By anyone’s standards, THG has had a good week.
The Manchester-headquartered eCommerce group’s share price jumped by 30 per cent following the publication of its latest quarterly results.
But whisper it quietly: has THG finally turned a corner?
Group revenue grew by almost one per cent to £408.8m in the third quarter to September 30, 2026, but it was the improvement in profitability that really caught the eye.
Growing momentum prompted THG to upgrade its full-year adjusted EBITDA expectations to £103m – ahead of both market consensus and its previous guidance.
The group also confirmed it remains on track to deliver its first year of positive free cash flow since its 2020 IPO, forecasting between £25m and £35m for FY26, in line with consensus.
Investment banks Jefferies Financial Group and Peel Hunt were among those to react favourably to the update.
THG’s share price enjoyed an immediate 15 per cent bounce and, unlike some previous rallies, the gains weren’t quickly wiped out.
By the end of the week, the shares stood at 35.44p – a significant rise from 26.04p on October 1 and their highest level since April 2026.
Normally, such news might have prompted a punchy LinkedIn post from THG founder and CEO Matthew Moulding.
However, Moulding hasn’t posted on the platform for five months, since the publication of the group’s Q1 results.
Instead, he limited his comments to a formal statement issued to the London Stock Exchange.
He said: “Q4 is traditionally our busiest and most cash-generative quarter, and we enter this important trading period with confidence. With strong operational momentum, improving profitability and continued strategic progress across both divisions, we expect to deliver an acceleration in group revenue in Q4.”
It may be premature to suggest THG has turned a corner, particularly when it comes to its share price, but there are genuine grounds for optimism.
The wholesale price of whey, a key ingredient in Myprotein products, has fallen significantly in recent weeks, although it remains elevated by historical standards.
THG is also awaiting an update from HMRC on a potential £60m VAT repayment following a protracted legal dispute over the tax treatment of protein products.
A favourable outcome could provide another significant boost to the group’s finances.
One analyst told me: “It’s THG’s biggest two-day increase (in percentage terms) since being on the stock market.
“The fall in the price of whey is significant as is talk of a rebate from HMRC and possible disposals. Is THG finally getting it right again.”
One private investor I spoke to welcomed the latest results while warning that the road to recovery remains a long one.
Describing himself as an ‘underwater investor’, he said THG needed to deliver four consecutive strong quarters, eliminate its debt and potentially dispose of some assets before its share price could return to the magical £2 mark.
For now, THG has given investors something they haven’t had much of in recent years: reasons to be optimistic.