Matthew Moulding, founder & executive chairman of The Hut Group (THG) has announced that full year revenues for 2020 reached £1.6bn. This is 42 per cent up year on year. The business also says that its first quarter 2021 shows a 58 per cent growth with Ingenuity Commerce 188 per cent up.
Moulding is to transfer £100m worth of listed ordinary THG shares into The Moulding Foundation which he and his wife started last with the intention of distributing proceeds to assorted charities. The sum represents the equivalent of 100 per cent of the profit that the Moulding Capital property company could make over the next 100 years as a result of acting as landlord to THG’s premises
THG says it will soon be opening its ICON studios – Europe’s largest content studio with 2,000 staffers providing high quality video production and photography capabilities for THG brands and Ingenuity clients. The business will also be investing in 3.6m sq ft of additional fulfilment and personalisation capacity in key locations globally to support its own brands and Ingenuity clients.
Matthew Moulding said: “We approach FY21 with confidence having navigated successfully through a milestone year in the Group’s history. “I am particularly proud of how our people have responded to the changing environment, displaying determination to make a difference across all aspects of our operations from new product development, to digital marketing, M&A, fulfilment and THG (eco).
“Our global D2C brand building capabilities and proprietary Ingenuity technology platform has enabled us to further develop both our external brand relationships, and our expanding portfolio of Beauty and Nutrition own brands. Leveraging the platform to build an impressive client base of blue-chip consumer brands has been a highlight of the year, supported by encouraging momentum in the current year Ingenuity Commerce pipeline.
“Management’s purpose for the IPO was to step change THG’s access to funding in order to capitalise on Covid-19 accelerated market changes.
“As we progressed through 2020, those changes became more apparent in terms of the volume and scale of opportunities available to the Group, as evidenced by the c. £400m committed to acquisitions since IPO, most notably the acquisition of Dermstore in the US.
“After highlighting our commitment to reducing the environmental impact of Group operations with the launch of THG (eco) in 2020, we have announced significant investment to support the Group’s strategy to off-set existing usage and footprint. Plastics are a real and immediate problem for THG’s operational sites, our consumers, and for Ingenuity partners. We are investing in best-in-class plastic recycling operations that at first help us off-set our plastic footprint, but in time enable us to close the loop and re-use the plastic we process within THG directly.”