THG appoints new non-executive directors as losses deepen
THG has drafted in new non-executive directors (NEDs) to improve its ongoing corporate governance issues as its operating losses widened and its profits more than halved.
The retailer appointed Gillian Kent and Dean Moore to its non-executive board the same day that operating losses deepened to £89.2m for the half-year ending 30 June, 2022.
Adjusted EBITDA dropped 60.2% to £32.2m, while gross margin slipped to 42.1% and net debts blew out to £225.6m.
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