RE: GOLDENYEARS17 Apr 2023 21:48
THG PLC ("THG" or the "Group"), the proprietary technology platform specialising in taking brands direct to consumers ("D2C") globally, announces its trading update for the period ended 31 December 2022 ("FY 2022").
· Record sales of £2.25 billion in FY 2022, with +9.4% growth in THG Beauty and THG Nutrition primary territories1.
· Significant investment in price strategy through 2022 to support long-term customer retention, alongside new customer growth in established and emerging markets.
· Cost base well positioned following completion of divisional reorganisation, with c. £100 million of cost savings and efficiencies identified and implemented in FY 2022. A further £30 million of savings targeted for delivery during FY 2023.
· Free cash generation2 of c. £50 million in H2 2022, driving strong balance sheet and liquidity with c. £640 million of cash and available facilities at year end.