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I trust many of us have read the Annual Report. After the poor results the next thing I was struck by was the sheer size of it. 204 pages.

There are no rules to the size of an audited Annual Report, just to its contents. It is quite possible, many companies do it, to produce a report of about 40 pages.

So once again, waste of money, time, grandstanding and using thousands of words to send out the wrong message.

Fundamentally, if MM, and the BOD, are serious of a turnaround then MM has to relinquish being CEO of either Ingenuity or THG. If not, then the shenanigans are going to continue.

If this business is going to be profitable and have distributary income then there has to be a massive move back to basics by the management team.

They have been investing money trying to be too clever in growing the business. Yet this year the total loss on the income statement was £326m.

Some clear and simple tough decisions have to be made. All investments have to stand up to scrutiny before they are made; these constant Exceptional Costs need to stop and the only way to do it is not screw up in the first place .Administration Costs have to be significantly reduced, I’d say by at least 25%.

In short, for a couple of years the business has to become Lean (and boring) until sustainable better margins and retained earnings are made.

Finally, MM can’t stay on as CEO of both Ingenuity and THG. If we can see it clearly as being too conflicted, why can’t the BOD and II’s.

The THG share peaked at 838. It is now worth just under 3% of that value.

Imagine buying in then. Someone must have.

For every one pound they put into the hands of THG management, that management turned it into 3p today.

If you’d asked a management team to actually do that it would seem an impossible task. But this Board did it while thinking they were going to turn it into £3.

Those cv building know nothings sitting around nodding and agreeing rubbish with each other. A bunch of monkeys doing a multiple choice questionnaire would have been right more often than them.

I mean though, what’s a £20m gap. It is really as good as parity now. It highlights brightly, without doubt, the level of ongoing value destroying management in this business. Shocking!!!

the market cap gap between thg and apn is now £20m. down from £30m yesterday. if it hits parity, mm, lord lucan and all the bod should leave in shame; in a line chanting “we are not worthy “ while being kicked up the **** by employees.

I just noticed. The SP at 24.44 is now less than half what it was for the demerger deal at 49p. Do you recall how we all felt at 49p.

“The Stable Outlook reflects our expectations of continued EBITDA recovery in 2025. “

EBITDA recovery doesn’t mean a profit recovery. MM and his BOD are unusually gifted at wiping out all profit and then some.

Sj74, “not many excuses left”.

A con artist doesn’t need excuses. That’s the problem here. No one believes him anymore. Do you really think that at year end ‘25, he is going to come up with a non adjusted, non exceptional set of profitable accounts. The only person he’s focused on making a return is him.

I really do wonder what the II’s and high net worth investors are doing. The amount of their losses must be breath taking.

A significant thing the BOD can do now is end the THG contract (no compensation) with Ingenuity. It can then be put out to tender. Of course Ingenuity can bid but the process needs to be transparent.

If MM won’t allow this, then he is proven to be compromised and of not having THG best interests at heart. He then needs to step down as CEO of THG.

This would have a significant impact on confidence in THG and profitability.

It must happen to save THG.

Thing is stan, APN likely has some retained distributable profits to show for it. Strangely it does make that sort of difference. Should we let the THG BOD in on this well kept secret?

At close of business today THG Market Cap is £319m.

APN is £290m. Down to £30m difference. Unbelievable, it’s soon going to be parity.

on the thg web page for ir it lists all previous years ebitda. to the uninitiated it looks like this is a continuously profitable business. the reality is thg has never made a profit. making a decent ebitda and then ******* it up a wall paying off a plethora of previous mistakes and stupidly does not a profitable company make.

can someone in thg finance explain to mm that it’s only a profit if it’s retained so that you can hold it, invest it, pay dividends, etc.

if all those previous years had retained profits then we might be valued in line with apn.

if h2 doesn’t look good then i suspect we are forever doomed. someone also needs to ask him for a guide on this year’s exceptionals. i’m sure they don’t all suddenly appear in p12.

Samb69, “i did say many months ago they should look at incorporating protein into chapatti flour”.

Whey stop there, why not mix it into t’hovis n t’ Yorkshire tea?

I hope you were being sarcastic samb

There is a singular question to ask about Moulding as CEO.

Does he govern with a focus on increasing Shareholder value or does he govern with a primary focus on protecting and increasing his own wealth?

I’m asking the question and some might say that the evidence points to the latter.

The sad reality is that if he 100% only worked on increasing Shareholder value then his own wealth would increase more and faster.

But then the Chairman should be asking this question of him everyday.

Good posts Oke.

When you tie all this in to other news it really tells a story we should all be wary of.

Moulding is clearly unfit to be CEO. He is egocentric and authoritarian. Buying Hotels? Can you see APN buying hotels. A fundamental of business management is to always, ‘remember what business you are in’. Moulding is all over the place.

Where are the chairman and BOD in this?

He is emotionally weak and needs to be liked. Hence, he over appoints, over promotes and over pays. He won’t deal with problem people so long as they are on side.

I really don’t believe these astonishing annual exceptional costs are behind us and 2025 is a new start. It will repeat next year. With such a financial labyrinth this company is in, how could it possibly now be clean. Oke is spot on, MM feels he can’t leave.

But for all MM’s faults, I despise the Chairman and BOD more for allowing this. They have the power to remove him but won’t. I’ve never known a business more in need of new Leadership. If and when that happens, then we will have a real clear out including the proverbial kitchen sink.

No matter how much we all hope things have changed and this year will be different, it just won’t and deep down we all know it and other potential investors know it. This is not a well run transparent investable company. It is Moulding’s opaque Ponzi scheme.

Accounts not on web site yet. No matter, I’m sure they’ll be there shortly.

Having a Quick Look at other stuff. They do waste their time and money doing and posting a lot of corporate do goodie stuff; to be seen to do the perceived right thing. Which is all well and good if you Mkt Cap is £6Bn and SP £5+. But when you’re failing and falling and you’re SP is a pitiful 25p, it makes you look out of touch tone deaf idiots.

Come on THG; Back to Basics.

Oke, good post. But don’t the same sale restraints attached to Nutrition also apply to beauty? If MM is reluctant to let go of Nutrition because of its overpriced logistics contract with Ingenuity, then the same applies to Beauty.

No one is going to buy anything off THG if MM tries to dictate they use his other business for deliveries. So, it looks like it is going to be hard for anyone to buy either division. It also says that he is scared that Ingenuity in its own right can’t win a competitive tender.

Some said yesterday MM looked crushed. But did he, maybe tired in tying up the business to protect himself. But if either division if sold comes with his handcuffs then they are not going to sell.

The only thing now the II’s can really do to save their investment is remove MM at the next AGM.

Investing101, MA stopped buying, maybe. But as always yesterday’s SP fall was based on just 1% of shares changing hands. This is why the shorts also love THG, you can move the SP around on little volume.

THG Leadership, all you have to do now is look at what Applied Nutrition are doing and copy it. Nothing else, nothing ‘smart’, just the basics done very well.

Also, appoint someone in finance to audit spending.

I want to see Exceptional Costs at ‘25 Year End not exceeding more than 5% of EBITDA. I say this because I’m not sure you actually have any targets or Controls in place.