Business
AGM trading update and Frasers Group partnership
AGM trading update and Frasers Group partnership.
About this update from Thg Plc
[{"type":"text","content":"\n\n24 June 2024\n \nTHG PLC\n \nAGM Trading Statement\n \n \nGroup performance on track, FY 2024 guidance unchanged\n \nMulti-year THG Ingenuity & Myprotein partnership agreed with Frasers Group PLC\n \n \n \nTHG PLC (\"THG\" or the \"Group\") provides the following update on trading ahead of its Annual General Meeting (AGM) later today.\n \nAll comparative figures are continuing CCY unless otherwise stated.\n \nThe Group has made further progress in H1 2024 in line with previous revenue guidance, and Q2 will represent the third consecutive quarter of year-on-year (YoY) revenue growth. The Group's performance is underpinned by positive trading within the Beauty, external Ingenuity and offline Nutrition businesses, which have helped offset continuing FX headwinds within Asia. Guidance for FY 2024 remains unchanged[1].\n \n \nTHG Beauty\n \n· Positive momentum from Q4 2023 continued into H1 2024 with a strong recovery in beauty manufacturing following the prior year industry de-stocking.\n \n· Customer engagement continues to strengthen across THG Beauty with a +45% increase in app downloads YoY, and increasing loyalty programme membership.\n \n \nTHG Nutrition\n \n· The rebranding across the Myprotein range is progressing well, with c.80% of products by online revenue planned to be under new branding by the end of Q3 2024. Offline retailers are responding especially well to the new brand positioning, with major listings now live across key territories. These include both Costco and GNC in the US, as well as across major UK grocers, Boots and WHSmith.\n  ...