Shares in Manchester-headquartered online retailer THG have risen today after it reported revenue growth of 7% in the first quarter of 2026 – the highest Q1 figure for five years.
THG shares are currently trading just below 40 pence (writing at 4.15pm), up 3% in today, after rising 7% in early trading.
In its results it said beauty revenue was up 5.8% to £233.3m, supported by strong UK order growth and continued outperformance in the US.
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% to £159.8m.
THG also delivered its strongest Q1 cash flow performance in three years and has reiterated full-year guidance for FY 2026.
THG shares are down 14% in the year to date but 37% up last 12 months.
CEO and founder Matt Moulding said this morning: “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.