THG profits dip after slow start to the year for beauty

For the 26 weeks to June 30, 2025, the group reported adjusted EBITDA of £24m, down from £37.1m for the same period in 2024.

Group revenue for the period dipped 2.6% year on year to £783.4m, while gross margins slipped to 41.1%, which THG said reflected increased prices for whey on its nutrition business.

There were some green shoots however, with THG reporting its strongest trading period of the year so far in Q3 – with THG Beauty expecting to deliver between 1% and 3% growth in the second half. While THG Nutrition is expected to deliver between 10% and 12% growth.

THG chief executive Matthew Moulding said: “I’m really pleased at how THG has gained momentum throughout the first half and into Q3. A slower start to the year in Beauty, alongside record whey prices in Nutrition, initially held back performance, but we saw clear improvement in Q2, in particular supported by Myprotein offline retail and licensing sales.

“As a business we’ve reaped the benefits of the recent extensive strategic initiatives across the group, including the global rebranding of Myprotein throughout 2024. I’m especially pleased with the response to the new positioning of the Myprotein brand, reflected in the exciting breadth of partnerships we’re delivering with other global brand owners and a return to new customer growth. Our Beauty business particularly in the UK demonstrated impressive resilience, securing market share gains in Q2, with a growing loyalty base and successful new brand launches supporting a return to revenue growth in Q3.

“Meanwhile the refinancing of our long-term debt, as well as the sale of Claremont Ingredients, significantly reduces the group’s net debt position while highlighting the value of some of the lesser known, smaller businesses in THG.

“I’d like to thank everybody in the business for their dedication and focus during this transformative period which sets us up well for our most profitable and cash generative period in H2. Our momentum is positive and Q3 will be our strongest trading period of the year so far, underpinning our confidence in the outlook.”