THG shares bulk up as revenue growth returns after protein boost

By JANE DENTON

Updated: 11:17 BST, 25 June 2025

THG shares rose sharply on Wednesday after the group unveiled a return to revenue growth and ‘much improved’ trading aided by the retailer’s nutrition division.  

The group, which owns MyProtein, Cult Beauty and City AM Newspaper, returned to positive revenue growth across its Beauty and Nutrition arms on a constant currency basis. 

Nutrition’s revenue growth accelerated from 0.1 per cent in the first quarter of the year to 5 to 7 per cent in the second, marking its fastest pace since the first three months of 2022.

The unit’s bricks and mortar offering is now ‘gaining significant traction’, THG said, with products available in new territories across the UK, UK, Europe and Asia. 

It expects Myprotein’s move into both the offline and licensing space to result in around 45 million units sold via these channels during 2025 through roughly 40,000 outlets, ‘enabling Myprotein to reach millions of new customers and further amplify brand awareness’. 

THG added; ‘The retail sales value of offline and licensed products is expected to be around £170m for FY 2025.’

It said that while prices for milk and whey remained elevated, there are signs of softening, particularly in high protein concentrations. 

Growth: THG shares rose sharply on Wednesday after the group unveiled a return to revenue growth

THG also confirmed its full-year guidance remained unchanged ahead of its annual general meeting today.  

The group’s shares were up 13.54 per cent or 3.81p to 31.93p, having fallen over 47 per cent in the last year. 

THG Beauty is expected to report a revenue drop of between 2 per cent and 3 per cent in the second quarter, an improvement from a 9.8 per cent decline in the first quarter. 

Beauty retail, which represents the majority of the division, made market share gains and THG said that the withdrawal from lower-margin Asian and European territories would annualise in the coming quarter, removing a year-on-year revenue drag from that point.

The group expects direct exposure to US tariffs to be under £1million before mitigating actions, but said it continued to monitor trade policy developments and potential impacts on supply chains and consumer sentiment.

It said: ‘Whilst our direct exposure to tariffs is expected to be less than £1million pre mitigating actions, we continue to monitor the changes to US trade policy and reciprocal actions for an adverse impact on raw material supply chains and US consumer sentiment.’

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THG shares bulk up as revenue growth returns after protein boost

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