THG PLC has posted a strong trading update ahead of its annual general meeting later today.
The beauty and nutrition eCommerce retailer says revenue in H1 grew 6.5% while adjusted EBITDA of at least £40 million is up 36% year-on-year, “supporting strongest H1 free cash flow since 2021”.
It reiterated its full-year guidance.
It said the EBITDA figure is up 95% YoT when adjusted for the sale of Claremont Ingredients in September 2025.
“We are on track with our growth and margin expansion strategy across the group,” said Matt Moulding (pictured), CEO. “By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base.
“In THG Nutrition, Myprotein is reaching more consumers than ever. Year-to-date unit growth of 60% has been underpinned by our rapid retail expansion and category diversification, with c.18% of D2C customers purchasing activewear in May 2026.
“The group continues to deliver strong year-on-year adjusted EBITDA growth, notwithstanding the broader macroeconomic backdrop, including unprecedented whey commodity inflation levels.”
THG Beauty revenue growth was underpinned by a strong skincare performance (+9.2% YTD).
THG said campaign and ambassador activity remains a key engagement tool, with its Olivia Attwood launch delivering strong conversion and positive brand health momentum.
Lookfantastic was the No.1 multi-brand beauty retailer on TikTok Shop, it said, delivering YoY revenue growth of 48% in Q2.
THG Nutrition sales growth continued across online and offline channels.
Myprotein reinforced its category leadership in B2B channels, THG claimed, outpacing the sports nutrition market by 50%.
THG added that its retrospective VAT claims of £78m to HMRC – following the ruling in favour of Sun Warrior against HMRC – are ongoing.