The Hut Group has reported its annual results for FY ended 31st December 2021, with sales reaching £2.2 billion and an adjusted EBITDA of £161.3 million. The business said that each of its divisions showed revenue growth with THG Beauty up by 49 per cent, THG Ingenuity up 42 per cent, and THG Nutrition up by 27 per cent.
The business has come under near-constant fire in recent months and the latest news concerns THG acquisition Cult Beauty with its CEO Alexia Inge having exited the business amidst bad feeling amongst employees over the closure of its North London fulfilment centre and unsubstantiated claims that THG was delaying payments to Cult Beauty suppliers.
THG has confirmed reports that it has become a target for takeover with CEO Matthew Moulding saying: “You will all be aware that there has been significant speculation about possible third party interest in THG. I can confirm that the board has received indicative proposals from numerous parties in recent weeks.”
He added: “Alongside significant revenue growth, 2021 saw us acquire and successfully integrate a number of complementary businesses, deepening our vertical integration across both Beauty and Nutrition and expanding our reach to consumers around the globe.
“Our technology platform is now empowering an expansive list of global brands across a multitude of sectors, and the number of third party websites has almost doubled during the year.”
THG also said that for its first quarter ended 31st March 2022 sales had reached £52.5 million, that it would limit the impact of rising costs on its consumers, and that it expects a 1 per cent revenue impact as a result of the war in Ukraine and other external factors.
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