THG’s share price has continued its impressive recovery following the publication of its latest quarterly results.
Last week, the Manchester-headquartered eCommerce group’s share price jumped by 12 per cent – in addition to the 30 per cent spike following the release of its third-quarter results the week before.
By the end of last week, the shares stood at 35.44p – up from 26.04p on October 1 and their highest level since April 2026.
The recovery has continued this week, with the shares closing on Friday (October 23) at 39.70p – a further rise of 12 per cent and THG’s highest level since January 2026.
The company’s market capitalisation now stands at approximately £651m.
The strong performance of Myprotein and falling whey prices – a key ingredient in its products – have been partly credited with the revival in THG’s share price.
Group revenue grew by almost 1 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.
THG continues to await HMRC’s decision 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.
Despite the recent recovery, THG’s market capitalisation remains a fraction of its £5.4bn valuation at the time of its blockbuster IPO in 2020.
All eyes are now on its Q4 performance, which is traditionally its busiest period.
CEO and co-founder Matthew Moulding has been included in BusinessCloud’s 2026 Northern Leaders list.