Online retail giant THG's pre-tax losses grew by more than £30m despite its revenue jumping towards £1bn during the first half of its financial year. The company has also revealed plans to float its beauty division on the stock exchange next year.
The Manchester-headquartered group, which completed a £1.88bn IPO in 2020, has said THG Beauty will be separated and listed on a 'public share-trading exchange' in 2022.
In an update to the London Stock Exchange, THG also confirmed it posted pre-tax losses of £81.3m for the six months to June 30, 2021, compared to losses of £49.8m it reported for the same period in 2020.
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However its revenue surged from £675.6m to £958.8m over the same time.
THG Beauty's revenue increased from £295.6m to £460.8m while THG Nutrition's went from £258m to £328.4m and THG Ingenuity's grew to £85.8m from £61.4m. THG OnDemand's revenue went from £35.4m to £51.6m.
The group also confirmed that it is ahead of schedule for both the technical separation of each of its key trading divisions and the exercise of the SB Management Ingenuity investment option in 2022.
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Executive chairman and CEO Matthew Moulding said: "I am delighted to announce a strong first half performance across all divisions, as we continue to invest significantly in support of our strategic growth ambitions.
"This investment is across our entire business, including our infrastructure, namely our recently-opened ICON campus and our global distribution network, in our Ingenuity platform, in building leading digital brands, and most importantly, in our people.
"In May, we announced the financial and trading partnership opportunity with SoftBank, one of the world's leading technology investors.
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"We are only at the start of this relationship, but we are pleased to have already established multiple live commercial partnerships between the SoftBank portfolio and our Ingenuity platform.
"We continue to see an acceleration in levels of enquiry from global enterprises looking to leverage the Ingenuity platform, and I believe the global growth opportunity for Ingenuity to be unparalleled.
"Today we also update on the roadmap to separating our key trading divisions, and announce our commitment to list THG Beauty in 2022, which we believe will create further value for our shareholders.
"We are also proud to be launching our 2030 sustainability strategy, outlining our key priorities and commitments in the coming weeks."