THG (LSE:THG), the Manchester-based e-commerce group behind Lookfantastic and Myprotein, reiterated its full-year revenue, adjusted EBITDA and cash guidance on Wednesday, citing first-half momentum that marks a sharp reversal from the same period a year ago.
First-half revenue grew approximately 6.5% on a constant currency basis, compared with a decline of 2.5% in the first half of 2025, with growth reaching around 7.6% when the company's Asian nutrition business is excluded following its pivot to a licensing model with local partners.
H1 adjusted EBITDA came in at least £40 million, approximately 95% higher year-on-year adjusting for the September 2025 sale of Claremont Ingredients, while the last-twelve-months figure to May 2026 reached £94 million, up from £68.9 million a year earlier.
The Term Loan B traded above par in the first half for the first time since its issuance in March 2025, which the company described as reflecting lender confidence following successive positive trading updates.
THG Beauty's skincare revenues rose 9.2% year to date, with Lookfantastic claiming the top spot among multi-brand beauty retailers on TikTok Shop and delivering around 48% year-on-year revenue growth in the second quarter.
In Nutrition, Myprotein reported unit growth of 60% year to date, supported by retail expansion and activewear diversification, though the company flagged "unprecedented whey commodity inflation" as an ongoing cost headwind.
An outstanding £78 million retrospective VAT claim submitted to HMRC, relating to protein powders and supplements, remains unresolved.
