The chief executive of THG has hailed "another strong quarter of progress" despite a fall in its sales.
The Manchester-headquartered online retail and software group has reported a group revenue of £466.5m for the three months to September 30, 2023, its third quarter. That figure is down 4.4% year on year.
THG Beauty's revenue fell by the same margin to £272m while THG Nutrition declined by 4.6% to £156.2m. THG Ingenuity's revenue also fell by 8.8% to £155.7m.
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THG's revenue dipped by 6.5% during its second quarter and by 5.6% in its first. The figures come after The Telegraph reported that THG is exploring a possible IPO of its Myprotein brand in the US.
Chief executive Matthew Moulding said: "Q3 has been another strong quarter of progress across the group, with each division delivering improved performances. The pivots made within each division to ensure they thrive in a high inflation global environment are bearing fruit.
"The momentum with which we exited Q3 was especially pleasing, with the group returning to positive constant currency revenue growth of +3.2% in September, driven by a strong performance across our beauty division.
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"We remain focussed on restoring margins to pre-inflation levels while continuing to focus on cash generation. This is reflected in a best ever Q3 profit performance from our nutrition division.
"Our cash discipline has been excellent, reflected in delivering positive free cash flow of £5m, despite making c.£140m of capex investments, over the last twelve-month period. The steps we have taken will further underpin the future cash generation of the group.
"Both our operations and inventory are well positioned ahead of peak trading, with the benefits of our investment in 海角视频 and US automated fulfilment centres enhancing the customer proposition through accelerated delivery times, positively influencing customer contact rates and overall satisfaction. The group is exceptionally well invested with a strong balance sheet, with each division well positioned to grow market share in any market conditions."