Liberum16 Jan 2024 12:00
THG's 2023 performance came in as expected, with all divisions getting set for growth, Liberum analysts Wayne Brown and Anubhav Malhotra say in a note. The e-commerce company--known as the Hut Group--reported a robust margin recovery in nutrition, which enables a return to faster revenue growth in 2024, they say. The beauty sector registered a return to growth in all areas and also a robust recovery in margins, the analysts highlight. Added to that, new contract wins for its Ingenuity platform will compound into 2024 with a solid pipeline, they say. "2023 saw material improvements in governance and now with expectations being managed tightly, confidence in guidance and the outlook should underpin share price recovery," the analysts say. Shares are up 9.8%.