Updates

THG - Operational momentum is improving

July 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

THG has reported a ‘strong’ Q2 and Nutrition was highlighted as having recorded a ‘particularly strong’ start to the year. Although no specific deals are highlighted, Ingenuity continues to make ‘good progress on building its client base’ - crucially, the business remains on track to add £1bn incremental GMV during FY23. All this is guided to support a 40% improvement in H1 adj. EBITDA to £44-47m (H1'22 £32m) and THG also remains ‘well on track’ to deliver the previously-guided neutral FCF performance through FY23. In terms of corporate governance, the CEO/Chairman roles split and chief executive Matt Moulding will give up his “golden share” in September, which has given him a right to veto a takeover. The group continues to targ ...

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