The Hut Group sees profits grow after last year’s IPO
The Hut Group (THG) has reported growth across all areas of the business following its public offering last year.
The tech platform and beauty retailer recorded adjusted EBITDA up 39% year on year to £81.2 million in the six months to June 30. The retailer said this was driven by a 45% jump in revenues over the same period to £958.8 million, up 95% compared with 2019. THG said all divisions of the business had grown over the period, with revenues at its beauty sub-section up 59%.
The retail group which has soared in value to £7.5 billion on the back of the pandemic-fuellled online boom, said that next year it would list THG Beauty, which includes the cosmetic brands Espa, Perricone and Illamasqua and online platforms Look Fantastic, Dermstore and Cult Beauty, which it bought last month for £275 million.
THG said separating its key trading divisions will position the business for further growth globally as well as expand its own-brand portfolio.
Chief executive Matthew Moulding said: “I am delighted to announce a strong first-half performance across all divisions as we continue to invest significantly in support of our strategic growth ambitions.
“This investment is across our entire business, including our infrastructure, namely our recently opened ICON campus and our global distribution network, in our Ingenuity platform, in building leading digital brands and, most importantly, in our people.
“In May, we announced the financial and trading partnership opportunity with SoftBank, one of the world’s leading technology investors. We are only at the start of this relationship, but we are pleased to have already established multiple live commercial partnerships between the SoftBank portfolio and our Ingenuity platform.
“We continue to see an acceleration in levels of enquiry from global enterprises looking to leverage the Ingenuity platform, and I believe the global growth opportunity for Ingenuity to be unparalleled.
“Today we also update on the roadmap to separating our key trading divisions and announce our commitment to list THG Beauty in 2022, which we believe will create further value for our shareholders.
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