The Hut Group has announced that revenue soared by 51% to £558.7m in the three months ended 31 December 2020, outperforming a previous guidance of 40% to 45% growth.
Revenue guidance was initially estimated to be 16% to 25%, but was raised last month following a “strong” peak trading performance in the fourth quarter.
Its Beauty business performed particularly well in the period, with revenue soaring 66.2% to £298.2m, up from £179.4m the prior year.
Meanwhile, its OnDemand business saw revenue almost double, rising by 80.9% to £42.4m in the quarter, up from £23.4m in 2019.
It comes as the group added over 3.5 million new active customers during its fourth quarter alone, with over 10.7 million added during the full year.
In its latest update, the online retailer also announced full-year revenue growth of 41.4%, with revenue totalling £1.61bn, up from £1.14bn the year before.
In light of the “strong” momentum with which the group finished 2020, along with an expected contribution from the recently acquired Dermstore.com, the Hut Group now expects FY 2021 revenue growth to be between 30% and 35% ahead of FY 2020.
Matthew Moulding, executive chairman and CEO said: “I am pleased to report another strong performance through Q4 2020, during what has been a transformational year for THG. Due to the focus and dedication of our rapidly growing global workforce we have delivered some significant milestones in 2020.
“Following our successful listing on the London Stock Exchange in September 2020, we have accelerated our sales growth across all areas of the Group, underpinned by record new customer numbers. We have also started reinvesting capital raised at IPO, including over £360m in M&A, principally within the US beauty sector.”
He added: “Furthermore, we have also invested significantly in our people, creating 3,000 new jobs during 2020, largely within the U.K, but also across our international operations. During 2020, we have made significant progress in commercialising our Ingenuity Platform, fast becoming a major global player in taking brands direct to consumers.
“Each of these milestones further underpin THG’s strategic growth pillars outlined at IPO, giving management significant confidence when looking ahead to 2021 and beyond, and driving the increase in our guidance for the year ahead.”