THG manages to narrow FY23: As the company focused on lucrative sales and territories, as shown by the higher quality EBITDA, preliminary revenue for THG Group fell 8.4 percent, while ongoing revenue for the group fell 2.8 percent, totaling 1,983.7 million pounds. There was a 1.1% increase in revenue for the fourth quarter.
The UK was highlighted as a crucial growth area by the company in a statement, while international sales continued to make up a substantial share of Group sales at 54.2%. Despite significant currency headwinds and rising inflation, adjusted gross margin expanded to 42.8%.
“In 2023, we made material progress against our strategic priorities, delivering significant profit growth following the support for our consumers through the cost-of-living crisis in 2022,” commented THG CEO Matthew Moulding on the annual results. The Group achieved record EBITDA after cash-adjusting items in 2023, surpassing what was seen during the height of the pandemic, thanks to this effort.
Recap of THG’s FY23 Early Results
While the firm had anticipated sustained adjusted EBITDA of more than 117 million pounds in January 2024, it actually achieved 120.4 million pounds, an improvement of 6.1%. Adjusted EBITDA grew to 114.1 million pounds on a reported basis, representing a margin of 5.6%. The profit for the group as a whole increased to 185.4 million pounds.
Online retail accounted for 80% of THG Beauty’s 1.2 billion pounds in revenue in FY23, with its own brand contributing 10% and manufacture contributing 10%. More than half of all online retail sales come from the United Kingdom, while 20% come from the United States.
More than 85% of online direct-to-consumer revenue now comes from repeat customers, and the number of active customers has more than quadrupled since 2019 to 8.5 million.
The skincare brand Biossance was purchased by the firm in December. Holland & Barrett (UK ecommerce fulfilment and courier management services), Disney (media content for Shop Disney), L’Oréal (US direct-to-consumer for luxury beauty brands), and Coca-Cola (UK direct-to-consumer and fulfilment) were among the new clients and established relationships revealed during the year.
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