THG has posted a decline sales for the fourth quarter of 2024 but said it remains on track to meet full-year expectations following the demerger of its Ingenuity technology platform.
For the three months to 31 December 2024, the MyProtein owner reported a 2.6% drop in revenue, totalling £552.4m.
Its full-year performance was in line with market forecasts, with continuing revenue up 1.1% to £1.9bn on a constant currency basis.
THG’s Beauty division, home to brands like Look Fantastic, MyProtein, and Cult Beauty, showed strong growth, with revenues rising 4.6% to £1.1bn.
The UK market performed especially well, driven by growth across skincare, cosmetics, and fragrance, with fragrance sales up 32% during the peak trading period. Lookfantastic also saw a significant uptick in traffic, recording twice as many visits as its nearest beauty competitor during the Cyber period.
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In contrast, THG’s Nutrition division, which includes MyProtein, faced challenges, with sales declining by 5% in Q4. However, THG noted improvements in both online and offline channels, with the division benefitting from strong retail partnerships and new product launches.
CEO Matt Moulding said: “I’m impressed by the Group’s agility and resilience during a year of significant change for THG, ranging from the Demerger of our Ingenuity business, to the sale or discontinuation of some non-core business units, and a major global rebrand of MyProtein in Nutrition.
“Our Beauty business had a standout year, underpinned by strong performances in the UK and US. The continued success of our customer loyalty and reward program, and the opening of our first-ever LookFantastic physical store, further cement our leadership position in the global Beauty market. These achievements demonstrated significant progress against our strategic priorities and set the stage for an even more remarkable 2025.
“Despite the transitory headwinds, MyProtein achieved several notable successes: entry into the dairy market through the launch of a long-term partnership with Müller; the commencement of a co-manufacturing relationship in Japan, the expansion of our Iceland partnership, and many other licensing and retail listing agreements. We are excited to further deepen our retail expansion strategy internationally in the forthcoming year.
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