The Hut Group profits have rocketed while total sales have surpassed £1bn driven by new brand acquisitions and investment in technology.
For the year ended December 31, 2019 the online health and beauty retailer reported a 22% increase in gross profit to £511m and a 22% climb in EBITDA to £111m.
Total group sales soared 24% to £1.14bn and showed particular strength in own brand and international sales.
During the period, the retailer also secured a new €1bn banking credit facility which it has pledged to spend on driving major investments in beauty, nutrition, technology and infrastructure.
The Hut Group acquired a number of brands during the year including haircare beauty retailer Christophe Robin, signed a technology agreement with Nestlé and, most recently, exchanged contracts with Manchester Airport to develop “THQ” and its own airline.
The online retailer said it had invested over £600m in its “leading proprietary ecommerce technology engine” over the last three years, which in turn had seen it “significantly expanding” its client base of international retailers.
Matthew Moulding, chief executive of The Hut Group, said: “It has been a year of significant progress across the Group. We have continued to make huge investments to develop our infrastructure, technology, brands and people, which continue to deliver substantial growth, with Group Sales of £1.1bn in 2019.
“THG has continued to develop our end-to-end technology platform, THG Ingenuity, which powers both our own brands and a growing number of major global consumer groups. We have significantly expanded our global fulfilment capability, broadening our reach to customers in 169 countries. THG has also made important investments in our THG Experience portfolio, expanding the offering of our influencer platform, bringing over 5,000 influencers currently to both our own and our partner brands.
“Our people are the key to our success, and we have continued to invest in our talented teams. The development of the THQ business campus continues at pace and demonstrates our commitment to investing in our people. THG has an excellent platform for growth with an outstanding portfolio of prestigious brands, powered by THG Ingenuity.”