THG hits FY expectations despite Q4 sales decline

THG has reported a decline in Q4 sales across some divisions, but remains on track to meet full-year expectations having officially completed the demerger of Ingenuity.

For the period ended 31 December 2024, THG experienced a 2.6% fall in revenues to £552.4m. 

While MyProtein sales fell by 5% in Q4, THG noted that the division had made improvements in online and offline channels due to retail partnerships and new product launches. 

However, the group’s beauty division – which includes Look Fantastic and Cult Beauty – experienced a 4.6% rise in revenues to £1.1bn. 

As a result, THG’s full-year performance for FY24 was in line with expectations, with continuing revenues rising 1.1% to £1.9bn on a constant currency basis. 

THG has seen a particularly strong performance in the UK market, with skincare, cosmetics and fragrance leading the way. 

Meanwhile, Lookfantastic recorded twice as many website visits during the period compared with its competitors during Black Friday and Cyber Monday. 

Matt Moulding, chief executive of THG, said: “Our Beauty business had a standout year, underpinned by strong performances in the UK and US. The continued success of our customer loyalty and reward programme, and the opening of our first-ever Lookfantastic physical store, further cement our leadership position in the global Beauty market. 

“Despite the transitory headwinds, Myprotein achieved several notable successes: entry into the dairy market through the launch of a long-term partnership with Müller; the commencement of a co-manufacturing relationship in Japan, the expansion of our Iceland partnership, and many other licensing and retail listing agreements.” 

He added: “We are excited to further deepen our retail expansion strategy internationally in the forthcoming year. I would like to thank everyone involved at THG for their immense efforts during a transformative year for the business. I’m looking forward to further strong progress in 2025.”