THG has outperformed expectations in the first half as it continued a transformation from a technology group to a more focused nutrition and beauty player.
Group revenues increased 7.2% to £828.7m in the six months to 30 June, above expectations of 6.5% growth, with the beauty and nutrition divisions in growth for four quarters in a row.
The nutrition side pushed up sales 8.2% in the half to £328.5m, while beauty was up 4.2% to £500.2m.
Adjusted EBITDA more than doubled on a like-for-like basis to £42.8m, which dropped to £20.5m when excluding the contribution from Claremont Ingredients, which was sold last year.
THG also reduced operating losses in the half to £10.6m, compared with £30m a year ago, with pre-tax losses down from £67m to £36m thanks to the improved trading and lower costs.
“THG delivered a strong first half, reflecting our successful transition from a capex-intensive technology and consumer brands group into a highly profitable global leader in nutrition and beauty, focused on delivering sustainable growth in free cashflow,” CEO Matthew Moulding said.
“As a business, we delivered strong revenue growth and our adjusted EBITDA more than doubled, driven by a stellar performance from the Myprotein brand.”
Moulding added the group was “now clearly reaping the rewards” of Myprotein’s global rebrand, alongside the expansion of the brand into licensing, activewear and higher-margin categories.
The brand is on track to sell more than 130 million products in FY26, which Moulding claimed made Myprotein the world’s largest sports nutrition brand and fastest growing by product volumes.
“The strength of these first-half results demonstrates the progress we’ve made and the quality of the group we have today. Looking ahead, we enter H2 with real momentum, whilst also acknowledging broader market challenges around consumer discretionary spend, record high whey commodity pricing, as well as recent EU tariffs.
“The group has delivered significant initiatives to mitigate these headwinds, supporting FY26 consensus, while positive signs around the direction of whey input costs are encouraging for the future.”
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