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Hut Group ups 2021 forecasts after strong end to the year

(Sharecast News) – THG has increase its revenue forecasts for the current year after fourth-quarter sales comfortably beat expectations.
The online beauty and technology specialist said revenues were £558.7m in the three months to 31 December, up 51% on the same three months a year previously. Guidance had been for growth of between 40% and 45%.

Co-founder and executive chairman Matthew Moulding added: “Following our successful listing on the London Stock Exchange in September, we have accelerated our sales growth across all areas of the group, underpinned by record new customer numbers.

“We have also started reinvesting capital raised at IPO, including over £360m in M&A, principally within the US beauty sector.”

THG – owner of The Hut Group – is now predicting revenue growth of between 30% and 35% for 2021, “following the strong momentum with which THG has finished 2020, along with the expected contribution from Dermstore.com.”

THG announced the acquisition of online beauty retailer Dermstore.com on 29 December.

As at 1130 GMT, shares in THG were ahead 2% at 805.88p.

THG also named Tiffany Hall non-executive director on Tuesday. Hall was previously senior independent director and chairman of the remuneration committee at Howden Joinery Group, and is a current NED at B&M European Value Retail.

THG also named two lawyers – Katie Vickery and Andrew Dyson – as special advisors to the audit and risk committee.

THG has been criticised for its poor corporate governance. Its market debut was London’s biggest float since Worldpay in 2015, but its limited free float and the founder share held by Moulding prevents the shares from qualifying for inclusion in FTSE indices.

The company sells own and third-party branded goods to consumers via a portfolio of websites, and provides end-to-end technology services through its THG Ingenuity division.

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