RE: Trading21 Jul 2025 14:26
So results in Sept to end of June, this is what MM said on the 25th June this year in trading up-date.
As anticipated, trading in the second quarter has been much improved across both Beauty and Nutrition, with the Group returning to CCY revenue growth, underpinned by a strong June exit rate supporting unchanged FY 2025 guidance.
THG Beauty
· Following a significant improvement quarter-on-quarter, Beauty is expected to deliver a revenue decline of between -2.0% and -3.0% (Q1: -9.8%).
· Beauty retail, which comprises the vast majority of the Beauty business, traded resiliently with growth in the UK (the largest territory) at its highest rate since Q1 2024 supporting market share gains (Source: Circana). The decision to withdraw from lower-margin Asia and European territories annualises in Q3, thereby neutralising the year-on-year revenue drag effect from that point onwards.
· Beauty own brand revenue was held back in the quarter reflecting timing differences of key customer orders which are expected to reverse in H2.
THG Nutrition
· Positive momentum within Nutrition continues to build, with new customer growth supporting a solid online performance. Q2 2025 revenue growth is expected to be between +5.0% and +7.0% (Q1 2025: +0.1%), with the business growing at its fastest rate since Q1 2022.
· From a largely standing start 3 years ago, Nutrition's offline strategy is gaining significant traction. Myprotein products are now available in over 34,000 doors, principally within the UK, US and Japan. New retail listings secured in Europe in H1 2025 include 900 stores for the Dutch health and wellness specialist Kruidvat. Asia momentum continues to build with listings in 7-Eleven (>3,000 stores in Taiwan and Singapore), Costco (Taiwan) and Decathlon (Vietnam market entry through store-in-store model).
So unless the world has fallen apart in the last few days of trading in this years half Y results and MM hasn't been telling untruths , there's NO reason to assume the results are going to be bad, how can they again unless there were/are some big L**'s told.
· Myprotein's move into both the offline and licensing space will see c.45 million units sold via these channels during 2025 through >40,000 global doors by the end of the year, enabling Myprotein to reach millions of new customers and further amplify brand awareness. The retail sales value of offline and licensed products is expected to be around £170m for FY 2025.