THG swings back to growth as MyProtein and beauty lift profits

Ahead of its AGM today, the group announced revenues in the first half of the financial year had grown 6.5%, after a 2.5% decline in the same period last year.

THG’s rolling 12-month adjusted EBITDA reached £94m to May 2026, up 36% year on year, which it said was attributable to group’s push to tighten costs and maintain gross margins, as well as category expansion. First half EBITDA came in at at least £40m, which was roughly double that of the same period last year following the sale of ingredients business Claremont in September 2025. 

The group reported that a strong performance by its nutrition brand MyProtein had contributed to the positive growth, with unit volumes up 60%. 

A strong performance in skincare, up 9.2% had delivered revenue growth for the group’s beauty division, and its ecommerce brand Lookfantastic “continues to outpace the UK prestige beauty market”, delivering year-on-year revenue growth of 48%, according to the retailer’s statement to markets this morning. 

THG chief executive Matthew Moulding said: “We are on track with our growth and margin expansion strategy across the Group. By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base.

“In THG Nutrition, Myprotein is reaching more consumers than ever. Year-to-date unit growth of +60% has been underpinned by our rapid retail expansion and category diversification, with c.18% of D2C customers purchasing activewear in May 2026.

“The Group continues to deliver strong year-on-year Adjusted EBITDA growth, notwithstanding the broader macroeconomic backdrop, including unprecedented whey commodity inflation levels.”