Xmas spending splurge boosts the Hut Group as it raises annual forecasts for second time in three month
The Hut Group (THG) has made a barn-storming start to life as a public company after raising its annual forecasts for the second time in just under three months.
Boosted by a splurge in Christmas spending, the tech and retail darling has upped its annual revenue growth to between 38 per cent and 40 per cent, compared with 30 per cent to 33 per cent as previously guided in October.
Revenue is expected to come in at £1.57billion to £1.6billion.
The Hut Group chief exec Matthew Moulding (pictured with wife Jodie) founded the company in 2004 and floated it in September at 500p per share. It is now up at 668.4p
THG, which owns beauty and nutrition brands such as Myprotein and Look Fantastic, said sales had been ahead of expectations across all divisions during the fourth quarter, boosted by strong performances during Singles Day in China, Black Friday and Cyber Week – a period after the US Thanksgiving holiday when online retailers offer discounts.
The results are a boost for founder and chief executive Matthew Moulding, who is included in a share incentive scheme under which he will be rewarded with £700million of shares if THG’s valuation hits £7.25billion.
The shares were at 668.4p yesterday, valuing Hut at £6.5billion.