THG Plc (THG) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everybody and thank you for joining us this morning for our interim results. We're going to do things slightly different today than the previous presentations that we've done. We've kept away from doing a walkthrough on a video of our presentation. Instead, what we've done, we've put the presentation online early along with the detailed R&S and then with a lot going on in the group at the moment, we think that a lengthier Q&A section will probably provide more value for everybody. In terms of the H1 itself, I think what I would say is it's been a solid half in general, but the makeup of that half has been somewhat a bit different than maybe we would have anticipated six or 12 months ago. Following the business model changes that we've made through 2022 and 2023, The beauty and ingenuity divisions have delivered record performances. So we're really pleased with the progress that we've made through those business model changes. And we see good momentum there as well coming into the second half and thereafter. So that's been a particularly pleasing performance. We've also got more contract wins with great success. positivity feeding through in terms of the ingenuity progress so again that's that's been solid we've faced some headwinds in the nutrition division probably the the biggest factor that you'll note in there has been through FX we've taken in excess of five million pounds with a profit hit from from FX principally around the Asia and and the well-documented volatility in the Japanese yen. I think one of the things to note from there is whilst that volatility is still there today, as we look forward to 2025, it's probably the first time now for a few years that we've been able to look forward to 2025 or the year ahead with some form of positivity ar...