THG revenues rise 1.1% to £1.8bn in FY24

THG has seen its revenues rise by 1.1% year-on-year to £1.8bn in the year to 31 December 2024, while its pre-demerger adjusted EBITDA hit £123.1m in line with guidance and consensus. 

It comes as, during 2024, THG completed its Ingenuity demerger, joined the FTSE 250 index, and refinanced its long-term capital structure to December 2029. 

The group maintains that the demerger has left it as a cash generative, health and wellness consumer brands group, comprising THG Beauty and THG Nutrition. 

According to the business, THG Beauty performed “particularly” well over FY24, having delivered on strategy and revenue growth and an adjusted EBITDA margin of 7.2% – above the medium term target of 6%. 

However, the group revealed that during the first quarter of 2025 to 31 March, its revenues were 6.1% lower at £371.4m, with like-for-like revenues also falling 3%. This was despite a return to growth in THG Nutrition.  

Nevertheless, THG has reiterated its January guidance for mid-single digit revenue growth in FY25. 

Matt Moulding, chief executive of THG, said: “2024 was a big year of change and evolution for THG, the highlight of which was the demerger of the group’s technology division, THG Ingenuity at the end of the year. Following on from the demerger, we immediately undertook the early refinancing of the group’s debt, reducing gearing and putting in place long-term facilities to the end of 2029, alongside entering the FTSE 250.

“We are now fully focused on THG Beauty and THG Nutrition, and I’m incredibly proud of the progress each business has made. Following extensive efficiency drives, incorporating both automation and AI, THG has become a much leaner, fitter group that has shown strong resilience in the face of record whey commodity pricing that placed temporary pressure on Nutrition margins.” 

He added: “With a capex light and efficient cost base, we are well positioned to return to sustainable growth and cash generation, whilst developing market share.”