THG sees H1 profits rise as it appoints new Independent Non-Executive Director
THG has reported a "significant increase" in profitability for the first half of 2023, with adjusted EBITDA to be in the range of £44-47 million.
The group's beauty segment focussed on profitable sales in markets where its localised infrastructure can deliver economies of scale.
THG expects further sales momentum in the second half of the year, supported by beauty manufacturing as the temporary industry-wide de-stocking comes to an end.
The nutrition segment reported a "strong" start to the year, with the pricing decision to support consumers through exceptional market-wide inflationary conditions in FY22 now paying dividends.
THG Ingenuity has continued to make "good progress" on building its client base across higher value enterprise accounts and its network of global strategic alliances. It also remains on track to add £1 billion incremental GMV to the platform across technology, digital and operational services during FY23.
Last week, THG Ingenuity announced its strategic alliance with international professional services business PwC to help brands design, build and run immersive customer experiences online. The partnership will help brands access leading technology throughout the direct-to-consumer spectrum.
Today's trading update coincides with the appointment of Helen Jones as Independent Non-Executive Director at THG.
Jones is an experienced Non-Executive Director and has spent her career building premium food and beverage brands across FMCG and multi-site hospitality, both in the UK and internationally.
She currently serves on the committees at Premier Foods, Virgin Wines, Halfords and Fuller, Smith and Turner.
Separately, Iain McDonald is stepping down from THG's Remuneration Committee to focus on his other THG commitments, primarily as Chair of the Sustainability Committee and member of the Nomination Committee.
