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THG has seen its shares plummet by around a third (34.75%) following a Capital Markets Event held by the group yesterday (12 October).
In a statement released today, the group noted the fall in the share price but states that it “knows of no notifiable reason for the material share price movement, and that no material new information was disclosed at the event”.
It added that since it went public in September 2020, the group has “consistently delivered ahead of its targets set at the time of IPO”, and also referenced its “strong” half-year performance, when revenue rose by 44.7% to £958.8m.
The share plunge of 34.75% immediately follows its investor presentation, which the retailer used to outline its technology platform named Ingenuity. The platform aims to provide stand-alone digital services, including hosting, studio content, translation services and beauty product development and manufacturing to consumer brand owners.
According to the Financial Times, however, investors were left disappointed by the presentation, with one saying investors had wanted “greater visibility over cross charges between the beauty and nutrition businesses and Ingenuity at the capital markets day, which they failed to provide”.
Speaking to investors yesterday, THG also discussed its “ambitious” goal to be climate positive and offset its entire historical emissions through its ‘THG x Planet Earth’ strategy, which is set to be guided by the UN’s sustainable development goals.
Commenting on the strategy, Matthew Moulding, chairman and CEO of THG, said: “We are committing to use our global scale, our world-class talent and our dedication to innovation, to act as a force for good.
“More importantly, we are using our access to capital to invest in and influence environmental and societal changes that will benefit our planet today and create a sustainable future for generations to come.”
He added: “Publishing our goals is our first step, and next year we will publish our roadmaps to achieving each milestone target towards 2030. We have always been fast-paced, agile and responsive to changes in the market, and our sustainability strategy is no different – while we have our sights set on the year 2030, we will certainly do our best to achieve more and work in partnership with others to accelerate the pace of positive change.”
