{"id":183934,"date":"2021-10-26T17:58:50","date_gmt":"2021-10-26T16:58:50","guid":{"rendered":"https:\/\/theindustry.beauty\/?p=183934"},"modified":"2022-01-13T09:41:57","modified_gmt":"2022-01-13T09:41:57","slug":"thg-seeks-to-ease-investor-worries-with-revenue-rise-and-plan-for-new-chairman","status":"publish","type":"post","link":"https:\/\/theindustry.beauty\/thg-seeks-to-ease-investor-worries-with-revenue-rise-and-plan-for-new-chairman\/","title":{"rendered":"THG seeks to ease investor worries with revenue rise and plan for new chairman"},"content":{"rendered":"<p>Online retail giant THG attempted to appease investor concerns further with an <strong>upbeat trading update and plans to hire an independent chairman.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>However, the company, previously called The Hut Group, saw its recent slump in shares continue as its value dropped by around 12% early on Tuesday.<\/p>\n<p>The<strong> group has seen shareholder sentiment wane in recent months<\/strong> because of\u00a0 concerns about its corporate governance and the value of its platform business, Ingenuity.<\/p>\n<p>Earlier this month, the group held a capital markets day and sought to soothe worries, but it backfired as the company\u2019s value crashed by 35% that afternoon.<\/p>\n<p>On Tuesday, THG confirmed that it has<strong> hired recruitment firm Russell Reynolds to find an independent non-executive chairman<\/strong> as part of plans to move the firm to a premium listing on the London Stock Exchange.<\/p>\n<p>It comes after THG said last week that its founder, chief executive and chairman, <strong>Matthew Moulding, would relinquish his golden share shareholder structure,<\/strong> which stopped it from being included on London\u2019s FTSE indices.<\/p>\n<p>The e-commerce group also announced that <strong>group revenues increased by 38% to \u00a3507.8 million in the quarter to September,<\/strong> against the same period last year.<\/p>\n<p>THG also raised revenue growth expectations for its Ingenuity business, as it flagged 131% growth for the platform arm in the latest period.<\/p>\n<p>Moulding said: \u201cWe have delivered a strong trading performance in Q3 and <strong>enter our peak trading period with confidence.<\/strong><\/p>\n<p>\u201cI would like to thank all of our employees, given how much they have achieved in the 12 months since IPO (initial public offering).<\/p>\n<p>\u201cOur talented workforce has grown considerably and as well as significantly outperforming the trading guidance provided at IPO, they have been tirelessly expanding the business model across all divisions.<\/p>\n<p>\u201cThe appointment of two independent non-executive directors and four special advisers since IPO has been hugely beneficial to the board, and we have real optimism for 2022 with the <strong>step up to a premium listing on the main market of the London Stock Exchange,<\/strong> following the appointment of an independent chair.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2026 <a href=\"https:\/\/theindustry.beauty\/thg-seeks-to-ease-investor-worries-with-revenue-rise-and-plan-for-new-chairman\/\">...<\/a><\/p>\n","protected":false},"author":68,"featured_media":138419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[10148,21,14839,16916],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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