Sales at THG have fallen in the final quarter of 2024 as the group completed its demerger of the Ingenuity platform.
The trading update for the three months to 31 December is the company’s first since splitting off Ingenuity as a private independent business.
THG said the move left the group as a global, cash-generative, health & wellness consumer brands group comprising THG Beauty and THG Nutrition.
Adjusted EBITDA is expected to be in line with forecasts for 2024 as underlying trends in Nutrition continued to improve in the second half, while margins expanded in Beauty.
Revenues at the two remaining divisions fell 5% to £493.7m in the final quarter and by 2.5% to £1.7bn for the year.
Total revenues for the whole group also declined by 5% to £1.9bn as THG withdrew from a number of categories within own-brand beauty.
Sales at THG Beauty increased 4.6% to £1.1bn last year, offsetting an 8.7% fall at Nutrition as the division underwent a rebrand for Myprotein and sold off old stock on promotion.
THG guided for mid-single-digit revenue growth for the new company in 2025.
Founder and CEO Matthew Moulding said he was impressed by the group’s agility and resilience during a year of significant change, ranging from the demerger of Ingenuity to the sale or discontinuation of non-core business units and a major global rebrand of Myprotein in Nutrition.
“I would like to thank everyone involved at THG for their immense efforts during a transformative year for the business. I’m looking forward to further strong progress in 2025,” he added.
Shares in THG rose 0.8% to 39.8p on the back of the trading update.
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