The Hut Group hails ‘record-breaking’ year
Annual sales have soared to £736m at The Hut Group following a year of significant growth and investment at the online retailer.
The company grew its revenue by 47 per cent from £501m in 2016 to £736m for the 12-month period to 31 December 2017, with international sales rising by 62 per cent to £512m, according to financial results published this morning.
Its gross profit was also up by 51 per cent, to £318m.
“2017 was a year of significant development and growth for The Hut Group, as we invested in our infrastructure, our technology platform, our people and our brands,” said CEO Matthew Moulding.
The Hut Group made £164m in strategic acquisitions during the year, including Hangar Seven, UK2 and GLOSSYBOX.
It also invested £25m in its technology platform, THG Ingenuity, which now operates on 35 languages and 42 currencies, is supported by 32 payment options and delivers to 193 territories.
The group also said that work has now begun on its new 870,000 sq ft head office at Manchester Airport. The work will be completed in stages over the next two years and will ultimately house around 10,000 employees.
Moulding added: “During the year our acquisitions of Hangar Seven and UK2 saw us develop further our propriety technology platform, THG Ingenuity, and investments in key brands such as ESPA, Illamasqua and GLOSSYBOX further extended our leading beauty offer.
“With our growing, talented workforce, our leading brands and our cutting-edge technology and infrastructure, we look forward to a further year of growth in 2018.”
The Hut Group created 1,884 jobs in 2017, ending the year with a global workforce of more than 4,000 colleagues.
The company said it expects to create a further 2,000 new jobs in 2018.
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