Manchester-headquartered online retailer THG has reported revenue growth of 7 per cent in the first quarter of 2026, the highest Q1 figure for five years.
Building on the momentum of a strong end to 2025, the company’s group revenue was £393.1m, while Myprotein, the world’s largest online sports nutrition brand, saw its revenues rise by 8.8 per cent to £159.8m.
Beauty revenue was up 5.8 per cent to £233.3m, supported by strong UK order growth and continued outperformance in the US.
THG also delivered its strongest Q1 cash flow performance in three years and has reiterated full-year guidance for FY 2026.
The update saw THG’s share price rise 7 per cent in early trading to 41.46p, giving the company a market cap of £674m.
CEO and founder Matt Moulding said: “It is energising for everyone at THG to see such a strong start to 2026, building on the better-than-expected momentum we delivered in H2 2025.
“In Beauty, Lookfantastic is once again outperforming the market following two years of business model change, while the US continues to perform strongly.
“In Nutrition, our diversification into margin-accretive categories is really paying off.
“Activewear continues to deliver exceptional growth, with annualised run-rate sales now fast approaching our £100m ambition.
“Growth across activewear and other high-margin categories, including creatine, hydration and collagen, is helping to offset record whey commodity pricing.
“While the geopolitical backdrop remains uncertain, we enter Q2 with confidence after a better-than-expected Q1, giving us a stronger base against any unforeseen risks later in the year.”
The company said it is continuing to monitor developments in the Middle East, with affected regions representing less than 1.5 per cent of its revenue in 2025.
Go mum!
Moulding later took to LinkedIn to reveal that his mum had been ‘worried sick about how I’ve been coping running THG the past few years’.
A few years ago his mother famously told one journalist: “You must lead very dreary lives in your dead-end jobs.”
Writing to his 38,000 followers on LinkedIn, he said: “Parenting worries never end, I see that with my own mum. Not once have we talked about it, but I know she’s been worried sick about how I’ve been coping running THG the past few years.
“To be fair, we haven’t had to talk about it. She’s made her feelings very clear directly to some of the most toxic protagonists, calling out journalists she saw as fabricating stories and personas just to make a few quid, alongside certain banking and hedge fund circles.
“I only discovered months after buying the newspaper in 2023 that City AM awarded my mum ‘Mum of the Year’ in early 2022 for standing up publicly. It made me chuckle.
“A great-grandmother in her 70s taking on people half her age and not backing down. Some even tried to ridicule her, clowns. Go mum.”
Moulding shared some family photos from his and wife Jodie’s 20th anniversary party a few weeks ago.