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THG keeps outlook after September recovery

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E-commerce firm THG has today announced it has acquired prestige skincare brand Biossance for $20m.
E-commerce firm THG has today announced it has acquired prestige skincare brand Biossance for $20m.

British e-commerce firm THG kept its annual revenue and earnings guidance that was downgraded last month, saying it returned to revenue growth on a constant currency basis in September.

The firm, which owns Morning Wire, runs online brands such as Lookfantastic and Myprotein, said on Tuesday third quarter to Sept. 30 revenue fell 2.1 per cent on a constant currency basis, a 480 basis points improvement on the previous quarter.

Revenue rose 3.2 per cent in September on the same basis.

The group maintained its guidance of full-year revenue of flat to down five per cent.

After a bumper £5.4bn ($7bn) London initial public offering in 2020, THG has issued multiple profit warnings that have weighed heavily on its shares and led to several takeover approaches, all of which have been rejected.

The stock is up 52 per cent so far this year.

Reuters – Yadarisa Shabong and James Davey