THG Plc (THG) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining us for THG's half-year results presentation. As I said in the statement this morning, trading momentum continues to build positively with the strategic changes implemented last year across both THG Beauty and THG Nutrition now bearing results. H1 was a performance of two halves. We entered the year following a period of focused execution, implementing significant strategic initiatives and model changes across the group, including the completion of the demerger of our tech and robotics division, Ingenuity. In THG Beauty, we disposed of some of our smaller operations, commenced the cycle of investment in our portfolio of own brands, and took the decision to prioritise retail trading in the UK and the US. In THG Nutrition, the MyProtein global rebrand was a major talking point last year, and it's been important to gauge sentiment from existing D2C customers, new consumers, and our developing network of retail and licence partners. It's clear the positive reaction to the new positioning of MyProtein is starting to speak for itself with accelerating sales growth and a rapid rollout across offline retail. In a dynamic consumer environment, our results demonstrate the resilience of our digital first model. And as we move through Q3, I'm pleased to say the group is delivering positive growth across both our businesses. Three key achievements from H1 stand out. First is the successful return to growth for our THG nutrition division, which delivered 3% revenue growth, driven by a return to growth in new customers, as well as significant expansion of our offline retail offering across Europe, the US and Asia. Secondly, in THG Beauty, we delivered a resilient trading performance despite a slower start to the year. While strategic c...