THG, the digital commerce group known for brands like MyProtein and Cult Beauty, has reported a resurgence in revenue growth during the final quarter of 2023 while also managing to slash its annual losses by half.
The Manchester company disclosed that its yearly revenue dipped by 8.7% to £2bn but said it saw an upturn in the last quarter.
Pre-tax losses were significantly reduced from £549.7m to £252m over the year.
Despite declines across its nutrition, beauty, and Ingenuity divisions throughout the year, THG highlighted the 海角视频 as its "key growth market" with British sales climbing to 45.8% of its total, up from 42.9% in the previous year.
CEO Matthew Moulding said: "In 2023, we made material progress against our strategic priorities, delivering significant profit growth following the support for our consumers through the cost-of-living crisis in 2022."
He added: "Having completed our recent infrastructure investment programme, the group is now delivering operating leverage.
"Our fulfilment network is becoming increasingly optimised through a combination of robotics automation, AI and the onboarding of new Ingenuity clients utilising existing capacity.
"The return to group revenue growth in Q4 was especially pleasing, and this momentum has continued into 2024."
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The past year was marked by volatility for THG, which included a takeover interest from private equity behemoth Apollo in April, hinting at a potential move to take the company private. However, less than a month later, the companies announced that their discussions had concluded without an agreement.
THG's shares skyrocketed when Apollo's interest was revealed, but plummeted back to their previous levels after it was withdrawn. The board stated that Apollo had not properly valued THG.
Around a month later, founder Mr Moulding relinquished his rights to veto any proposed takeover of the group, two years after pledging to do so. That had been one of the issues that shareholders concerned about corporate governance had pointed to when they criticised the company.
The firm also reduced its workforce by around 2,500 people in 2022 and 2023.
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