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Hi 1pencil, on the attached link you have sent previously regarding protein prices - do you know which metric we should be focussing on as the bulk of what we are buying ? The west Europe fortnightly seems to have come down a decent amount but wasn’t sure if this is the metric to be focussed on https://www.clal.it/en/?section=whey

Been a few comments on director buys. Firstly, it was clear they were in a closed period as selling part of the business , and they have stated due to interims they are in a closed period, after the interims however unless there is other sales going on you would hope they may buy again!

The labs wasn’t demerger to ingenuity

The Wikipedia article on THG plc (retrieved early 2025) describes the company’s divisional structure, explicitly stating that the Beauty division operates its own product development and manufacturing facilities—including THG Labs in the UK and Bentley Laboratories in the USA. These are attributed to the Beauty division, which remained with THG plc post-demerger

It also still says in the website they do the manufacturing

Your point was about whey protein excuse being used so I was just highlighting glambia have stated this as an issue.

Of course as shareholder I would like to see thg ebitda , revenue and EPS up etc but am also patient to see how this u folds as we return back to decent growth and hopefully whey prices continue down.

404 that’s not fully correct. - see optimum nutrition update “ EBITDA margin of 12.7% (HY 2024: 17.7%), a decrease of 490bps as a result of elevated whey input costs”

Sinkin - read Matt’s LinkedIn , he did a mini update on it a while back. Also if you type thg news generally we should see media on it . Seems to be going well from the updates

Https://businesscloud.co.uk/news/could-thg-and-matt-moulding-be-about-to-sell-more-assets/

Finished up nearly 4 percent , shaken all over to allow a buy to go through . See what tomorrow brings

They are in a closed period with interims coming up

Oculus , most likely a tree shake . The info there is clear to see , this is now turning around.

I think it depends. If they believe that winning customers initially on price , then getting loyalty through taste and brand , then later on it’s easier to increase prices . They must be able to show it works otherwise they wouldn’t be doing it again!

103 million for 14 million revenue really does show what this could be worth

And just writing yesterday I think Myprotein in hyper growth mode. Exciting times

Just hope beauty can get itself in the same place. Doesn’t seem to get too much of a mention - maybe as it’s on its way out also!

Agreed I think we are seeing the ramp now , especially in Myprotein that by q1 next year will be in double digit as versus q1 this year. Personal opinion! And hopefully low protein prices at same time!

Annoying day, but does seem to be moving around to help a buyer out so assume this will make a late increase to allow the sale to happen? Just my thoughts based on recent shenanigans

They did an instagram post yesterday I think that said something new was about to drop - the creative looked familiar to this - https://www.davidberryman.co.uk/sectors-we-supply/drinks-soft-alcoholic

I don’t think we will get a guidance upgrade in September (as the growth we have and momentum will make up for the slower growth in H2. But I think the momentum into 2026 will defo see an upgrade!

Good find - key point at the end . Competitors in the space that are in chocolate are finding it harder to transition (ie rebrand as protein bars) and the challenges are price and taste. Myprotein seem to be doing well in both - especially with the release of the recent “nameless bar” they are too good and could get addictive.

Monty, that doesn’t make sense as at some point ie retirement MM will want an exit . He will want it to be at its peak and that reflected in share price . Right now expanding beauty offline and getting Myprotein more dominant seems to be the plan. Myprotein growth offline (170 million rev this year) is not ingenuity related so we should start seeing this in the numbers!

What did you read on Twitter? I heard something on Myprotein side and could be connected to a decent ingenuity update too. Hopefully something updated next few weeks - most likely on LinkedIn!

They have already said will be no dividend / shareholder returns as investing in growth . How will they open 20 new stores ? Or conquer the US market? It’s gonna take some £££. Should see some good updates soon though!

In Bristol

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