THG CEO Matthew Moulding wasn鈥檛 pulling any punches this morning when the online retailer gave an impressive Q3 trading update.
Group revenue is up 6.3 per cent to 拢405.2 while Q3 2025听represents the highest organic quarterly growth since Q4 2021.
This has been driven by 10 per cent growth in THG Nutrition, alongside continued momentum in Beauty.
When announcing the group鈥檚 interim results, the board set out revenue guidance for the second half of 2025 as follows:
- THG Beauty +1 per cent to +3 per cent
- THG Nutrition +10 per cent to +12 per cent
- With an implied group performance of +3.9 per cent to +5.9 per cent
In his statement to the London Stock Exchange, Moulding described the Q3 performance as 鈥榮olid鈥� with a return to growth across both THG Beauty and THG Nutrition.
It鈥檚 the potential of further partnerships for Myprotein that have got analysts sitting up.
Everlast Gyms and Myprotein recently entered a strategic partnership to launch around 60 in-gym Myprotein Kitchens across the UK and Ireland, providing members with exclusive product ranges and co-working spaces, enhancing its integrated fitness and lifestyle offering.
One City analyst told 老九品茶Cloud this morning: 鈥淭he results are excellent as guided. We now need to see continued growth.
鈥淭here鈥檚 a lot of excitement around the names of the new partners for MyProtein, which Moulding said in his statement would be announced soon.鈥�
The news has seen a significant increase in THG鈥檚 share price, which now stands at 39.56 鈥� giving it a market cap of听 拢550m.
Moulding took to LinkedIn听听to say the turnaround followed a 鈥榖rutal鈥� rebuild of the business, which has seen THG reduce its headcount by almost 5,000 people since January 2022.
鈥淚f taking kicks to the nuts was a sport, we鈥檇 make the World Cup,鈥� he wrote.
He added:听鈥淔or the first time in almost four years, both听Myprotein听and Beauty were in growth at the same time 鈥� just in time for peak trading.
鈥淚t鈥檚 hard to describe how much it鈥檚 taken to get here. Four听听years of chaos, pressure, and pushback. Every possible curveball. Every doubter.
鈥淟ike so many founders and builders out there,听听we鈥檝e been through the mill.鈥�
Steps taken have included selling off parts of the business; rebranding Myprotein; cutting debt levels; taking THG Ingenuity private; and introducing AI and robotics to reduce headcount.
Moulding said:听听鈥淚t鈥檚 been relentless.听听Brutal at times.听But this is what rebuilding looks like.听No shortcuts. No spin. Just graft.
鈥淭o everyone who鈥檚 stayed the course – thank you. So many have carried this turnaround on their shoulders. The numbers tell one story.听The journey tells another.听We鈥檙e not done – not even close.听There鈥檚 still a big job ahead to fulfil the potential of this new look听THG.
鈥淏ut maybe, for once, we should take two mins to look back and appreciate how far we’ve come.鈥�
In other news Moulding also revealed a range of THG鈥檚 own French haircare brand, Christophe Robin, has been featured in Taylor Swift鈥檚 upcoming Disney documentary 鈥� which has been interest in the brand 鈥榬ocket overnight鈥�.
In August THG announced the sale of Claremont Ingredients for 拢103m in a cash deal in order to reduce its debt.
In September THG also made a shock return to the FTSE 250.
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