THG, the digital commerce conglomerate behind popular brands like MyProtein and Cult Beauty, has announced a resurgence in revenue growth during the final quarter of 2023, coupled with a significant reduction in annual losses.
While THG’s yearly revenue experienced a decline of 8.7% to £2 billion, the Manchester-based company observed an upturn in performance in the last quarter. Pre-tax losses were notably halved from £549.7 million to £252 million over the year.
Despite facing challenges across its nutrition, beauty, and Ingenuity divisions throughout the year, THG emphasized the UK as its “key growth market,” with British sales representing 45.8% of its total, up from 42.9% in the previous year. 
CEO Matthew Moulding remarked, “In 2023, we made significant progress toward our strategic objectives, achieving substantial profit growth following our support for consumers during the cost-of-living crisis in 2022.” He continued, “With the completion of our recent infrastructure investment program, the group is now realizing operating leverage. Our fulfillment network is increasingly optimized through a blend of robotics automation, AI, and the addition of new Ingenuity clients utilizing existing capacity.”
Moulding expressed satisfaction with the return to group revenue growth in Q4, noting that the momentum has carried into 2024.
THG’s past year was characterized by volatility, including interest in a takeover from private equity giant Apollo in April, hinting at a potential move to take the company private. However, discussions concluded without an agreement less than a month later. THG’s shares experienced a surge upon the revelation of Apollo’s interest but returned to previous levels upon its withdrawal. The board stated that Apollo had undervalued THG.
Following this, founder Mr. Moulding relinquished his veto rights over any proposed takeover of the group, two years after pledging to do so. This action addressed concerns raised by shareholders regarding corporate governance.
Additionally, THG reduced its workforce by approximately 2,500 employees between 2022 and 2023.
