THG CEO Matthew Moulding wasn’t pulling any punches this morning when the online retailer gave an impressive Q3 trading update.

Group revenue is up 6.3 per cent to £405.2 while Q3 2025 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’s 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 ‘solid’ with a return to growth across both THG Beauty and THG Nutrition.

It’s 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 BusinessCloud this morning: “The results are excellent as guided. We now need to see continued growth.

“There’s a lot of excitement around the names of the new partners for MyProtein, which Moulding said in his statement would be announced soon.”

The news has seen a significant increase in THG’s share price, which now stands at 39.56 – giving it a market cap of  £550m.

Could THG and Matt Moulding be about to sell more assets?

Moulding took to LinkedIn  to say the turnaround followed a ‘brutal’ rebuild of the business, which has seen THG reduce its headcount by almost 5,000 people since January 2022.

“If taking kicks to the nuts was a sport, we’d make the World Cup,” he wrote.

He added: “For the first time in almost four years, both Myprotein and Beauty were in growth at the same time — just in time for peak trading.

“It’s hard to describe how much it’s taken to get here. Four  years of chaos, pressure, and pushback. Every possible curveball. Every doubter.

“Like so many founders and builders out there,  we’ve been through the mill.”

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:  “It’s been relentless.  Brutal at times. But this is what rebuilding looks like. No shortcuts. No spin. Just graft.

“To everyone who’s stayed the course – thank you. So many have carried this turnaround on their shoulders. The numbers tell one story. The journey tells another. We’re not done – not even close. There’s still a big job ahead to fulfil the potential of this new look THG.

“But maybe, for once, we should take two mins to look back and appreciate how far we’ve come.”

In other news Moulding also revealed a range of THG’s own French haircare brand, Christophe Robin, has been featured in Taylor Swift’s upcoming Disney documentary – which has been interest in the brand ‘rocket overnight’.

In August THG announced the sale of Claremont Ingredients for £103m in a cash deal in order to reduce its debt.

In September THG also made a shock return to the FTSE 250.