THG reaffirms outlook as skincare fuels beauty growth

THG said full-year revenue is forecast to be in line with company consensus, supported by a return to growth in the first half.

The trading statement said H1 group revenue grew by approximately 6.5% in constant currency, reversing a 2.5% decline in H1 2025.

H1 adjusted EBITDA came in at a minimum of £40 million, roughly 95% higher year-on-year after excluding the impact of the sale of Claremont Ingredients in September 2025.

"We are on track with our growth and margin expansion strategy across the Group," said CEO Matthew Moulding.

"By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base."

THG Beauty's revenue growth was underpinned by skincare, with sales rising 9.2% year to date through the end of May.

Lookfantastic continued to outperform the UK prestige beauty market, according to Circana data cited by the company, with new brand launches including Dyson, BEAME and Dr. Loretta.

The retailer also maintained its position as the "#1 multi-brand beauty retailer" on TikTok Shop, with Q2 revenue rising approximately 48% year-on-year.

Campaign activity surrounding the Olivia Attwood launch also delivered strong conversion rates, while YouGov tracking showed increases in spontaneous awareness, prompted awareness and consideration among the target audience compared with April 2025.

Elsewhere, THG Nutrition continued to grow across both online and offline channels, with a deliberate shift toward higher-margin products helping to offset elevated whey input costs.

Excluding Asia, where THG is transitioning to a licensing model with local manufacturing partners, Nutrition revenue grew by approximately 11% in H1.

Myprotein recorded a 60% increase in year-to-date unit sales, driven by retail expansion and category diversification, with approximately 18% of direct-to-consumer customers purchasing activewear in May 2026.

It plans to expand into the energy, protein water and breakfast categories in the second half of 2026.

"Myprotein is reaching more consumers than ever. Year-to-date unit growth of 60% has been underpinned by our rapid retail expansion and category diversification, with c.18% of D2C customers purchasing activewear in May 2026," said Moulding.

"The group continues to deliver strong year-on-year adjusted EBITDA growth, notwithstanding the broader macroeconomic backdrop, including unprecedented whey commodity inflation levels."