Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
The Hut Group has upped its revenue guidance for the second time since its listing earlier this year, with it now expecting revenue to increase up to 40% YOY.
In its latest trading update, the group said it has seen new customer acquisition trends “further accelerate” into Q4 across all of its divisions, supported by “very strong” performances during Singles Day, Black Friday and Cyber Week.
New active customers in November totalled over 1.7 million (+74% YoY), with almost 900,000 new customers in Cyber Week alone. As such, it now expects full-year revenue to total between £1.57bn and £1.6bn.
The news comes weeks after it was revealed the Hut Group CEO, Matthew Moulding, is set to receive an £830m shares payout after the company’s share price increased significantly triggering a bonus clause.
According to reports, Moulding will receive the payout after the “market value of the company’s shares breached certain levels” that were set during its flotation back in September.
If the market share value remains above the “milestone” level for over 15 days, the payouts to Moulding and his respective executives will be triggered.
Moulding, who founded the company in 2004, could reportedly see his “total share award” rise further if the company’s market value reaches £7.25bn.
As well as the share awards, Moulding will receive a “base salary” of £750,000 a year, increasing from £318,000 in 2019.
At the time a spokesman for THG told The Guardian: “We are delighted with the market reaction to our IPO and that all of our shareholders are benefiting from the strong performance of the business.
“The equity scheme was put in place when THG was a private company, and we are delighted that over 200 THG staff have already shared in the scheme, worth around £200m today.”
