Following today’s release of THG’s full year results for the year ending 31 January 2025; Charlotte Chilcott, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “THG has concluded FY2025 with a commendable performance, marking a significant turnaround from previous years. Adjusted EBITDA exceeded market expectations , and with profit after tax reaching £54.1m for 2025, this represents a substantial improvement from the previous year’s loss of £326m. Revenue increased by 2.3% on a constant currency basis, a positive shift following the total revenue decline of 3.1% in FY2024. This growth was largely driven by a strong second-half performance from THG Beauty and the global expansion of THG Nutrition. As THG steps into 2026, the group is well-positioned for continued success, with strategic exits from non-profitable ventures and territories having streamlined operations, allowing THG to focus on its core strengths and high-margin areas.
“THG Nutrition remained a cornerstone of the group’s growth, achieving a 6.4% increase in revenue on a constant currency basis. This growth trajectory has been fuelled by the rising global prominence of Myprotein, THG’s flagship bodybuilding supplement, following a rebrand. The brand’s expansion into over 40,000 stores worldwide, coupled with new licensing partnerships with Mars, has significantly bolstered its market position. Sales growth in high margin categories such as creatine and activewear have also reduced dependency on whey-based products. However, the potential £78m gain from THG’s effort to recover VAT from previous years is dependent on a ruling from HMRC due in the next few months.
“THG Beauty has demonstrated resilience with a full-year revenue growth of 0.2%, reflecting a notable recovery in the second half of the year. The division’s strategic focus on high-margin territories and categories has proven successful, with Lookfantastic spearheading growth in the UK and Ireland, achieving an impressive 16.2% growth in Q4. THG Beauty’s adept use of social media, particularly through TikTok Shop, has resulted in sales more than doubling on the platform compared to 2024. While this digital strategy has yielded remarkable results, sustaining growth in this dynamic environment will require continuous innovation and adaptation to evolving consumer trends.”
