CEO Matthew Moulding expects second-half revenue growth of up to 3.0%
LONDON: THG PLC reported interim results for the half-year ended June 30, 2025, showing signs of recovery and strategic progress across its core divisions, despite a modest decline in revenue.
Group revenue fell 2.6% year-over-year on a constant currency basis to £783.4 million, while adjusted EBITDA came in at £24.0 million, down from £37.1 million in H1 2024. The company attributed the dip to early-year headwinds in its Beauty segment and record whey prices impacting Nutrition margins.
CEO Matthew Moulding said momentum built in Q2 has accelerated into Q3, with THG Beauty and THG Nutrition expected to post second-half revenue growth of up to 3.0% and 12.0%, respectively. “Q3 will be our strongest trading period of the year so far,” Moulding said.
The Group also highlighted strategic milestones, including the successful demerger of THG Ingenuity and the £103 million sale of Claremont Ingredients to Nactarome Group. These moves, coupled with a refinancing in H1, have substantially reduced gross debt and positioned THG toward a net cash status.
Gross margin declined to 41.1% from 42.6% a year earlier, but is expected to rebound in H2. Cash and available facilities stood at £279.4 million, rising to approximately £382 million on a pro forma basis post-disposal.
Moulding credited the global rebranding of Myprotein and new licensing partnerships for driving customer growth and brand engagement. “We’ve reaped the benefits of extensive strategic initiatives across the Group,” he said.
THG reaffirmed its full-year guidance, citing strong Q3 performance and medium-term confidence.