Revenue rockets at listed THG

Posted on January 12, 2021 by Jonathan Symcox

THG

Revenue climbed more than 50% at The Hut Group in the final quarter of 2020. 

The Manchester-headquartered firm, which listed on the London Stock Exchange last year, delivered sales of £558.7m, versus £370m in the previous year. 

The group added more than 3.5m active customers during Q4 alone, with over 10.7m added during the full year, while app users across the group reached 2.6m from almost a standing start at the beginning of 2020. 

“I am pleased to report another strong performance through Q4 2020, during what has been a transformational year for THG,” said Executive Chairman and CEO Matthew Moulding. 

“Following our successful listing on the London Stock Exchange in September 2020, we have accelerated our sales growth across all areas of the group, underpinned by record new customer numbers. We have also started reinvesting capital raised at IPO, including over £360m in M&A, principally within the US beauty sector. 

“Furthermore, we have also invested significantly in our people, creating 3,000 new jobs during 2020, largely within the UK, but also across our international operations. 

“Each of these milestones further underpin THG’s strategic growth pillars outlined at IPO, giving management significant confidence when looking ahead to 2021 and beyond. 

The firm has also appointed Tiffany Hall as an independent non-executive director. Hall is a NED at B&M European Value Retail SA and previously served as CEO of BUPA Home Healthcare among other high-profile roles. 

Through her previous executive roles for leading consumer facing businesses, she will bring extensive sales and marketing expertise to the Group, in addition to her plc experience,” said Moulding.  

THG, which has come under fire for a perceived shortcoming in corporate governance in the national press, also appointed two independent special advisors to support its audit and risk committeeKatie Vickery, an international regulatory and compliance partner at Osborne Clarke LLP, and Andrew Dyson, a partner at DLA Piper, where he is global co-chair of the data protection, privacy and security group.  

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