Matt Moulding has given up his “golden” share in THG and has also confirmed the appointment of Helen Jones as an independent non-executive director ahead of the company’s AGM. The “golden” share which gave Moulding the power to prevent any unwanted takeover attempts was passed to the company which has in turn cancelled the share.
In further news, longstanding THG non-executive director Iain McDonald has stepped down from its Remuneration Committee, making way for Ms Jones, and will focus instead on his other THG duties as a member of its Sustainability and Nomination Committees.
In its update, THG says that its THG Nutrition has benefited from an easing in commodity prices and that its commitment to hold off price increases has enabled it to maintain strong sales. THG Beauty is forecasting a strong second half, with THG Ingenuity remaining on track. The company now predicts an adjusted pre-tax profit of between £44m and £47m for its first half as compared to the £32.3m it posted for the same period last year.
THG has also expressed its intention to move to a premium stock market listing pending the final outcome of the FCA’s review on reform of the listing regime.
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