The Hut Group profits soar one year after London listing

The tech platform and beauty retailer recorded adjusted EBITDA up 39% year on year to £81.2m in the six months to June 30.

This was driven by a 45% jump in revenues over the same period to £958.8m, up 95% compared with 2019.

THG said all divisions of the business had grown over the period, with revenues at THG Beauty up 59%, THG Ingenuity up 42% and THG Nutrition up 30% year on year.

Following its successful IPO one year ago, the group has recorded a stellar year – upgrading its forecast five times.

It now plans to list the THG Beauty division as a separate entity on the London Stock Exchange later this year as it seeks to separate each trading division.

Its tech platform THG Ingenuity launched 50 new end-to-end websites across 22 countries during the six-month period.

Chief executive Matthew Moulding said: “I am delighted to announce a strong first-half performance across all divisions as we continue to invest significantly in support of our strategic growth ambitions. 

“This investment is across our entire business, including our infrastructure, namely our recently opened ICON campus and our global distribution network, in our Ingenuity platform, in building leading digital brands and, most importantly, in our people. 

“In May, we announced the financial and trading partnership opportunity with SoftBank, one of the world’s leading technology investors. We are only at the start of this relationship, but we are pleased to have already established multiple live commercial partnerships between the SoftBank portfolio and our Ingenuity platform. 

“We continue to see an acceleration in levels of enquiry from global enterprises looking to leverage the Ingenuity platform, and I believe the global growth opportunity for Ingenuity to be unparalleled.

“Today we also update on the roadmap to separating our key trading divisions and announce our commitment to list THG Beauty in 2022, which we believe will create further value for our shareholders. 

“We are also proud to be launching our 2030 sustainability strategy, outlining our key priorities and commitments in the coming weeks.”