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That's the past, you cannot extrapolate and apply those percentages to the future GMV, it just doesn't work that way.

Each customer will have a different profile, size and requirement which are all very individual.

Its been a tough year but management are reacting steering the company forward, this is the core focus for my own investing strategy as eventually the ship will right itself ( not sure if that's the correct analogy but there you go, lol)

There's not enough detail in there for me to draw any conclusions on Ingenuity margins which has to be linked by way of services provide, for example lets say Ingenuity has 10 separate offerings;

> Marketing
>Influencer engagement
>Fulfilment

..an so on, how many of these ten does each client take with varying margins for each service.

I wouldn't expect THG to divulge exact details due to market confidentially but this is a huge variable when talking about Ingenuity clients.

My own thoughts fwiw, these two points seems to have caused some of the expected revenue miss. We know from other partnerships (Iceland in particular) just how long it can take, even when you own the brand such as Beauty.

o lengthier onboarding of higher revenue and margin Ingenuity partnerships; and

o disruption in the UK courier network during December impacting online gifting demand in Beauty in particular.

That said both should resolve themselves given time, larger Ingenuity partnerships are also highlighted with a mention of GMV.

This is an interesting metric, ultimately depends on what level of service Ingenuity provides to each customer.

· During 2023, the Group expects to add over £1 billion incremental GMV to the Ingenuity platform.

Overall disappointed with s/p reaction but this tends to happen where stock have a large retail following.

Sanford seem to be feeding the market, only reason for daily RNS is due to Rule 8, any change in holdings over 1%.

https://www.cnbc.com/2023/01/16/oecd-chinas-reopening-overwhelmingly-positive-to-tackle-inflation.html

Positive developments on REVB which had been a bit of a niggle given they are a customer of THG.

Bob Holts comments pointing to a brighter future once the decks are cleared, good news for REVB shareholders indeed.

M & G have also turned net buyers recently after being sellers during down turn.

https://sc.hkexnews.hk/gb/di.hkex.com.hk/di/NSAllFormList.aspx?sa2=an&sid=344192&corpn=HUTCHMED+(China)+Ltd.&sd=13/01/2022&ed=13/01/2023&cid=0&sa1=cl&scsd=13%2f01%2f2022&sced=13%2f01%2f2023&sc=13&src=MAIN&lang=EN&g_lang=en&

It may have been connected to those two large trades in London yesterday, 1.5m is quite lumpy for HCM with such a small free float.

Unusual trading in HK, up 11% a one point or 3.17 in UK pennies..

Canary, this is something that management get absolutely no credit for despite being on the money (and in the money)

"It's interesting , when MM set out the ‘protect the customer strategy’ and that THG would insulate them to some extent against the rise in commodities, a lot of posters and pundits thugs he was being a fool, part of that strategy was the belief that whey and other commodities would fall and so customers and THG would do well."

THG will emerge far stronger with more customers all part of the long term strategy.
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Addressing the question of selling part of the core business, this puzzles me as I wonder if those posting such questions have really researched the company in any depth ?

Good starting place is the Wikipedia page, it gives a good overview of THG's acquisitions from the get-go which total nearly £1.5b with many numbers omitted.

Given this is clearly their strategy why on earth would they dispose of a key division in a bear market?

https://en.wikipedia.org/wiki/THG_plc

As if to prove me wrong the moment I posted that NASDAQ correlation it went 100% the other way, lol

NASDAQ up 1.2%, HCM down a smidge.

It seems as though HCM has been added back in to NASDAQ type tracking platforms, doesn't always follow but a lot more connected (if that's the right word) than before.

Hard to say exactly but some of the competition may be locked in at much higher whey prices under contract.

It was suggested at the time THG should follow suit.

THG management have a huge amount of accumulated knowledge built up over 18 years including 2008 crash.

Cheers davey

Yup, agree -

"Clearly awaiting big new on global partnerships for Fruquintinib and others….."

If they do a deal similar in nature to Ocado the whole dynamic changes in an instant, this imo is the most likely and practicable but as management have indicated, all optionality is the name of the game.

.. or just wait

"The Group therefore remains on track to becoming broadly free cash flow neutral in FY 2023 and significantly free cash flow positive in FY 2024."

Yes, the AZ deal is an interesting one boosting pipeline together with a contingent payment on successful submission of baxdrostat.

Now China is back on everyone's radar as growth returns it it could tip the scales in our favour.

https://www.pharmaceutical-technology.com/news/astrazeneca-buy-cincor-pharma/#:~:text=AstraZeneca%20has%20signed%20a%20definitive,%2426%20per%20share%20in%20cash.

One reason THG attracts a lot of attention is down to how popular it is, always in the top ten share forums and yesterday at the top for most of the day.

Those writing articles to attract visitors to their platform will naturally go for the most readers, where possible try to keep posts to minimum, not easy when the price is up 20% but combine comments in one posts is ideal

No financial journalist (I use this term lightly) is going to write about something no one is going to read, same for rumour stories.

Nice link -

"I'll be there with my friends and partners from THG Ingenuity who are bringing a powerful end-to-end direct-to-consumer (DTC) platform (Tech and fulfilment) to US companies managing global brands"

Forgot the link -

Foxconn, Volkswagen and Apple top the list of largest foreign firms operating in China

The top 100 largest foreign firms in China generated revenues of US$1 trillion last year and employed three million people, according to Hurun

https://www.scmp.com/business/companies/article/3204088/foxconn-volkswagen-and-apple-top-list-largest-foreign-firms-operating-china-hurun