RE: THG cutting jobs and division5 Apr 2023 19:08
This shouldn't come as any surprise really as it is part of the £100M cost cutting and targeted savings through closure of loss-making parts of the business that were mentioned in January alongside the 2000 jobs that haven't been replaced.
Here's 3 hooks from that statement
• Simplification of the Group leading to a strategic review of loss-making categories and territories within the THG OnDemand division, underpinning FY 2023 profitability improvements.
• the proactive decision to discontinue a proportion of loss-making OnDemand sales, primarily across international markets, using the peak trading period to reduce residual inventory impacting revenue and profitability;
• While the decision to discontinue certain trading activities has occurred already, the full outcome of the review will complete in H1 2023.
Surprised at the fall into the close given the overall volume traded and that 1M share trade which I had as a buy.
Blessing in disguise though as its a new ISA year tomorrow and a cheaper entry price for KLSO's next £3M should they wish.