THG has been boosted by a strong performance from its beauty business as the group presses ahead with efforts to revive its stock market valuation.
Revenues in THG’s beauty division beat City expectations with a rise of 9.3 per cent to £267.6 million in the three months to March 31, prompting the group’s share price to rise by 3p, or 4.8 per cent, to 65p.
THG, formerly known as The Hut Group, was founded by the entrepreneur Matt Moulding in 2004 and floated on the stock exchange at a valuation of £5.4 billion in 2020. THG’s market capitalisation now stands at about £870 million and the company has been seeking to boost its share price by addressing corporate governance concerns and cutting costs.
Revenues at
