly down. “THG Nutrition \| 579.8 \| 657.9 \| -11.9% \| -8.7%”29 Apr 2025 · FY 2024 results and Q1 trading statement “Post-demerger revenue \| 1,688.3 \| 1,731.2 \| -2.5% \| -0.4%”29 Apr 2025 · FY 2024 results and Q1 trading statement
Q3 2024	Nutrition returns to revenue growth exiting Q3 2024	17 Sep 2024	✗ Missed
	“we expect to exit Q3 in revenue growth” Result Q3 2024 Nutrition revenue fell 10.5% in constant currency. “THG Nutrition \| 134.5 \| -13.1% \| -10.5%”10 Oct 2024 · Q3 2024 Trading Statement “Nutrition YoY revenue performance improved each month through the quarter.”10 Oct 2024 · Q3 2024 Trading Statement
Today · 11 Oct 2026
2026
FY 2026	FY 2026 free cash flow of £25m-£35m	26 Mar 2026	✗ Missed · target changed
	“on target to deliver £25m to £35m positive free cash flow for FY 2026, in line with consensus” Also stated 21 Apr 2026 · 10 Sep 2026 Result Range narrowed in September 2026 from £25m-£50m to £25m-£35m, cutting the top end. “The Group remains focused on generating significant positive free cash flow and is on target to deliver £25m to £35m positive free cash flow for FY 2026, in line with consensus”10 Sep 2026 · Half-year Results