Annual Report
and Accounts 2024
From a British start-up
to a global brand builder
THG PLC Annual Report and Accounts 2024
From a British start-up
to a global brand builder
What we do
Financial highlights
Statutory revenue
£1,751.4m
Total Group revenue (including discontinued
operations)
£1,943.3m
Post-demerger Adjusted EBITDA
1
£92.1m
Pre-demerger Adjusted EBITDA
1
£123.1m
Post-demerger Adjusted EBITDA margin
1
5.5%
Pre-demerger Adjusted EBITDA margin
1
6.5%
Statutory operating loss
£147.9m
Statutory loss after tax from continuing operations
£180.5m
More information online:
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ofCompany information
thg.com
1. Adjusted profit measures as defined in the glossary and
reconciled to the nearest GAAP number in the CFO report.
THG PLC
Contents
Strategic Report
2 Our purpose, vision and values
3 Our businesses
4 Chair’s Statement
6 Chief Executive Officer’s Review
8 Our investment case
10 Our strategy
13 Q&A
14 Our marketplace
16 THG Beauty
20 THG Nutrition
24 THG Ingenuity
26 Chief Financial Officer’s Review
36 Section 172 Statement: Stakeholder Engagement
43 Non-Financial and Sustainability Information Statement
44 Our people
46 Sustainability
62 TCFD
72 Risk management and informed decision-making
Governance
84 Corporate Governance Report
94 Audit Committee Report
100 Risk Committee Report
102 Nomination Committee Report
106 Related Party Committee Report
108 Sustainability Committee Report
110 Directors’ Remuneration Report
124 Directors’ Report
Financial Statements
132 Independent Auditor’s Report tothe members of THG PLC
142 Consolidated statement ofcomprehensive income
143 Consolidated statement offinancial position
144 Consolidated statement ofchanges in equity
145 Consolidated statement ofcashflows
146 Notes to the consolidated financialstatements
187 Company statement offinancialposition
188 Company statement of changes inequity
189 Notes to the Company financial statements
Additional Information
194 Alternative performance measures
195 Glossary
We enter the next phase of our
journey as a global beauty, health
and wellness consumer brands
group following the demerger of
THG Ingenuity.
1
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Strategic Report
Our purpose, vision and values
Our purpose
To create iconic retail experiences
inthebeauty, health and wellnessmarkets.
Our vision
To be the global online leader
inbeautyand sports nutrition.
Our values
Our workforce is as diverse as our customer base, which not only enables us to
understand and cater to customers’ needs but also creates a workplace where
individual differences are accepted, valued and encouraged. However, there are
fundamental values that we all believe in.
Ambition
We think
BIG.
We set ambitious
goals and turn
obstacles into
opportunities.
Innovation
We do things
differently.
We celebrate
experimentation
and champion
entrepreneurial
thinking. We focus
on solutions, not
problems, and use
our creativity and
resilience to make
areal impact.
Collaboration
We work
together.
We listen, trust
and create an
environment where
every voice is heard
and valued.
Decisiveness
We make
bolddecisions.
We use robust data
to make quick,
informed and
confident decisions.
We take calculated
risks and own our
actions.
Leadership
We lead
byexample.
We motivate and
encourage each other
to push the boundaries
of what’s possible.
We foster a culture of
meritocracy, enabling
everyone at THG to
excel, regardless of
background, age or
experience.
2
THG PLC Annual Report and Accounts 2024
Our businesses
THG Beauty
THG Nutrition
Revenue
1
£1,108.5m
Adjusted EBITDA
1
£79.8m
Adjusted EBITDA margin
7.2%
Revenue
1
£579.8m
Adjusted EBITDA
1
£34.5m
Adjusted EBITDA margin
6.0%
Retailer of prestige beauty brands through online retail
websites with digital leadership in key markets: the UK
andthe US.
Retailer of sports nutrition supplements and health and
wellness products, led by the world’s largest online sports
nutrition brand, Myprotein.
Business overview
– Owner and operator of three major
online beauty retailers: Lookfantastic,
Cult Beauty and Dermstore.
– Critical route to market for over 1,300
brands in high-repeat, regime-based
categories with a focus on the prestige
segments of skincare, haircare,
fragrance and cosmetics.
– Own brand portfolio with clinically
proven ingredients focused on the
more prominent growth opportunities
in prestige skincare, spa and specialist
products.
– New product development through
in-house, vertically integrated
manufacturing capabilities in the UK
and the US.
– Highly loyal global customer base
with 85% of THG Beauty retail revenue
generated from returning customers.
Business overview
– Increasingly omnichannel model, with
a growing offline presence building on
market-leading D2C position.
– Vertically integrated manufacturing
capabilities to power new and improved
product development and speed
to market.
– Presence in major territories with a proven
localisation model, enabling rapid scaling
in emerging territories.
– Operating across multiple categories
in the growing global wellness space,
with consumers taking greater control,
prioritising products and services which
enhance wellbeing.
– Unique to the category licensing
model, monetising the brand IP and
building awareness through multi-year,
multi-territory agreements.
THG Beauty’s ambition is to be the global
digital partner of choice across the beauty
industry, supporting the channel shift
toonline.
Its strategy is to deliver a leading digital
customer experience, product assortment
and elevated brand positioning, while
generating sustainable, profitable growth.
Its strategic priorities are:
1. to maintain its position as the world’s
largest online pure-play prestige beauty
retailer;
2. to support global beauty brands in
addressing the channel shift in marketing
spend from offline to online;
3. to develop a digitally focused portfolio of
prestige owned brands, providing margin
enhancement and differentiation; and
4. to provide innovation and product
development services directly to the
beauty industry.
THG Nutrition’s ambition is to maintain
its global recognition as a trusted
multi‑channel nutrition and wellness brand
for consumers, renowned for quality, value
and innovation.
Its strategy is to build category leadership
in both online and offline spaces across
developed and emerging markets, capitalising
on the long-term trend of consumers
becoming increasingly health-conscious.
Its strategic priorities are:
1. maintaining Myprotein’s position as the
world’s largest online sports nutritionbrand;
2. increasing offline presence to enhance
customer reach through retail, gyms and
experiences;
3. developing Myprotein’s customer base
from ‘specialist gym-goer’ to a broader
‘active lifestyle’ audience; and
4. evolving the brand to broaden appeal,
earning the right to play in high-growth
performance and wellness categories.
1. Revenue and Adjusted EBITDA exclude discontinued categories.
3
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
It is my pleasure to write to you following a
year of significant change and meaningful
progress for the Group. Our commitment
to excellence in the ecommerce industry
has guided us through various milestones
and I am proud of the resilience and
dedication shown by our entire team.
2024 also marked THG’s 20th anniversary
in business, an achievement that reflects
our ability to continually evolve and adapt
our business model, capitalising on new
developments and growth opportunities
to meet the needs of our customers and
stakeholders.
The competitive landscape in ecommerce
is ever evolving. By consciously innovating
and staying attuned to market trends, we
are able to remain relevant and navigate
macro challenges, albeit this has come
alongside considered decisions to refine
our cost base. To offset the challenges
such as commodity inflation, we have
focused on investing in, and diversifying,
our supply chain, with, for example, local
manufacturing now in place in parts of
Asia for THG Nutrition.
In September 2024 we announced our
intention to transfer from the Transition
category to the ESCC category of the
Official List. While no Shareholder approval
was required to effect the transfer,
the Board consulted extensively and
concluded that it would be in the best
interests of THG and its Shareholders to
proceed with the transfer. In our pursuit
to build shareholder value, raise company
profile and diversify the share register,
the Board also considered the benefits
of inclusion in the FTSE UK Index Series,
which we proudly announced in March.
This is expected to improve passive
investment flows and liquidity and support
execution of the Group’s strategy through
enhancing its visibility.
Strategy in action
Throughout the year, I worked closely
with our CEO, Matthew Moulding, on
the Group’s strategic framework and
associated initiatives to drive our vision
forward. Matthew and the team executed
robustly against our objectives and,
alongside the Board, undertook a thorough
review of our businesses to ensure they
are in good shape for future growth.
see the Corporate
Governance Report on
page84 for more information
see S172 on page 36
formoreinformation
Strategic Report
Chair’s
Statement
“ Throughout 2024 we
made conscious decisions
to drive sustainable
growth, enhance our
operational efficiency
andstrengthen our
marketposition.”
4
THG PLC Annual Report and Accounts 2024
The decisions and outcomes generated
by this review are discussed in detail
throughout this Annual Report.
THG Beauty and THG Nutrition are both
leading global consumer-facing businesses
with attractive market growth profiles,
while THG Ingenuity is a high-growth
ecommerce services business with leading
digital marketing, technology and fulfilment
capabilities. The Board considered that
there was a significant opportunity to
create value for Shareholders by demerging
THG Ingenuity into a separate private
company which could focus on scaling
brands digitally, navigating the complexities
of acquiring new audiences, facilitating
frictionless ecommerce and distributing
products to consumers.
On 17 September 2024 we announced
that we were progressing options
for the demerger of THG Ingenuity
into an independent private company
and thereafter launched a placing,
subscription and retail offer to facilitate
the demerger. Pleasingly, the fundraise
was oversubscribed and raised gross
proceeds of approximately £95.4m.
Following a Shareholder general meeting in
December 2024, the demerger completed
on 2January 2025, in turn simplifying and
transforming THG’s business model into
a global consumer beauty and nutrition
group, with an improved balance sheet,
capital expenditure and cash flow profile.
THG Ingenuity can now continue with its
strategy in a private environment, further
simplifying its client offerings and investing
to scale its platform.
In addition to the demerger, we also took
other strategic decisions which were in line
with the Group’s financial priorities and our
stated intention to simplify and streamline
the Group’s operations. This portfolio
management strategy involved exiting
loss-making discontinued categories
and the disposal of our luxury business,
including coggles.com. Within own brand
beauty, we took the decision to withdraw
from cosmetics and masstige products
to focus on the more prominent growth
opportunities in prestige skincare, spa
and specialist products. This approach is
delivering margin enhancements from a
more focused, relevant consumer offering.
Performance in focus
Throughout 2024 we made conscious
decisions to drive sustainable growth,
enhance our operational efficiency and
strengthen our market position. Delivery
was tempered by the evolving macro
conditions which impacted revenue and
order numbers.
We continued our strategy in THG Beauty
to prioritise categories and markets where
we have a right to win and considerable
brand visibility.
As a result of this, we were
able to deliver strong margin progression,
enhance customer engagement through
our loyalty schemes and improve the user
experience across our retail platform.
In THG Nutrition we undertook a significant
brand transition, and while inevitably this
came with an element of short-term trading
pain and disruption, we are emerging as a
healthier business with the foundation and
market positioning for longer-term growth.
We have achieved our desired outcomes
with our refreshed brand and look,
broadening appeal to extend our offering
beyond conventional sports nutrition and
whey protein categories, taking advantage
of the exciting opportunity with offline
retail partners where we have materially
increased the number of physical store
locations across multiple aisles.
We also made significant improvements
to our customer proposition, establishing
faster, more reliable and convenient delivery
options. As a result, customers can shop
with us more flexibly, leading to greater
satisfaction and retention across both our
businesses. Such improvements not only
evidence our determination and forward
planning capabilities, but ensure that we
are well positioned to successfully navigate
future challenges.
Governance
While further information on the
governance and Code improvements which
took place during 2024 can be found
within the Corporate Governance Report,
I would like to reiterate our commitment
to the principles of good corporate
governance and establishing a robust
governance framework which underpins
the successful delivery of our strategic
priorities. As discussed within the ‘Section
172 Statement: Stakeholder Engagement’
section of the Strategic Report, active
engagement with our Shareholders has
been a priority area for us to ensure that
their voices were heard and their interests
appropriately taken into account in our
decision-making processes.
At the beginning of 2025 we were also
delighted to announce the appointment
of Milyae Park to the Board. Milyae is
an experienced non-executive director
with a strong track record in international
retail, consumer and digital businesses,
as well as being a notable advocate
for sustainability, diversity, equity
andinclusion.
Her knowledge, skills and network will
be additive to those of our current Board
membership.
Our Board Committees are now well
established and, with particular reference
to the demerger of THG Ingenuity, our
Related Party Committee continues to
ensure that relevant transactions are
subject to robust oversight and challenge,
as appropriate (further details on which
can be found within the Related Party
Committee Report).
Looking ahead
We have now transitioned into a pure-play
consumer business, operating in growth
markets with favourable structural trends.
This shift allows us to concentrate our
efforts and resources on our core strengths
and opportunities.
As we move forward, our focus remains
on THG’s vision and goals. Our aim is
to enhance our customer proposition,
introduce new brands and product
categories, and further grow our presence
in emerging markets. Our dedication to
providing exceptional customer service
and leveraging technology and digital
know-how will support our drive towards
continued success.
During 2025 we anticipate that
further progress will be made on profit
enhancement alongside a return to
Group revenue growth. Our strategic
focus will include the repositioning of our
THG Nutrition business to capitalise on
omnichannel trends and opportunities,
allowing us to strengthen our market
position and deliver sustained value to
ourShareholders.
I would like to extend my gratitude to
all our stakeholders, particularly our
partners, Board members and our Senior
Management for their unwavering support
and dedication. Our culture and our
people, in particular their adaptability,
enthusiasm and 24/7 commitment have
been instrumental in our delivery to meet
the needs of our customers. Together we
have made substantial progress and I am
confident that we will continue to do so in
the future.
Charles Allen,
Lord Allen of Kensington. CBE
Independent Non-Executive Chair
28 April 2025
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THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
As we reflect on the last year, I am
incredibly proud of what we have
achieved together as an organisation.
This year has been transformative,
marked by strategic milestones,
operational resilience and financial
progress with revenue diversification and
cash generation improvements. I want
to take this opportunity to celebrate our
successes, address the challenges and
share the rationale behind key decisions
we made.
– We started the year successfully
integrating pre-eminent skincare brand
Biossance into our own brand Beauty
portfolio. Our prestige beauty brands
are now stocked in over 4,500 stores
worldwide, and are renowned for their
innovative ingredient technology and
wellness expertise.
– We celebrated 20 years in business
– an incredible achievement when
we reflect on our journey and how
our brands have evolved. Whilst
certain pressures have abated, new
challenges and areas of uncertainty
have emerged. As a business we
remain on the front foot to adapt
to preserve our financial health
and take advantage of new growth
opportunities.
– Throughout 2024, we delivered robust
financial discipline, with our focus on
operating efficiencies and investing in
markets where we have a right to win
driving these outcomes. We delivered
a consistent Adjusted EBITDA year on
year despite the challenging economic
conditions.
– Our strategy to simplify and streamline
operations led to the sale of our luxury
goods websites, and certain beauty
own brands. Our resources within
THG Beauty are now prioritised on
those categories and markets which
provide us with more optimal returns
aligned to our financial priorities,
demonstrated by the Adjusted EBITDA
margin for the year being ahead of our
medium-term target.
“ Partnerships have played
a key role in our success
this year. By collaborating
with industry leaders and
innovative organisations,
we have enhanced our
capabilities and extended
our reach.”
see Sustainability on page 46
for more information
see the CFO review on
page26 for more information
Strategic Report
Chief Executive
Officer’s Review
6
THG PLC Annual Report and Accounts 2024
Cultural highlights
– It was a transitional year for THG
Nutrition, characterised by a period of
strategic realignment and investment.
Whilst this inevitably resulted in
challenges as we contested with rising
costs, Myprotein is now positioned
as a leader in quality and value
across multiple health and wellness
categories. A long-term partnership
with dairy category leader Müller is
testament to the profile of brands we
are now standing alongside.
– At the start of the year our group was
made up of three leading businesses
and collectively we took the decision
to demerge THG Ingenuity after
substantial stakeholder engagement.
– Following the completion of the FCA
listing regime review, we took the
appropriate steps to transfer to the
ESCC category. We welcomed the
output to simplify the listing regime,
and entered the FTSE 250 index in
March 2025.
– Our final milestone was to secure a
long-term capital structure relevant for
the business size and growth profile.
We have materially reduced gross
debt whilst retaining suitable liquidity
to continue investing in our brands to
support their growth potential.
THG Beauty: Target Adjusted
EBITDA margin achieved
Within our Beauty business the strategy
of focusing on higher margin sales and
reducing order volumes that do not
deliver target profitability continued,
driving exceptional Adjusted EBITDA
margin progress. This performance
underscores our leadership position
in the market and commitment to
progressing stakeholder value, including
with our brand partners.
THG Nutrition: A transitional
year, omnichannel paving the
way forward
2024 marked a transitional year for THG
Nutrition characterised by the rebrand.
More consumers globally are now buying
Myprotein products than ever before,
following the temporary reduction in
online customers during the year. This
success has been underpinned by the
retail sales value growth through offline
retail and licensing revenues.
Looking ahead
As we enter the second quarter we are
excited and thoughtful about the road
ahead. Our strategic priorities remain
clear: to drive sustainable, profitable
growth, deepen customer relationships,
and lead with innovation. The beauty and
nutrition businesses will remain central to
our strategy, as we continue to build on
their strong performance and potential.
We are also committed to supporting
Ingenuity through leveraging its
market-leading services as it embarks on
its independent journey. This partnership
gives our brands and customers a
best-in-class ecommerce experience,
with value and advancing performance
atthe core.
In closing, I want to extend my thanks
to our employees, whose dedication and
passion are the driving forces behind
our achievements. I’m impressed by the
Group’s agility and resilience during a
year of significant change, and I would
like to thank everyone involved at
THG for their immense efforts during a
transformative year for the business.
Matthew Moulding
Executive Director and
Chief Executive Officer
28 April 2025
Whilst the business reported a decline in
total revenue, this was largely driven by
the clearance of old brand product online
at lower price points. We are pleased
to see it progressing back into growth
in 2025, supported by new product
launches and strengthened customer
engagement both online and across
multiple retail locations. This resurgence
highlights the strength of our diversified
portfolio and our ability to adapt and
innovate in response to evolving
consumer demands.
Strategic partnerships
Partnerships have played a key role in
our success this year. By collaborating
with industry leaders and innovative
organisations, we have enhanced our
capabilities and expanded our reach. These
alliances have enabled us to access new
markets, accelerate product development
and strengthen our value proposition
across key sectors. Strategic licensing
partnerships underline the reach of the
Myprotein brand, and highlight the growth
opportunities in licensed brand extensions.
As we look ahead, we remain committed to
fostering these relationships and building
new ones that will further our brand and
create long-term value.
The demerger of THG Ingenuity
This year also saw the pivotal decision
to demerge THG Ingenuity. This step
represents a significant milestone in
our journey to enhance focus, improve
cash generation and unlock value.
By establishing THG Ingenuity as an
independent entity, we have enabled it to
pursue its growth ambitions with greater
agility. At the same time, this allows us
to dedicate our resources to our core
business areas. The demerger reflects
our commitment to delivering operational
excellence, streamlining our priorities
and creating greater transparency for
stakeholders. We are confident this move
will drive long-term success for both THG
Ingenuity and the Group.
Overcoming challenges
While challenges, including the rebrand
transition, commodity pricing and
consumer spend pressures, tested our
resilience, our team’s ability to adapt
and respond effectively has been
instrumental in sustaining our progress.
These efforts have further strengthened
our financial foundation, underpinned by
high quality repeat revenues and channel
diversification.
– Across the Group we provided
over 4,000 hours of support
tolocal communities.
– 92% of our purchased electricity
came from renewablesources.
– Recognised as a top 250
company globally on our efforts
to progress sustainability
through our THG x Planet
Earthstrategy
1
.
– Our Partnership in Action
programme was awarded the
Supply Chain Finance Initiative
ofthe Year
2
.
– We launched our Responsible
Marketing Code and Sustainable
Sourcing Framework to better
protect people and the planet.
1. By Sustainability Magazine.
2. Awarded at the Environmental Finance Sustainable Company Awards2024.
7
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Strategic Report
Our investment case
1.
Sustainable long‑term
growth opportunity
from sizeable
consumer end markets
– Global megatrends
continue to underpin
sustained growth in
health and wellness
categories
– Addressable market
growth in both
established and
emergingterritories
2.
Digital‑first and
vertically integrated
consumer brands
group, comprising
two market‑leading
businesses
– THG Beauty: Number
one pure-play online
specialtybeautyretailer
– THG Nutrition: World’s
largest online sports
nutrition brand, Myprotein
8
THG PLC Annual Report and Accounts 2024
3.
Active global customer
base with increasing
loyalty and lifetime
value driven by
high‑repeat categories
– Multi-channel distribution
increases brand awareness,
trust andaccess
– Direct to consumer model
enables greater customer
insights, supporting further
market penetration and
product discovery
4.
Utilising organic levers
and new product
innovation to accelerate
market share growth
– In-house manufacturing
facilities expediting speed
to market
– Penetration of existing
markets and expansion into
adjacent categories
5.
Free cash flow
generation provides
capital allocation
optionality
– Targeting continued
progression to a neutral
netcash position
– Reinvestment in
selective strategic growth
opportunities
9
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Strategic Report
Our strategy
Build leadership positions in core territories andcategories
What it means 2024 progress
– Sustainable Group revenue growth and margin expansion
– For THG Beauty, maintain online leadership in UK and US
home markets
– Drive brand affinity through accessible authority in
prestige skincare
– For THG Nutrition, maintain position as the leading global
online sports nutrition brand
– Expand category and channel participation
THG Beauty
– Revenue growth in home territories
– Medium-term adjusted EBITDA margin achieved
– Continuation of international reset strategy, de-emphasising
sales in parts of Europe and Asia
THG Nutrition
– Offline revenue growth through B2B retail and licensing portfolio
– Developed offline footprint across UK grocers and specialist
retailers; ‘fastest growing sports nutrition brand in the UK
retailmarket’
1
See S172 on page 36 for details of the principal
decisions taken by the Board during 2024
See Risk Management on page 72 for more
information on principal risks
THG Beauty and THG
Nutrition are leading
global consumer‑facing
businesses, with attractive
market growth profiles
and strong cash flow
generation potential.
The Board considered that significant
opportunity existed to create value
for Shareholders by simplifying THG’s
business model and demerging THG
Ingenuity into a separate private
company with a focus on scaling
brands digitally, facilitating frictionless
ecommerce and distributing products to
consumers.
Following completion of the demerger on
2 January 2025, THG Ingenuity operates
as a separate, standalone entity without
recourse to the remaining Group.
Rather than reinvesting profits and cash
flow into THG Ingenuity’s technology
capital expenditure requirements, the
demerger presents opportunities to
optimise Shareholder returns and has
accelerated the deleveraging of the
remaining Group.
Our goal is to deliver sustainable growth for our stakeholders, through a focused strategy on key market
prioritisation in categories where we have a right to play.
1. Nielsen Total Market, last 8 weeks to 28/06/2024, brands >£100k value sales.
10
THG PLC Annual Report and Accounts 2024
Launch innovative and relevant products to globalconsumers
What it means 2024 progress
– For THG Beauty, across our three distinct retail
destinations, provide customers with a best-in class
curation of brands, from the established houses to the
specialist and emerging brands
– For THG Nutrition, inspire purchases based on quality,
taste, trust and education across sports nutrition and
adjacent categories. Localising products and ranges to
market tastes and trends
THG Beauty
– Extended UK next day delivery service to 1am
– Launch of Biossance Firm and Lift Dual Serum, available in
offline specialist beauty retailers and online D2C
THG Nutrition
– Expanded a royalty model with carefully chosen high quality
partners in key territories, including long-term ‘Müller
x Myprotein’ collaboration to create a tailored range of
high-protein dairy products, launched in a range of retailers
– Partnership with Jimmy’s Iced Coffee was recognised with the
Grocer’s New Product & Packaging Award for 2024
– Launch of ‘HYROX’ performance range, in conjunction with the
fastest growing mass participation sport
Grow the Active Customer base and drive loyalty
What it means 2024 progress
– Increase the number of online customers who have
shopped with THG during the last twelve months through
retention and new customer acquisition
THG Beauty
– Loyalty scheme now boasting 2.8m members
– Roll out of media mix modelling framework to guide
marketing investment
THG Nutrition
– Completion of brand repositioning to expand our reach beyond
core gym-goers to include technical performers and everyday
lifestyle consumers
– Substantial increase in UK app participation driving higher
AOVs and customer lifetime value
Enhance brand equity through D2C channels
What it means 2024 progress
– Broaden brand awareness and perception
– Use our platform to positively influence the beauty,
health and wellness industries, reflecting ever-changing
consumer values
THG Beauty
– Opening of flagship Lookfantastic store
– Increasing share of retail brand investment, through
strengthened brand partnerships
THG Nutrition
– Through ongoing engagement with consumers and existing
customers, we’ve seen a clear improvement in Myprotein’s
brand equity over the past 12 months and demonstrated
effectiveness at guiding customers through the funnel to
purchase. Myprotein is the most ‘top-of-mind’ sports nutrition
brand in the UK
1
1. YouGov Brand Tracking, February 2025. Almost 1 in 4 UK consumers in our target audience spontaneously name Myprotein when asked to name a sports
nutrition brand. Myprotein is the most preferred brand among 12 UK sports nutrition brands measured.
11
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Strategic Report
Our strategy continued
Medium‑term
financial priorities
We aim to deliver sustainable
growth for our stakeholders:
Suppliers
We promote open and transparent working
practices with fair terms of business.
Our people
We have an experienced and dedicated
workforce, and we aim to ensure THG is an
inclusive and supportive environment with
career development opportunities.
Partners
We collaborate for mutual commercial
success through new routes to market,
category expansion and distribution of
ourown-brand product.
Society and communities
We adhere to evolving ESG best practice
and make steps to understand and address
our impact to drive positive change.
Customers and consumers
We establish a relationship of trust through
frictionless, high-quality retail experiences,
supporting health and wellness regimes
and product discovery.
Shareholders
We create value for Shareholders through
a focus on sustainable growth, responsible
capital allocation and balance sheet
stewardship.
Market share
growth in key
territories
Revenue
growth
Adjusted
EBITDA
margin
of c.9%
Free
cash flow
generation
Strong
balance
sheet
12
THG PLC Annual Report and Accounts 2024
Q&A
with Business CEOs Lucy Gorman and Neil Mistry
What are the latest trends you’re
seeing in beauty, health and
wellness, and how do you expect
them to evolve into 2025?
Lucy: Personalisation, transparency,
sustainability – these aren’t just trends
any more; they’re expectations. If brands
aren’t evolving, they’re getting left behind.
We’re always adapting, staying ahead of
market shifts to make sure our offering
reflects what customers actually want.
Right now, fragrance is having a huge
moment. It’s moved beyond just a luxury
or occasional buy – people are integrating
it into their daily beauty routines, and
we’re making sure we’re leading that shift.
Neil: Movement-based wellness is bigger
than ever. It’s not just about training
hard; it’s about longevity, recovery and
optimising overall health.
Hydration is a massive part of that, and
we’ve been working tirelessly to ensure
our products meet the changing needs
of our customers, as well as supporting
education and implementation. There’s
huge momentum in the space, and we’re
making sure we’re right at the centre of it.
What have been the highlights in
beauty during the year?
Lucy
: It’s been a year of refining and
elevating. Beauty is getting smarter – more
focus on results-driven skincare, fewer
gimmicks.
One of the biggest challenges with
being an online retailer is endless shelf
space. Sounds great in theory, but we’ve
spent the last 18 months refining our
portfolio, really dialling in on prestige and
skincare. The focus has been on curating
the right mix, not just expanding for the
sake of it. And it’s paying off. With the
continued success of the Lookfantastic
loyalty programme, we’re already seeing
the benefits in stronger retention and
increased customer lifetimevalue.
Tell us about the partnership
withHYROX.
Neil: We’re their official nutrition partner,
and it’s exciting to be part of that journey.
What’s interesting about HYROX when
compared to anything we’ve done in
the past is the mix of strength and
cardio-based movement. This partnership
really helps us to appeal to this new
hybrid performance and wellness
customer and help them achieve their
goals in training and competition.
We’ve been working closely with HYROX
athletes to create a range of products
designed to help them get the most
out of their workouts and recovery. The
feedback has been great, and I can’t wait
to see how we continue to evolve this
partnership in the coming years.
How are you leveraging
customer insights to refine
yourproposition?
Lucy: We listen. Customer behaviour tells
us everything we need to know: what
they want, what’s missing, how we can
improve. That data shapes everything,
from product development to how we
communicate and engage, and deliver.
Neil: Exactly. And convenience is key.
Consumers want high-quality products to
fit seamlessly into their lifestyle. Our job
is to make that as effortless as possible.
How is your Omni-channel
strategy evolving?
Neil: Customers want convenience,
whether they’re shopping in-store, on
their phone, or through socials. One of
the biggest goals of our rebrand was to
make the brand more accessible to the
wider nutrition and wellness market.
THG Beauty – page 16
THG Nutrition – page 20
It’s not just about being present across
multiple channels; it’s about making
sure each point of sale feels seamless.
We’re already seeing great success
with the growth of our offline presence
and increased brand awareness, and
I’m excited to see how our partnerships
with key retailers evolve and how they
complement our online channels.
Lucy: Absolutely. The more ways we can
interact with customers, the stronger the
connection. With the opening of our first
Lookfantastic store, we’ve not only added
another touchpoint but created a space
where customers can fully experience
what Lookfantastic is all about. It’s about
deepening engagement and allowing
customers to discover new products.
What is the secret to creating
and growing category-leading
brands?
Lucy: There’s no secret. Just hard work,
determination and maybe a little bit of
luck. But beyond that, it’s about truly
understanding your customer, staying
ahead of trends, and having the agility
topivot when needed.
Neil: Yes, I completely agree, and the right
people make all the difference. You need a
team that’s passionate. Innovation doesn’t
come from playing it safe. It’s about
constantly challenging yourself, whether
that’s through product development,
marketing strategies, or how you engage
with customers across multiple channels,
categories and geographies.
13
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Looking forward, we anticipate the
following key trends to shape the
beauty market in 2025:
– A continued shift toward
premium beauty, with consumers
increasingly demanding
high-performance formulations
– Greater focus on sustainability,
driving demand for sustainable
packaging, ingredients and
business models
– Continued adoption of virtual
‘try-on’ technology and
AI-powered diagnostics, enhancing
the online shopping experience
– Consumers increasingly
purchasing products for specific
active ingredients
– Biotech innovations to drive more
advanced skincare treatments and
ingredients
– Increasing focused on wellness as
a component of beauty, including
the growth of ingestible beauty
supplements
Strategic Report
Our marketplace
Beauty
THG Beauty operates in the prestige
segment of the global beauty market,
which comprises a number of brands
owned by global beauty & consumer
groups alongside a number of
independent brands.
The global total addressable market for
beauty and personal care was estimated
to be £494bn in 2024, growing by +8%
year on year, and is estimated to reach
£676bn by 2028
1
. The premium segment,
valued at £143bn in 2024, has historically
outpaced the mass segment, and is set
to expand at a compound annual growth
rate (“CAGR”) of 7% between 2024 and
2028. Global retail online penetration is
set to steadily grow from 26% in 2023 to
31% in 2027, which will provide a further
tailwind for growth. The UK online beauty
market continues to perform strongly, with
the UK premium beauty market delivering
double-digit growth in 2024
2
. As a leading
prestige online beauty retailer, we are
optimally positioned to increase revenue
in this fast-growing market.
Products
Prestige brands are generally
characterised by a higher price point, more
selective distribution channels, a high
level of active ingredients, a more curated
product offering and richer brand heritage
than mass beauty brands.
Our owned brand proposition is supported
by manufacturing capabilities in the UK
and US, led by our flagship skincare
brands – Perricone MD, Biossance and
ESPA. THG Beauty seeks to use its digital,
brand and product innovation capabilities
to deliver best-in-class beauty curation
and maximise the digital beauty customer
experience, providing an experience that is
unmatched by any online competitor, and
helping to drive the shift from offline to
online channels.
Key trends
The online global beauty and personal care
market continues to grow, supported by
increases in online penetration across the
world and advancements in technology,
with the aim of providing an immersive
online experience that surpasses that of
physical retail. Despite our consumers
experiencing continued cost of living
pressures, beauty spending remains robust
as consumers consider beauty products an
integral part of their daily routine.
As consumers become increasingly
focused on product efficacy and
maximising value, prestige beauty is
becoming increasingly attractive as
consumers educate themselves on the
benefits of specific ingredients. Thishas
led to the premium beauty market
outpacing growth in the mass beauty
market in recent years. With its focus
on the premium segment of the market,
THG Beauty is optimally placed to benefit
from further premiumisation of the global
beauty market.
Our position
Our competitive advantage stems from
the synergy of our end-to-end beauty
proposition, spanning retail websites,
owned brands, product development and
manufacturing. Through our retail sites and
owned beauty brands, we forge strong
brand partner and customer relationships,
supported by our capabilities that allow
access to multiple international markets,
new product development, and product
Future outlook
discovery, underpinning our leading
positions in the UK and US, our home
territories.
Additionally, the rich data insights gained
from our digital customers help to drive
innovation and brand curation, particularly
for emerging niche and independent
brands. The regimen-based nature of our
key categories, skincare and haircare,
also offers a competitive advantage as we
utilise our thought-leadership, education
and personalisation capabilities to further
engage with our global audiences and
act as a source of beauty education and
discovery. We are also capitalising on
the unlimited online shelf space that our
online retail platforms offer, providing
an unparalleled breadth of products
compared to those available through
traditional bricks-and-mortar retailers.
Together, these factors enable us to offer
consumers and brands the leading digital
beauty experience.
1. Euromonitor – Passport – 2024 market size data; Beauty & Personal Care.
2. Circana prestige beauty report December 2024.
THG Beauty page 16
14
THG PLC Annual Report and Accounts 2024
Looking ahead, we anticipate the
following key trends to shape the
nutrition and wellness market
in2025:
– Accelerated digital adoption,
offering consumers greater
access to nutritional education.
– Economic development in
low-income, high-potential
regions to fuel market growth.
– Increased adoption of wearable
technology to further drive
market expansion as consumers
prioritise their wellbeing.
– The rise of weight management
drugs is reshaping consumer
behaviour, promoting healthier
lifestyle choices.
– The rise of short-form media
presents an opportunity – both as
an educational tool and as a new
point of sale.
Nutrition – health and wellness
THG Nutrition operates within
theexpansive and rapidly growing
global nutrition and wellness sector,
encompassing sports nutrition, vitamins,
weight management and activewear.
Thismarket, valued at over £228bn
1
globally, offers significant growth
potential for Myprotein through new
market penetration and product
innovation. While THG Nutrition’s primary
focus remains the £24bn sports nutrition
market (2024 estimate)
2
, it has expanded
its reach in recent years to address
broader segments of the global nutrition
industry.
Products
We aim to provide a wide array of
products across various segments of
the global nutrition market, including
protein powders, supplements, vitamins,
minerals, bars, snacks and drinks.
Theactivewear brand MP complements
these offerings with performance-focused
clothing. Theprimary distribution model
is D2C, enabling deeper engagement
with customers and valuable consumer
insights. In recent years, THG Nutrition has
increased its focus on B2B retail channels
and licensing partnerships, in an effort to
utilise online and offline revenue streams.
Key trends
The global nutrition market is shaped
by several influential trends. Consumers
are increasingly health-conscious and
seeking nutritionally balanced products,
with protein-enhanced options becoming
mainstream. While higher-income
countries currently lead in adopting these
products, growing economic development
in lower-income regions isexpected to
drive future demand.
Increasing availability of weight
management drugs, including GLP-1
medications, are also transforming
consumer behaviour and encouraging
healthier lifestyle choices and the
consumption of healthier products.
The growth of ecommerce, particularly
in developing markets, is another
majorfactor.
Consumers are not only purchasing
online but also using digital platforms to
educate themselves about the benefits of
nutritional products.
Short-form media has emerged as a
powerful tool in influencing purchasing
habits, with brands that create
engaging, educational content gaining
acompetitiveedge.
Our position
The sports nutrition industry remains
highly fragmented, with a mix of global
brands like Myprotein and smaller, locally
focused players. As the largest online
sports nutrition brand globally and the
most internationally diverse, we are well
positioned to capitalise on the continued
shift towards ecommerce across markets,
particularly given the extensive localisation
capabilities of our technology and
operating platform.
The D2C model offers significant
advantages, allowing for direct
engagement with consumers, personalised
shopping experiences and data-driven
insights into consumer behaviour.
TheCompany’s vertical integration
provides control over the supply
chain, enabling efficient new product
development and adaptability tomeet
evolving customer trends. Additionally,
Myprotein’s extensive global reach spans
multiple categories and retail locations.
In recent years, we have seen a rapid
growth in protein enhanced foods
and beverages available through retail
channels. In order to capitalise on
this trend, diversify revenue streams
and enable us to reach an even wider
customer base, Myprotein has expanded
into traditional retail channels.
1. Euromonitor – Passport – 2024 market size data;
Performance Apparel, Sports Nutrition, Vitamins
and Dietary Supplement, Weight Management
and Wellbeing
2. Euromonitor – Passport – 2024 market size data;
Sports Nutrition
Future outlook
THG Nutrition page 20
This includes developing convenience
products in-house and forming
licensing partnerships to introduce the
brand into new product formats such
as frozen, chilled and ambient shelf
space. These initiatives position us to
capture opportunities in both online and
offlinemarkets.
15
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Our proposition is centred around our customers, with a relentless focus on
delivering the optimal purchasing experience, and ensuring our retail sites
are a trusted source of product discovery and education across categories.
We are constantly evolving, remaining adaptive to customer needs and
shifting beauty trends to maintain digital and category leadership.
We reaped the benefits of the prior year’s efforts to prioritise higher-margin sales in our target
markets, acquiring and retaining those customers that sit in our ideal customer profile. As a result
we delivered ahead of our medium-term Adjusted EBITDA margin guidance, while delivering revenue
1
growth and increased customer lifetime values. Aswecontinue to execute against ourstrategic
priorities, THG Beauty is ideally positioned to capitalise on further growth in the highly attractive
global prestige beautymarket.
THG Beauty
Operational review
2024 was a year of strong margin delivery.
Whilewe saw a decrease in Active Customers
and orders due to the prioritisation of territories
that drive higher profitability, the behaviour
of our customer base has shown promising
progression, with average order value and order
frequency improving year on year. This reflects the
higher-quality customer base we are developing
through our strategic focus on acquiring
customers that sit in our ideal customer profile.
The strength of our customer base is supported
by our existing customer repurchase rates, which
remain above 80% as we continue to focus on
customer engagement and retention.
Across our global audience, we saw continued
growth in app participation and further
improvements in app purchases as a proportion
of revenue.
Active Customers
7.9m
2023: 8.5m
Total orders
2
16.1m
2023: 16.8m
Revenue from
returningcustomers
3
85%
2023: 83%
AOV
£66
2023: £64
App participation
4
27.5%
2023: 17.1%
Social media
community
7.2m
1. Revenue excluding discontinued categories.
2. Number of orders is defined as orders fulfilled within
theperiod.
3. Sales of all orders from customers shopping more than
once with THG.
4. Percentage of orders made through mobile applications.
Strategic Report
16
THG PLC Annual Report and Accounts 2024
We were particularly pleased with
our performance in the UK (c.63%
of our online retail sales), given the
well-documented cost of living
challenges and macroeconomic
uncertainty throughout the year,
with continued year-on-year growth
demonstrating the resilience of our
offering in challenging economic
times. Our online revenue is weighted
towards skincare, followed by cosmetics
and haircare. Fragrance has been a
particularly strong growth category
in recent years, with growth driven by
the addition of a number of influential
fragrance brands in recent years, along
with greater cross-sell of fragrance
to our customer base, which has in
turn supported growth in average
ordervalues.
In the UK, all categories delivered
year-on-year growth over the peak
trading period, with fragrance being the
standout performer (order value+32%).
Financial performance
THG Beauty delivered a pleasing result
with revenue
1
of £1,108.5m (+3.3% YoY;
+4.6% CCY) driven by a robust retail and
own brand performance, with growth in
every quarter (excluding manufacturing).
During the last 24 months, the business
has elected to reduce marketing
investment in less profitable territories
(including parts of Europe and Australia),
and categories. This intentional strategy
to reduce revenue temporarily in 2023
has underpinned significant margin
recovery, with FY 2024 adjusted EBITDA
margins 7.2% (above 6.0% medium-term
target).
This geographic and product laser
focus has shaped a growing prestige
beauty business which is substantially
UK & US based, with improved margins
and operating KPIs, notably improved
customer retention, order frequency
andlifetime value.
Within own brand beauty, we took
the decision to focus on high growth
opportunities in prestige skincare, spa
and haircare products. This provided a
headwind to revenue but is delivering
margin enhancements from a more
focused, relevant consumer offering.
Looking ahead, with the strategic
pivot towards higher margin sales
now complete – alongside the
continued strength of our brands,
prestige market trends, and our refined
customer acquisition strategy – we
enter 2025 well-positioned to drive
sustainable revenue growth at our target
marginlevel.
Revenue by channel
Retail c.79%
Own brand
c.11%
Manufacturing
c.10%
Online retail by territory
UK c.60%
US
c.20%
Europe
c.16%
ROW
c.4%
Online category split
Skincare c.43%
Haircare
c.17%
Cosmetics
c.21%
Fragrance
c.10%
Body
c.7%
1. Revenue excluding discontinued categories.
17
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
In Q4, Lookfantastic became the first
specialist beauty retailer to partner with
established British brand, The White
Company, in addition to securing other
new key listings across categories
including cosmetics, fragrance and
fast-growing dermatological skincare.
Strategic highlights
Across the UK online beauty market,
Cult Beauty and Lookfantastic were the
only two participants to grow their brand
share of search
1
in Q4 2024. We also saw
Lookfantastic’s prompted awareness
reach its highest ever level in November
2024. This increasing awareness is
strategically important as we consciously
shift our marketing efforts to a
brand-centric approach with acquired
customers increasingly meeting our ideal
beauty profile – reducing our reliance on
price competition.
At the beginning of the year, we
integrated prestige skincare brand
Biossance into our own brand portfolio,
with the brand successfully replatformed
within two weeks of being acquired.
The replatform delivered significant
performance improvements and helped
to bring the brand into immediate
profitability – a complete turnaround
from its previous loss-making position
upon acquisition. Our prestige own
brands (led by Biossance, Perricone MD
and ESPA) are sold by 1,000+ global
partners in over 50 countries, including
luxury department stores, hotels, spas
and salons.
2024 saw the expansion of Perricone
MD, ESPA and Christophe Robin’s
distribution in the luxury hotel segment
through further development of our
strategic partnership with Vanity
Group, with our distribution expanding
to 70,000+ rooms and 30+ countries
globally. 2024 was also another year of
recognition of the strength of our own
brand product innovation, powered by
THG Labs, with Perricone MD winning
Women & Home’s ‘Best Sensitive Eye
Cream’, Ameliorate winning the Conde
Nast Traveller Beauty’s ‘Best Body
Lotion’, and Biossance’s ‘Squalane +
Vitamin C Rose Oil’ being named in
WWD’s 100 Greatest Skincare Products
of All Time.
2024 marked a year of significant
progress in the strategically important
US beauty market (c.20% of our online
beauty sales). Brand awareness for
Dermstore, our US retail fascia, continues
to grow, with its share of search growing
41% faster than the overall market
in November 2024. To support our
wider developments in the US, we also
appointed our first US Beauty Brand CEO,
Amy Fisher, to lead the development of
our scaling US beauty brand portfolio.
1. Data taken from November 2024 against pureplay e-retail competitors. Share of search data: Google.
Strategic Report
THG Beauty continued
‘What the SPF?’ campaign
Our consumers increasingly view THG
Beauty as a trusted source of education,
expertise and authority in the beauty
space, delivered through rich editorial
content, detailed product descriptions, and
comprehensive customer support.
In 2024, we launched a landmark SPF
campaign to educate consumers on the
benefits of SPF, the available product
options, and the campaign to remove VAT
from SPF products. Using our multi-channel
model, we maximised awareness through
emails, app notifications, social content
and influencer collaborations. We also
engaged with leading publications such
as Cosmopolitan, Glamour, Women’s
Health, ELLE and Marie Claire, securing
PR coverage that generated 138 million
impressions across over 80 publications.
In addition to raising awareness, the
campaign drove 20% sales growth in
featured SPF products, acquired over
10,000 new customers, and increased
ourUK SPF market share by 3%.
18
THG PLC Annual Report and Accounts 2024
Lookfantastic store
We proudly launched our first
permanent physical retail destination
for Lookfantastic in Manchester.
This flagship brand experience store
strengthens our relationships with
brands and consumers by offering a
physical space to interact with the
Lookfantastic brand, while also serving to
further increase our UK brand awareness.
As an example of the new opportunities
for brand development the store offers,
we have selectively run ‘store takeovers’
for brands such as Color Wow and
Kylie Cosmetics since opening, with
accompanying in-store events, supported
by online activations, that have helped
drive increased awareness and sales of
these brands.
2025 priorities
Building on our progress and focus on
home markets, we aim to:
– Maintain THG Beauty’s position as
the world’s leading online pureplay
premium beauty retailer.
– Continue to evolve our brand and
category assortment to ensure we
are offering our customers the most
complete online beauty shopping
experience.
– Continue to expand our digital
market share in our key markets.
– Enhance customer loyalty through
further development of our loyalty
programme, personalisation
capabilities and product insights.
– Further develop our global beauty
community across all key social
channels.
– To increasingly be seen as a trusted
source of education, expertise and
authority within the industry.
– Strategically expand our own
brands’ global distribution through
new and existing partners.
Loyalty
THG Beauty has seen an increasing
impact from the loyalty programmes
across its retail sites, with the
Lookfantastic UK loyalty programme
now boasting over 2.9 million members,
adding over 0.9 million members
in 2024. We have seen significant
improvement in the quality of customer
health through our loyalty programmes,
with spend per account being 32%
higher than non-loyalty members. This
increased engagement is underpinned
by a double-digit uplift in average order
value and order frequency, helping to
drive incremental sales through greater
cross-category and brand purchase
behaviour. In FY 2024, over 40% of online
Lookfantastic UK revenue came from
Loyalty customers, with Loyalty sales in
double-digit year-on-year growth in the
quarter.
Our loyalty programmes are one
of the key drivers of improving the
quality of our customer base in our
key territories, with the enhanced
levels of data provided through our
loyalty programmes enabling us to
continually deepen our understanding
of our customer base, which in turn,
leads to elevated relationships with our
brand partners, creating value through
informed decision-making. Our loyalty
programmes also enable us to offer
greater layers of personalisation to our
most engaged customers, helping to
increase their levels of engagement and
satisfaction with our retail sites, which
in turn supports higher retention and
increased customer lifetime values over
the long-term.
“ We’re excited to bring the
Lookfantastic experience to
life with our concept store.
This innovative retail space
goes beyond products,
offering a unique and
immersive beauty destination.
It perfectly complements
our omnichannel strategy,
bridging the gap between our
established online community
and the success of our
pop-up events. Customers can
discover and purchase, and
also enjoy beauty services,
bringing digital beauty into
the third dimension for our
loyal, local customer base in a
whole new way.”
Lucy Gorman, Chief Executive
Officer, THG Beauty
19
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
1. Number of orders is defined as orders fulfilled within
theperiod.
2. Sales of all orders from customers shopping more than
once with THG.
3. Percentage of orders made through mobile applications.
Strategic Report
With a mission to ‘empower those who demand more’, the repositioning
of Myprotein has underpinned growth in brand awareness and brand
presence beyond D2C, through an omnichannel strategy.
2024 marked a transitional year for THG Nutrition, characterised by the rebrand and macro
pressures resulting in cost headwinds. More consumers now have access to Myprotein products
than ever before, through offline retail and licensing partnerships. The brand now serves a broader
demographic of consumers across multiple categories, empowering our customers to fuel their
lifestyles and incorporate our products into their daily routines.
THG Nutrition
Active Customers
6.1m
2023: 6.7m
Total orders
1
11.3m
2023: 12.8m
Revenue from
returning customers
2
84%
2023: 84%
AOV
£47
2023: £49
App participation
3
30%
2023: 19%
Social media
community
9.6m
2023: 10.5m
Operational review
Initiatives including local activations to support
new customer acquisition and increased brand
awareness have been implemented, leading to
growing customer engagement and advocacy,
supported by third-party feedback.
In line with our strategic priority to expand
Myprotein’s offline presence alongside online,
we’ve grown our portfolio of licensed products and
increased retail listings, particularly in ‘on-the-go’
formats. These partnerships help to diversify
revenue and enhance margin potential. While
D2C remains our primary channel, we maintained
strong momentum in offline throughout 2024,
benefiting from synergies with key partners.
This omnichannel growth strategy will continue
into 2025, with a renewed focus on building
brand recognition and driving both acquisition
and retention. Although online Active Customers
and orders declined in 2024 amid a challenging
D2C backdrop, this was offset by growth in offline
engagement, resulting in more total customers
interacting with the brand.
20
THG PLC Annual Report and Accounts 2024
Myprotein UK brand tracking
A recent YouGov poll highlighted strong
consumer support for Myprotein in
2024, bolstered by the success of our
recent product partnerships. These
insights highlight Myprotein’s strong
market position and preference amongst
consumers. By demonstrating increased
brand awareness and reach in 2024, we
have created a solid foundation for further
growth and expansion while helping
inform our marketing strategy for 2025.
Key findings from the poll include:
– Following the successful Myprotein x
Müller launch, 85% of UK consumers
aware of the partnership are likely to
consider buying from the range in the
future
1
.
– Among 12 UK sports nutrition brands
analysed, Myprotein stands out as the
UK’s most preferred sports nutrition
brand, with brand recommendation up
16% YoY
2
.
– Myprotein is the category leader
in driving consumers through the
purchase funnel – ranked number
one in turning brand awareness into
consideration and number one in
converting buyers into brand loyalists
1
.
– Myprotein is the most ‘top-of-mind’
brand in the UK, with one in five UK
consumers spontaneously naming
Myprotein when asked to name a
sports nutrition brand
1
.
1. November 2024, YouGov Brand Tracking Research.
2. All data sourced from YouGov Brand Tracking Feb ’25 and compares against Feb-April ’24
1
YouGov
Brand Tracking, February 2025. Almost 1 in 4 UK consumers in our target audience spontaneously name
Myprotein when asked to name a sports nutrition brand. Myprotein is the most preferred brand among
12 UK sports nutrition brands measured.
3. B2B, manufacturing.
4. D2C retail, marketplaces.
Financial performance
2024 was a challenging year for THG
Nutrition, reporting revenue of £579.8m
(2023: £657.9m) and Adjusted EBITDA
of £34.5m (2023: £88.9m). While the
business reported an overall reduction
in revenue, this was largely driven
by a one-time ASP reduction where
promotional activity was elevated
online to clear old brand stock. With the
rebrand complete, ASPs are progressively
recovering.
Record high whey prices alongside
challenges in the Asia market relating
to FX movements continued to weigh
on trading performance. In light of this
our pricing strategy in the region was
adapted to defend margins.
While online sales declined, offline retail
and licensing saw rapid growth in 2024.
Supported by the rebrand, offline retail
and licensing revenue delivered rapid
growth through existing accounts plus
new listings secured across the UK
and the US primarily. Notably, retail and
licensing revenues have a significantly
reduced exposure to whey.
Looking ahead to 2025, the expected
normalisation of whey price and
expected entry of high-concentrate
whey protein into the market provides
optimism for a more stable commodity
landscape. Against this backdrop and
ASP normalisation, the focus for 2025
is a return to sustainable online revenue
growth, alongside margin accretion.
Offline retail and licensing growth has
been key to growing the customer base
in 2024.
Revenue by channel
Offline
3
c.15%
Online
4
c.85%
Online retail by territory
UK c.33%
Europe
c.38%
Japan
c.18%
ROW
c.11%
Online category split
Myprotein c.70%
Myvitamins
c.9%
Clothing
c.8%
Other
c.13%
21
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Strategic Report
THG Nutrition continued
New product development
THG Nutrition’s digital presence allows
for vast amounts of first-hand consumer
data insights, providing us with a
detailed understanding of ever-changing
customer preferences. These insights
informed new innovation in 2024
including the introduction of ‘Sea Moss
Gummies’, ‘Clear Protein Superblend’ and
‘Lion’s Mane Gummies’.
One of our many success stories in the
year has been our highly anticipated
HYROX range.
Following the success of our brand
partnership launched in 2023, we
have been working closely with the
athletes to develop a line of products
that supports the HYROX community,
whether they are gearing up for the
race, pushing their limits or recovering
afterwards. Formulated for the dedicated
participant and backed by experts,
the HYROX series fuels everyone from
first-time competitors to world record
breakers. Therange includes energy gels,
electrolyte blends and post-workout
blends, all available in various flavours
and pack sizes to appeal to the masses.
Retail
By strengthening our retail presence,
Myprotein has connected with a wider
audience, while enhancing its brand
position and dominance within the
sports nutrition category. With only
35%
1
of sports nutrition sales generated
through online channels, there remains a
compelling opportunity for THG Nutrition
to grow through both online and offline
retail channels.
2024 saw the expansion of our global
B2B offering, with new listings in high
footfall retailers including WHSmith and
Holland & Barrett, adding to our growing
portfolio of retail partners.
As we continue to expand our retail
presence, consumers have even greater
opportunities to interact with the brand
through physical and digital points of sale.
The US and Asia continue to represent
key strategic markets for future growth,
with retail partnerships including Costco
and GNC being used to build brand
awareness and complement our digital
sales channels.
Strategic highlights
Our brand repositioning in 2023
accelerated our transition to an
omnichannel approach. Through online
and offline offerings across developed
and emerging markets, we’re positioned
to capitalise on the long-term trend of
consumers becoming increasingly health
conscious. With a focus on wellness and
category expansion, we have worked
towards our strategic objectives of
helping break down the barriers of
the fitness industry and empowering
everyone to live a healthier, more
activelifestyle.
In 2024, THG Nutrition announced several
product partnerships, notably with
Jimmy’s Iced Coffee, Müller, Kirsty’s and
Bakeaway. All our licensed partnerships
are with market leaders within their
categories, allowing us to benefit from
their product or supply chain expertise.
Each partnership aims to support each
party by allowing partners to benefit from
Myprotein’s brand awareness and digital
footprint. 44% of our target demographic
consume a protein-enhanced product
bought in grocery (excluding protein
supplements), twice as high as the UK
average, providing a clear incentive for
our partnering brands.
We continue to invest in the localisation
of Myprotein in key international markets
with local manufacturing in established
locations (UK, US), and now live in Japan
and India. This localised approach
has helped to enhance the customer
experience through better delivery lead
times, production cost savings and
improving our ability to understand and
meet varying customer preferences.
Furthermore, this approach helps to
reduce our exposure to exchange rate
volatility by creating natural hedges.
1. Source: Euromonitor – https://www.euromonitor.com/article/the-changing-landscape-for-sports-
nutrition-retailing-in-western-europe?utm_source=chatgpt.com).
22
THG PLC Annual Report and Accounts 2024
2025 priorities
Building on our progress and broader
market developments, we aim to:
– Maintain Myprotein’s position as
the world’s largest online sports
nutrition brand.
– Expand appeal in high-growth
performance and wellness
categories and develop Myprotein’s
customer to a broader ‘active
lifestyle’ audience.
– Leverage the long-term trend
of increased consumer health
consciousness and demand for
nutritional products across diverse
categories.
– Further partnerships and
innovations through online and
offline channels to enhance
customer reach through retail, gyms
and experiences.
– Utilise our vertically integrated
business model and in-house
manufacturing capabilities to
allow us to develop products to an
industry-leading standard and bring
them to market at pace.
– Enhance our localised approach,
supported by our strong global
network of influencers, affiliates
and social media followers that
drive direct traffic.
Licensing and partnerships
The aim of our licensing agreements is to
be mutually beneficial and allow partners
to benefit from our digital footprint,
channel reach and brand recognition.
Through 2024 we have partnered
with several category-leading brands,
including the award-winning partnership
with Jimmy’s Iced Coffee – Winner of
The Grocer’s New Product & Packaging
Award 2024: Dairy Drinks.
As global megatrends towards health
and wellbeing continue to influence
consumer preferences, we have enabled
our partners to build this into their
existing ranges through ‘high protein’
product variation while benefiting from
Myprotein’s brand recognition in this
fast-moving and crowded product
segment.
Our partnership with Iceland has
continued to flourish with 16 more
products added to the range and
distribution in all of Iceland’s 1,000+
stores nationwide. The retail partnership
aims to add an incremental purchasing
occasion to our existing Myprotein
customer base, while also introducing
new customers to the brand by
increasing exposure.
Customers
Our customer base remains diverse and
loyal, with high levels of repeat purchase
and engagement. More customers are
buying Myprotein products than ever
before, with new offline customers
offsetting the temporarily depressed
online active customer levels. Our
marketing discipline focuses on
increasing share of revenue through
cost-effective channels. One of our
most effective tools is our app, with
revenue participation now at 30% (2023:
19%). Through the app our customers
can benefit from a personalised sales
experience, helping us yield improved
AOVs and order frequency, while we gain
valuable customer insights on purchasing
behaviour.
We continue to look at new and
innovative ways of connecting with
and deepening relationships with our
customers. An example is our HYROX
partnership which involves athletes and
fitness enthusiasts and taps into the
trends towards hybrid athletic training.
This demonstrates Myprotein’s growing
authority in the endurance market while
strengthening and growing the Myprotein
community.
23
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Helping brands achieve profitable,
long‑term growth
A creative powerhouse like no other,
designed to supercharge brand
growth
World‑class fulfilment designed
to drive customer acquisition and
retention
Accelerating brand growth through cutting‑edge commerce solutions
THG Commerce
Enables retailers to manage
a frictionless ecommerce
environment with continually
improving functionality and feature
updatesincluding:
– Next-generation ecommerce
platform (Altitude): a fast, scalable
and secure website with a
comprehensive ecosystem of
commerce, analytics and content
integrations. Altitude offers faster
performance, secure and reliable
protection, greater flexibility and
ease of use to customers.
– Omnichannel store technology:
connects the digital and physical
worlds for a seamless shopping
experience.
– Marketplaces: connecting brands to
third-party marketplaces including
Amazon with products fulfilled
through THG Fulfil.
– Artificial intelligence (AI)-powered
features: utilising machine learning
and AI to make personalised
product recommendations to
consumers.
Strategic Report
THG Ingenuity
During 2024, alongside advancing our strategic priorities, we focused on positioning THG Ingenuity
for success as a private company. THG Ingenuity remains a key supplier to THG PLC with a
long term service contract in place comprising; platform infrastructure and technology services,
warehouse, fulfilment and courier services, and marketing and content creation.
THG Ingenuity provides user-friendly, scalable and flexible ecommerce solutions to its customers. It continuously evolves its
technology, marketing and fulfilment solutions to stayrelevant to market needs and the priorities and challenges its customers
arefacing.
Across the three pillars of e-commerce enablement, THG Ingenuity is the partner of choice for an increasing roster of international
brands and retailers.
24
THG PLC Annual Report and Accounts 2024
THG Studios
THG Ingenuity’s marketing solution supports
brands efficiently reach and acquire new
audiences by combining creative innovation
and full-service production with data-driven
performance marketing to maximise its
customers’ return on investment.
In 2024, three new innovative products were
developed that blend human creativity with
advanced technology to deliver high-performance
marketing:
– iLab: A creative innovation hub testing and
integrating cutting-edge technologies to build
future-focused solutions:
– AI-driven experiences: using AI to create
and deploy content, with emotional
intelligence and ethical practices embedded
in every project;
– AR/VR: reimagining storytelling with
immersive, personalised experiences in both
digital and physical spaces; and
– Virtual screens: leveraging virtual
production with LED panels to blend
physical and virtual elements, creating
efficient, sustainable and limitless content
possibilities.
– Performance labs: using advanced tool, data
and analytics to drive creative decisions that
deliver high performing assets
– Media mix modelling (“MMM”): its approach
provides data showing the true impact of
client investment, detailing which channels
deliver the best returns and how to optimise
spend. MMM answers two critical questions:
1. Which sales were driven by marketing, and
which would havehappened anyway?
2. How much can customers optimise
incremental channels before
hittingdiminishing returns?
THG Fulfil
Leveraging investment in automated fulfilment capabilities, during 2024
THG Fulfil accelerated its business development focus towards clients
requiring fulfilment and courier management services, to improve their
checkout to delivery experience. Customers benefit from improved
ecommerce operation uptime, and distribution cost efficiencies.
Improvements in order processing efficiency enabled a market-leading
next-day delivery cut-off to 1am, meeting the increasing demands from
customers for shopping flexibility.
Key benefits to THG brands include:
– UK standard delivery timeframe from order to delivery of 1.5 days (vs.
3 days market average)
– average UK customer order to dispatch speed of 4.8 hours
– US standard delivery timeframe of 2.3 days (2023: 2.7 days)
– Ability to upgrade customer orders to next-day delivery free-of-charge
in 2024
– APAC standard delivery timeframe of 4.4 days (2023: 5.8 days).
THG brands saw a positive impact on its Trustpilot scores, with the
average rating rising from 4.3 in 2023 to 4.4 in 2024.
In October 2024, THG Fulfil was awarded ‘UK eCommerce Delivery and
Logistics Partner’ at the UK eCommerce Awards.
25
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Strategic Report
Overview of FY 2024 result
A keen focus on cash management
against the backdrop of a
challenging economic environment,
with the completion of the
demerger of THG Ingenuity further
accelerating gross deleveraging.
THG Beauty delivered on strategy
with growth in core markets and
Adjusted EBITDA margins above
medium-term guidance driven by
the focus on more profitable sales.
Reduction in revenue following
completion of portfolio
management within THG Beauty
to exit loss-making discontinued
categories driven by the focus
oncash.
THG Nutrition had a challenging
online performance alongside record
high whey prices impacting the FY
2024 result. Following the major
global rebrand, decisive action was
taken to reposition THG Nutrition
for a return to sustainable revenue
growth and margin recovery.
£550m of cash and available
facilities at year end (ahead
of demerger – with £89.0m of
cash leaving the Group with THG
Ingenuity), providing excellent
liquidity and setting a solid
foundation for THG’s future as
a cash-generative consumer
brandsGroup.
Post year end, successful completion
of debt refinancing to 2029.
“ With prudent cash
management and a
reduction in gross leverage,
we have navigated a
year of strategic change
with robust financial
discipline,positioning
ourselves for sustainable
growth andmargin
recovery.”
Damian Sanders
Executive Director and Chief Financial Officer
Chief Financial
Officer’s Review
All numbers and tables subject to rounding
throughout this report.
26
THG PLC Annual Report and Accounts 2024
Total Group overview
2024
1
£m
THG
Beauty
THG
Nutrition Central
Post
demerger
THG
Ingenuity
2
Inter-group
elimination
Pre
demerger
Discontinued
categories
Total
FY 2024
External revenue 1,108.5 579.8 — 1,688.3 191.9 — 1,880.2 63.1 1,943.3
Internal revenue — — — — 462.9 (462.9) — — —
Total revenue 1,108.5 579.8 — 1,688.3 654.8 (462.9) 1,880.2 63.1 1,943.3
Adjusted EBITDA 79.8 34.5 (22.2) 92.1 31.0 — 123.1 (8.7) 114.4
Margin 7.2% 6.0% — 5.5% 4.7% — 6.5% (13.8%) 5.9%
2023
£m
THG
Beauty
THG
Nutrition Central
Post
demerger
THG
Ingenuity
Inter-group
elimination
Pre
demerger
Discontinued
categories
Total
FY 2023
External revenue 1,073.3 657.9 — 1,731.2 165.5 — 1,896.7 148.6 2,045.4
Internal revenue — — — — 519.9 (519.9) — —
—
Total revenue 1,073.3 657.9 — 1,731.2 685.4 — 1,896.7 148.6 2,045.4
Adjusted EBITDA 44.1 88.9 (21.8) 111.3 11.0 — 122.3 (8.2) 114.1
Margin 4.1% 13.5% — 6.4% 1.6% — 6.4% (5.5%) 5.6%
1. This report includes a number of non-GAAP measures and alternative performance measures. Adjusted results are consistent with how business performance
is measured internally and presented to aid comparability of performance. See more information within the glossary and reconciliations to statutory measures
within this report.
2. Following the completion of the demerger, we have concluded that THG Ingenuity meets the criteria of being classified as a discontinued operation
(IFRS5:Non-current Assets Held for Sale and Discontinued Operations). See note 12.2 to the financial statements for more information. FY 2023 has been
restated to reflect certain leased assets and operational activities of THG Experience within THG Ingenuity which had previously been reported within
THGBeauty.
Reconciliation to statutory revenue
2024
£m
2023
£m
THG Beauty 1,108.5 1,073.3
THG Nutrition 579.8 657.9
Post-demerger revenue 1,688.3 1,731.2
THG Ingenuity (external) 191.9 165.5
Pre-demerger revenue 1,880.2 1,896.7
Discontinued categories 63.1 148.6
THG Ingenuity (external) – classified as discontinued operations for statutory presentation (191.9) (165.5)
Statutory continuing revenue 1,751.4 1,879.9
The demerger completed on 2 January2025. Therefore, the results of THG PLC for FY 2024 include THG Beauty, THG Nutrition
and THG Ingenuity, reflecting performance prior to the demerger.
The segmental reporting and categories in this report (and the table above) are summarised as follows:
Post-demerger – this represents the streamlined Group moving forward, comprising THG Beauty and THG Nutrition, net of central
costs and excluding THG Ingenuity and discontinued categories, and will constitute the underlying results of THG PLC reported
from FY2025.
Pre-demerger – includes THG Beauty, THG Nutrition and THG Ingenuity as have previously been reported in prior years (excluding
discontinued categories); following the completion of the demerger, THG Ingenuity is now a private company and its results will
not be reported within the results of THG PLC after FY 2024.
Discontinued categories – as part of our focus on continually improving the business and responding to the economic backdrop,
several non-core brands and product offerings identified as loss-making or non-cash generative were exited across FY2023
and FY 2024 improving the margin potential of the business. These categories have been removed from the post-demerger and
pre-demerger result as an adjusted performance measure to provide a comparable basis going forwards.
27
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Headlines
– Post-demerger Group revenue of £1,688.3m (2023: £1,731.2m) and Adjusted EBITDA of £92.1m (2023: £111.3m) with a margin
of 5.5% (2023: 6.4%). Revenue reduction of 2.5% driven by a revenue performance within THG Beauty of +3.3%, offset
by a decrease in THG Nutrition of -11.9%. Significant 310bps improvement in THG Beauty margin reflecting the continued
prioritisation of more profitable sales and exiting loss-making and low-margin territories and brands, partially offsetting the
challenging trading environment for THG Nutrition, most notably the record high whey prices.
– Pre-demerger Group revenue of £1,880.2m (2023: £1,896.7m) and Adjusted EBITDA of £123.1m (2023: £122.3m) with a margin
of 6.5% (2023: 6.4%) with both metrics remaining broadly stable.
– THG Beauty result driven by strong performance driven by the UK (with 53% of revenue generated outside of the UK). THG
Nutrition by contrast experienced a more challenging year, primarily as a result of weaker online sales, a result of the rebrand
and lower than expected Asia performance.
– Operating loss of £147.9m (2023: £39.2m) increased due to the combination of the weaker performance in THG Nutrition
combined with increased costs recognised within adjusting items in the year. These costs primarily relate to the decision made
to exit loss-making categories which led to one-off costs for impairment of related assets and an inventory provision and the
clearance of old brand stock following the rebrand within THG Nutrition.
THG Beauty
Standout adjusted EBITDA performance from THG Beauty
Revenue increased by +3.3% to £1,108.5m (2023: £1,073.3m) driven by retail and own brand performance. Revenue increased
in core territories of the UK and US, offset by strategic reductions in sales across Europe and Asia to ensure a focus
onhigher-margin customers.
Drivers were skincare, cosmetics and fragrance, with fragrance proving in high demand throughout the year.
Adjusted EBITDA delivered of £79.8m (2023: £44.1m). Adjusted EBITDA margin of 7.2% (2023: 4.1%) has almost doubled YoY
following a return to revenue growth, the positive impact of the strategy to focus on higher-margin sales and the normalisation
ofmanufacturing profitability.
THG Nutrition
Continued evolution of strategy following achallengingyear
THG Nutrition reported revenue of £579.8m (2023: 657.9m) being a -11.9% decrease. Whilst the business reported a revenue
decline, this has been primarily driven by the one-time average selling price reduction of 11.0% due to clearance on old brand
product online. Goodmomentum is being seen in categories outside of core protein powders, especially in activewear, vitamins,
and bars and snacks alongside the offline market.
Adjusted EBITDA margin of 6.0% (2023: 13.5%) was principally as a result of the challenging sales performance, heavily influenced
by the record high input whey prices, persistent weakness of the Japanese Yen and increased promotional activity to clear old
brand stock following the rebrand. The strategy continues to evolve with continued growth in our offline business comprising
manufacturing, retail and licensing, enabled by the rebrand.
Central costs
Central costs relate primarily to the PLC Board remuneration, insurance, professional services fees, Group finance, M&A and
governance costs that are not recharged to the businesses as they principally relate to the operations of the PLC holding
company. The costs remained largely consistent with FY 2023.
Geographical review of revenue
The following table provides an analysis of revenue by region (by customer location):
2024
£’000
2023
£’000 Movement
UK 795.1 773.1 +2.8%
USA 336.6 306.3 +9.9%
Europe 357.9 377.0 -5.1%
Rest of the world 198.7 274.8 -27.7%
Post-demerger revenue 1,688.3 1,731.2
The UK continues to be the largest market for the Group with 47.1% (2023: 44.7%) of revenue generated within the UK. The UK
isthe biggest market for the Group in both THG Beauty and THG Nutrition.
Strategic Report
Chief Financial Officer’s Review continued
28
THG PLC Annual Report and Accounts 2024
The USA is a growing market for the Group with 19.9% of revenue (2023: 17.7%). Dermstore is our primary beauty fascia in the
US and sells over £170m annually, whilst roughly half of THG Beauty manufacturing sales are generated in the US from our New
Jersey labs facility.
Europe and the rest of the world both saw sales decline year on year in 2024 driven by both the prioritisation of higher margin
sales in THG Beauty which lead to a conscious pull back on some sales activity in Europe and Asia, and the exchange rate on the
Japanese Yen which adversely impacted on our ability to compete in THG Nutrition in Japan, which is one of Myprotein’s biggest
markets.
Discontinued
Discontinued operations – THG Ingenuity
Total revenue of £654.8m (2023: £685.4m), a decrease of -4.5%. This is due to the reduction in internal revenue of 11.0%, partially
offset by the increase in external revenue of 16.0%.
The investments made across the THG Ingenuity offering over a number of years, alongside advancing strategic priorities, have
positioned THG Ingenuity for success as a standalone private company. This, combined with the ongoing focus on higher-value
and higher-margin clients, has started to deliver, particularly across fulfilment services. This enabled THG Ingenuity to deliver
Adjusted EBITDA of £31.0m (2023: £11.0m) with a margin of 4.7% (2023: 1.6%), anincrease of 310bps YoY.
Internal revenue of £462.9m (2023: £519.9m) relates to services provided to the wider THG Group, including platform
infrastructure and services, warehouse fulfilment, courier services and marketing services. Internal revenue declined due to the
Group exiting loss-making categories and territories along with lower D2C sales in THG Nutrition, which in turn has generated
lower volumes for THG Ingenuity.
Discontinued categories
During 2023, the Group announced its intention to simplify and streamline its operations, undertaking a strategic review of
loss-making categories and territories. Given the size and complexity of the Group, this exercise has continued during 2024,
leaving the continuing Group in a streamlined, strong market position, driving positive cash flow.
Several small, non-core brands and product offerings were exited during FY 2024. These brands generated £63.1m of revenue
(FY2023: £148.6m) and contributed an Adjusted EBITDA loss of £8.7m (FY 2023: £8.2m). These losses will not continue into
FY2025.
The prior year discontinued categories have been restated to include consistent categories disclosed in FY 2024 to provide
alike-for-like comparison. (See note 2 within the financial statements.)
Group financial review
Statutory results
Year ended
31 December
2024
£m
Year ended
31 December
2023 (restated)
1
£m
Continuing operations
Revenue 1,751.4 1,879.9
Cost of sales (1,057.8) (1,082.5)
Gross profit
693.6
797.4
Distribution costs (231.0) (27 7. 3)
Administrative costs (610.5) (559.4)
Operating loss (147.9) (39.2)
Finance income 9.0 12.9
Finance costs (63.6) (65.9)
Loss before tax (202.4) (92.3)
Income tax credit/(charge) 21.9 (15.7)
Loss for the financial year fromcontinuing operations (180.6)
(108.0)
Discontinued operations
Loss for the financial year, net of tax
(145.6) (140.4)
Loss for the financial year
(326.1)
(248.4)
1. Restated for the impact of THG Ingenuity being classified as a discontinued operation.
29
THG PLC Annual Report and Accounts 2024
Strategic Report Governance Financial Statements Additional Information
Group financial review continued
Adjusted profit measures with reconciliation to statutory result
Management have presented alternative performance measures to provide stakeholders with additional helpful information on
the performance of the business. These alternative performance measures are consistent with how the business performance is
monitored and reported through internal Management reporting to the Board. To ensure that stakeholders can reconcile this to
the statutory information presented, the below table has been included:
Year ended 31 December 2024
Management
adjusted view
£m
Adjusted