THG PLC (LSE:THG) (THG) said in its preliminary FY 2025 results that group revenue increased 2.3% on a continuing constant-currency basis to £1,717.0m, Adjusted EBITDA was £76.6m (ahead of company guidance of c.£74m), and profit after tax turned positive to £54.1m following the disposal of Claremont Ingredients.
The company, parent to the MyProtein sports supplements brand, reported a strong H2 and record H2 performance, exiting the year with Q4 revenue growth of +7.2% and citing Lookfantastic UK growth of +16.2% in the UK & Ireland; THG Beauty recovered in H2 (+5.4% vs -5.9% H1). THG Nutrition grew across all four quarters, expanding Myprotein into over 40,000 retail doors and recording 43m licensed products sold in FY 2025, with activewear representing c.12% of D2C sales. "Today's results reflect the strength of our business models and the exceptional execution by the team," Matthew Moulding, CEO of THG, said.
Balance-sheet moves were material: the company flagged a £162m gross debt reduction alongside £103m cash proceeds from the Claremont sale and said it had c.£333m of cash and available facilities before any VAT claim proceeds. Operating profit improved to £8.1m from a £147.9m loss in FY 2024, and the filing said a favourable First Tier Tribunal ruling on protein powders has led THG to submit retrospective VAT claims totalling c.£78m (c.£60m for protein powders and c.£18m for certain supplements), with HMRC due to provide a substantive update by the end of Spring 2026.
THG left FY 2026 expectations unchanged and said net debt is expected to fall to between c.£110m–£130m before any strategic asset disposals, driven by anticipated free cash flow of c.£25m–£50m and potential VAT repayments.
