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Retail & Consumer

The Hut Group now expects revenues to soar by 35% this year

The Manchester e-commerce giant had a great 2020 - including floating on the London Stock Exchange and creating 3,000 jobs

Matthew Moulding, CEO of The Hut Group(Image: Publicity Picture)

The Hut Group has said it expects revenues to soar by 35% this year after a strong peak trading performance.

The Manchester-based e-commerce giant has raised its revenue forecasts for the 2021 financial year to between 30% and 35%.

That followed a strong fourth quarter, with revenue growth standing at 51%, it said in a trading statement on Tuesday.

Revenue for the group, which floated on the London Stock Exchange last year, was £558.7m during that time, up from 2019's £370m.

The statement said that the group added over 3.5m new active customers during Q4 2020 alone, with over 10.7m added during the full year.

Matthew Moulding, executive chairman and CEO of the group owning brands such as MyProtein, Lookfantastic and THG Beauty, said: "I am pleased to report another strong performance through Q4 2020, during what has been a transformational year for THG.

"Due to the focus and dedication of our rapidly growing global workforce we have delivered some significant milestones in 2020.

"Following our successful listing on the London Stock Exchange in September 2020, we have accelerated our sales growth across all areas of the group, underpinned by record new customer numbers.