THG returns to growth as strategic initiatives pay off

THG has reported improving momentum across its operations in the first half of 2025, supported by strategic initiatives and new launches in beauty.

For the six months ending 30 June 2025, the group returned to growth, with revenue rising 0.9% year-on-year.

THG Beauty delivered a "resilient" performance, with Q2 growth reaching its highest level since Q1 2024.

Lookfantastic's loyalty programme also continued to grow, reaching 3.2 million members during the first half.

THG Nutrition reported revenue growth of 3.1% to £303.6 million, with the second quarter marking the strongest growth since the first quarter of 2022. Growth was driven by a recovery in average selling prices (ASPs), which returned to pre-rebrand levels.

The business also completed strategic transactions during the first half. The demerger of THG Ingenuity was finalised at the start of the year, and in Q3, THG completed the sale of Claremont Ingredients to Nactarome Group for £103 million.

Looking ahead, with the strategic initiatives implemented throughout 2024 now contributing to its performance, the third quarter is expected to be the company's strongest trading period of the year.

THG Beauty expects further growth, driven by the advent calendar season, as well as new product launches across Lookfantastic and Cult Beauty.

Meanwhile, THG Nutrition is forecasting second half revenue growth of between 10-12%, supported by disciplined pricing and continued market share gains.

Matthew Moulding, CEO of THG, said: "I’m really pleased at how THG has gained momentum throughout the first half and into Q3.

"As a business we’ve reaped the benefits of the recent extensive strategic initiatives across the group, including the global rebranding of Myprotein throughout 2024. I’m especially pleased with the response to the new positioning of the Myprotein brand, reflected in the exciting breadth of partnerships we’re delivering with other global brand owners and a return to new customer growth.

"Our Beauty business particularly in the UK demonstrated impressive resilience, securing market share gains in Q2, with a growing loyalty base and successful new brand launches supporting a return to revenue growth in Q3.

"Meanwhile the refinancing of our long-term debt, as well as the sale of Claremont Ingredients, significantly reduces the Group’s net debt position whilst highlighting the value of some of the lesser known, smaller businesses in THG.

"Our momentum is positive and Q3 will be our strongest trading period of the year so far, underpinning our confidence in the outlook."