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THG has welcomed strong revenue growth across both businesses in Q3, with group sales up by 6.3% over the period, marking the highest organic quarterly growth since Q4 2021.
This was driven by a 10% growth in THG Nutrition, the highest growth rate in over two years, as well as ongoing momentum in its Beauty business.
Following its Q3 results, the THG board said it expects group revenues for H2 to grow between 3.9% and 5.9%, with THG Beauty up between 1.0% to 3.0%, and THG Nutrition up between 10.0% to 12.0%.
In addition, its full-year performance expectations are unchanged and are expected to be in line with the company consensus range, with an adjusted EBITDA range of £73.7-£76m, and revenues of £1.69bn to £1.75bn.
Matthew Moulding, CEO of THG said: “I am pleased to report a solid Q3 performance, with a return to growth across both THG Beauty and THG Nutrition.
“In THG Beauty, our focus on commercial discipline and elevating the brand proposition has driven a return to revenue growth, supported by a strong advent launch.”
He added: “Within THG Nutrition, we remain on track with our focus on expanding Myprotein’s D2C market share, alongside accelerating our global offline presence through retail and brand partnerships. A number of exciting new partnerships are set to be announced soon, helping us to further build on this year’s positive momentum.
“Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead.”
In the group’s previous update, it said the successful THG Ingenuity demerger at the start of H1 alongside the Q3 disposal of Claremont Ingredients to Nactarome Group for £103m, has put the group on an “accelerated path” towards a net cash position.
According to THG, Ingenuity’s demerger simplified THG’s business model, leading to an improved balance sheet, capex and cashflow profile.
