LONDON, June 21 (Reuters) - THG, the online retail platform, forecast an increase in first half profit, helped by a strong performance from its nutrition site, and maintained its guidance for the full year.
The British company, which also owns beauty e-commerce sites as well as an online platform serving third-party brands, also said on Wednesday that founder and CEO Matthew Moulding had transferred the "Special Share" he held that allowed him to veto any hostile takeover offer. The Special Share will be cancelled by THG.
The group, which last month ended takeover talks with Apollo Global Management, intends to move to a premium listing but the timing is subject to the final outcome of the Financial Conduct Authority's review for reform of the listing regime.
In a trading update published ahead of its annual shareholders' meeting, THG forecast first-half adjusted core earnings in the range of 44 million pounds to 47 million pounds ($56-$60 million), up from 32.3 million pounds in the same period last year.
It said the nutrition business was benefiting from easing commodity prices, with further margin benefits expected in the second half.
THG said its guidance for the full year was unchanged, with adjusted core earnings expected to be in line with analysts' average forecast of 118.5 million pounds.
Shares in the group were up 1.9% in early trading, extending 2023 gains to 70.5%.