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PRIVACY
Retail & Consumer

THG responds after shares plummet by a third following investor meeting

THG had been holding an event for analysts and investors

Matthew Moulding, CEO and executive chairman of THG

Online retail giant THG has responded after its share price plummeted by almost 35% on Tuesday.

In a statement to the London Stock Exchange, the Manchester-headquartered group said it "knows of no notifiable reason for the material share price movement, and that no material new information was disclosed" at its capital market event.

Shares closed 151.8p lower at 285p following the event where CEO and founder Matthew Moulding hosted a meeting with analysts and investors to explain the group's Ingenuity sales platform and address investor concerns about the business.

READ MORE: Social Chain co-founder Dominic McGregor launches multimillion-pound fund with Manchester entrepreneurs to grow start-ups

The company is facing concerns over proposals to spin off its beauty arm, and its tech platform.

THG said: "Since its IPO in September 2020, THG has consistently delivered ahead of its targets set at the time of IPO and recently reported a strong first half performance across all divisions, with Group revenue of £958.8m, +44.7% YoY (CCY).

"The group also has a very strong liquidity position as it enters its peak trading season, with available cash as at 30 September 2021 of £700m across long dated 3-5 year facilities.