Ecommerce giant THG, which owns the likes of Look Fantastic, MyProtein, and Cult Beauty, has reported a dip in sales for the fourth quarter but said it expects full year adjusted EBITDA to be “in line” with expectations in its first update since demerging its technology platform Ingenuity.

For the fourth quarter to December 31, 2024, THG reported a 2.6% decline in group revenue year on year of £552.4m.

THG’s beauty arm saw sales decline 1.3% for the quarter while its nutrition arm saw a bigger decline of 12.7% in terms of revenue.

THG said that within THG Beauty, it took the decision to “withdraw from cosmetics and masstige products” in an attempt to focus on the growth opportunity within “prestige skincare, spa and specialist products”.

During the fourth quarter THG gained 1.6 million new app users while average order values on MyProtein and Look Fantastic, two of its largest brands, were up 10% and 8% respectively.

With an eye to the full year, THG said full-year adjusted EBITDA is exepcted to be “in-line with the consensus range”.

THG said its beauty arm has had a “standout” year with full year revenue up 4.6% which has offset a “transitional year” for THG Nutrition as sales fell 11.9% in total. THG said this was a result of promotional activity as part of its rebrand to “clear old brand stock”.

THG chief executive Matthew Moulding said: “I’m impressed by the group’s agility and resilience during a year of significant change for THG, ranging from the demerger of our Ingenuity business, to the sale or discontinuation of some non-core business units, and a major global rebrand of Myprotein in nutrition.

“Our beauty business had a standout year, underpinned by strong performances in the UK and US. The continued success of our customer loyalty and reward program, and the opening of our first-ever Look Fantastic physical store, further cement our leadership position in the global beauty market. These achievements demonstrated significant progress against our strategic priorities and set the stage for an even more remarkable 2025.

“Despite the transitory headwinds, Myprotein achieved several notable successes: entry into the dairy market through the launch of a long-term partnership with Müller; the commencement of a co-manufacturing relationship in Japan, the expansion of our Iceland partnership, and many other licensing and retail listing agreements. We are excited to further deepen our retail expansion strategy internationally in the forthcoming year.

“I would like to thank everyone involved at THG for their immense efforts during a transformative year for the business. I’m looking forward to further strong progress in 2025.”

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