THG CEO and founder Matt Moulding has provided an upbeat assessment about THG Ingenuity on the first anniversary of the technology company’s demerger.
Last January the loss-making THG Ingenuity split from the profitable THG Beauty and THG Nutrition to become a standalone business.
The demerger took place after 89 per cent of shareholders voted in favour of the split.
Writing on LinkedIn, Moulding admitted to some ‘sleepless nights’ but said THG Ingenuity had made significant progress in 12 months including:
- Reducing headcount from 3,350 to 2,900 by rolling out more robots and AI;
- Increasing FY25 revenue by 17 per cent to $912m;
- FY25 EBITDA expected to be c.$58m, up 42 per cent year-on-year;
- New partnerships secured, including Google, Microsoft, Disney and Mondelez;
- Capex reduced by 30 per cent year-on-year;
- Ending the year with net cash and liquid investments of c.$192.2m (£142.4m).
Moulding wrote: “Ingenuity has just completed its first year as a private company following the demerger from THG.
“We put the business through some chunky changes in 2025. A lot of the decisions were difficult, uncomfortable, and not always obvious at the time – but they were possible because we could step away from the glare of the LSE.
“Looking back now, the progress at Ingenuity is one of many reasons 2025 turned out better than it felt.”
Whack-a-mole
Reflecting on 2025 as a whole he said: “THG life is usually closer to whack-a-mole. Something goes right, something else breaks.
“You bounce from one opportunity/problem to the next, trying not to dwell too much on either the wins or the worries.
“That’s been the rhythm through the 21 years since we started THG, and I’m not sure it ever really changes. This is just founder life.”
He said he changed his assessment of 2025 after reflecting on the last 12 months with his family.
“When the family each said 2025 had been a great year, my instinct was to disagree,” he said. “It certainly didn’t feel like one while living through it.
“There were too many sleepless nights, too much doubt, and plenty of days where it felt like we were carrying more weight than momentum.”
However, he changed his mind after speaking to his family.
“It also made me realise something else: while we give plenty of updates on THG, we haven’t properly shared an update on THG Ingenuity for some time.
“It’s also good to see THG Ingenuity shares trading on the JP Jenkins private companies platform reflecting 2025’s progress.
“Since demerging at 42.3p, THG Ingenuity have steadily risen through the year, with small holders now trading shares between each other at 125p: trebling in the first 12 months of being private.
“Strategic stakes obviously attract a higher valuation again, as seen with the Google partnership we announced in H2 25, but it’s great to see smaller shareholders being active in the share register.
2025 was a great year
“And so, yes, it’s fair to say 2025 ended up being a great year, even if THG Ingenuity caused a few sleepless nights along the way.”