REG - THG PLC - AGM Trading Statement

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RNS Number : 2639O  THG PLC  25 June 2025

25 June 2025

 

THG PLC

 

AGM Trading Statement

 

 

Return to Group revenue growth in Q2, FY 2025 guidance unchanged

 

 

 

THG PLC ("THG" or the "Group") provides the following update on trading ahead
of its Annual General Meeting ("AGM") later today.

 

Figures and commentary reflect continuing CCY 1  (#_ftn1) unless otherwise
stated.

 

As anticipated, trading in the second quarter has been much improved across
both Beauty and Nutrition, with the Group returning to CCY revenue growth,
underpinned by a strong June exit rate supporting unchanged FY 2025 guidance.

 

 

THG Beauty

 

·      Following a significant improvement quarter-on-quarter, Beauty is
expected to deliver a revenue decline of between -2.0% and -3.0% (Q1: -9.8%).

 

·      Beauty retail, which comprises the vast majority of the Beauty
business, traded resiliently with growth in the UK (the largest territory) at
its highest rate since Q1 2024 supporting market share gains (Source:
Circana). The decision to withdraw from lower-margin Asia and European
territories annualises in Q3, thereby neutralising the year-on-year revenue
drag effect from that point onwards.

 

·      Beauty own brand revenue was held back in the quarter reflecting
timing differences of key customer orders which are expected to reverse in H2.

 

 

THG Nutrition

 

·      Positive momentum within Nutrition continues to build, with new
customer growth supporting a solid online performance. Q2 2025 revenue growth
is expected to be between +5.0% and +7.0% (Q1 2025: +0.1%), with the business
growing at its fastest rate since Q1 2022.

 

·      From a largely standing start 3 years ago, Nutrition's offline
strategy is gaining significant traction. Myprotein products are now available
in over 34,000 doors, principally within the UK, US and Japan. New retail
listings secured in Europe in H1 2025 include 900 stores for the Dutch health
and wellness specialist Kruidvat. Asia momentum continues to build with
listings in 7-Eleven (>3,000 stores in Taiwan and Singapore), Costco
(Taiwan) and Decathlon (Vietnam market entry through store-in-store model).

 

·      Offline expansion across the US has been particularly pleasing
with an almost 5-fold increase in doors expected during the year to c.8,400
(2024: 1,500). Notable US wins include listings in Walmart, CVS and expansion
into additional GNC stores.

 

·      Myprotein's move into both the offline and licensing space will
see c.45 million units sold via these channels during 2025 through >40,000
global doors by the end of the year, enabling Myprotein to reach millions of
new customers and further amplify brand awareness. The retail sales value of
offline and licensed products is expected to be around £170m for FY 2025.

 

·      While both milk and whey prices continue to be elevated, there
are some recent signs of softening, especially across the highest
concentrations of protein.

 

Whilst our direct exposure to tariffs is expected to be less than £1.0m pre
mitigating actions, we continue to monitor the changes to US trade policy and
reciprocal actions for an adverse impact on raw material supply chains and US
consumer sentiment.

 

Results from the AGM will be published later today via RNS as soon as
practicable following the conclusion of the meeting.

For further information please contact:

 

 Investor enquiries:
 Kate Grimoldby, Director of Investor Relations and Strategic Projects  Investor.Relations@thg.com (mailto:Investor.Relations@thg.com)

 Media enquiries:
 Sodali & Co - Financial PR adviser                                     Tel: +44 (0) 20 7250 1446
 Victoria Palmer-Moore/ Russ Lynch/ Sam Austrums/ Louisa Henry          thg@sodali.com (mailto:thg@sodali.com)

 THG PLC                                                                media-enquiries@thg.com (mailto:media-enquiries@thg.com)

ENDS

Notes to editors

THG PLC is a global e-commerce group headquartered in Manchester, UK,
operating through two leading consumer businesses: THG Beauty and THG
Nutrition.

THG Beauty operates prominent online platforms including Lookfantastic,
Dermstore and Cult Beauty, offering a valued route to market for over 1,300
third-party brands, alongside a specialist portfolio of owned brands.

THG Nutrition, led by Myprotein, the world's largest online sports nutrition
brand, spans multiple health and wellness categories, delivering its products
both directly to consumers and through strategic offline partnerships
worldwide.

 1  (#_ftnref1) CCY defined as constant currency basis

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