THG says it expects an increase in profitability in the first half of 2023 as it continues its “successful focus on profitability and cash generation”.

Ahead of its annual general meeting today, THG reported “strong” second quarter trading and said it expects an increase in profitability in the first half of 2023 with adjusted EBITDA in the range of £44m to £47m.

The retailer said its full-year profit guidance remains unchanged with adjusted EBITDA to be at £118.5m in line with company consensus.

The retailer said its nutrition division “has had a particularly strong start to the year, with the pricing decision to support consumers through exceptional market-wide inflationary conditions in FY2022 now paying dividends”.

This comes after it was reported that THG will face a shareholder dispute over the “unjustified” salary of new chief financial officer Damian Sanders at its annual general meeting.

At the time, shareholder advisory firm Glass Lewis told The Telegraph that shareholders were given “no compelling justification” over the pay rise at a time when losses had deepened and share prices had declined.

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