THG CEO Matt Moulding has used the company’s end-of-year presentation to give an upbeat assessment of the online retailer’s fortunes.
Last week it was revealed the entrepreneur had increased his stake in the Manchester-headquartered online retailer to 25 per cent after the conversion of a convertible loan.
At the start of the year, THG Ingenuity became a standalone business after demerging from the profitable THG Beauty and THG Nutrition.
Moulding used THG’s end-of-year presentation to tell staff that the company was well placed to take advantage of a restructuring process that had seen it almost half its payroll.
The presentation focused on 2025 as the Year of the Snake and 2026 as the Year of the Horse – and what that symbolism meant for THG.
Writing on Linkedin, Moulding said: “The snake’s ability to shed its skin represents renewal and resilience.
“This feels particularly relevant as 2025 marks another major year of transformation for the group, reshaping THG post-Covid and positioning it for an AI-driven future.
“After more than a decade of stability, a post-Covid spike in whey prices, combined with the collapse of the Japanese Yen, had taken £95m of profit from Myprotein and THG since IPO.”
He added: “We can’t control commodities or currencies – so relentless focus went into what we could control.
“With c£1bn of banking facilities to refinance in the years ahead, decisive action was essential.
“At the start of 2022, THG had 10,200 colleagues, with an annual payroll of c.£400m.”
Moulding said a wide-ranging review identified the areas in the business that the company could become a global leader in and reach a set level of profitability within 18 months.
“If the answer was ‘no’, we exited,” he said. “This led to the sale of our entertainment and luxury divisions, alongside the sale or closure of multiple beauty brands in various territories.
“Since then, like the snake, THG has gone through something of a rebirth:
- THG revenue at c£1.7bn;
- THG Ingenuity revenue at £670m;
- Combined payroll nearly halved, with the help of 1,400 robots;
- £200m of combined annual cost savings;
- £95m of external profit headwinds fully absorbed; and
- Profitability better than before the dramatic whey &and FX movements.”
The founder said today Myprotein was the world’s leading sports nutrition brand and THG Beauty was the largest digital-first beauty platform globally, while THG Ingenuity continued to gain market share.”
He added: “2026 as the Year of the Horse signals freedom, energy, strength and independence.
“Given the intensity of the last few years, especially 2025, this sounds particularly welcoming to me and the senior teams at both THG and THG Ingenuity
“A huge amount achieved in 2025, thanks to all stakeholders for their support and help in evolving the businesses through 2025, it’s truly appreciated.
“When whey pricing and currencies finally normalise once again, we will be waiting with open arms.”
THG’s share price closed yesterday at 45.40p, giving it a market cap of £726.30m.