Sports nutrition and premium beauty business THG has reported interim results for the six months to 30 June 2025, highlighting a return to revenue growth in the second quarter and continued momentum into the second half of the year.
The Group owns a wide portfolio of consumer brands including; Myprotein, Cult Beauty, and LookFantastic.
The latest financial report, which was released today (11 September) said strategic changes made across its beauty and nutrition businesses in 2024 are now delivering results, underpinning confidence in its full-year outlook.
Following the successful demerger of THG Ingenuity earlier this year and the disposal of Claremont Ingredients in Q3 for £103m, the Group is moving onto what it described as an “accelerated path” toward a net cash position.
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Group revenue for the half-year was £783.4m, down 2.6% year-on-year at constant currency, with adjusted EBITDA of £24m versus £37.1m in H1 2024.
Gross margin fell to 41.1% (H1 2024: 42.6%) due to record whey prices in Nutrition, but management expects margins to improve in H2.
By division, THG Beauty revenue fell 5.9% in H1 on a constant currency basis to £479.9m, with the decline largely driven by portfolio rationalisation and the withdrawal from certain European and Asian markets.
The company stressed that new brand launches – including Gucci Beauty – and strong loyalty growth through LookFantastic would support a return to revenue growth in Q3.
THG Nutrition, led by Myprotein, delivered revenue growth of 3.1% to £303.6m, with momentum building through Q2. Myprotein continued to expand its offline retail presence, adding new listings in the US including a rollout into Walmart, and now expects around 45 million units to be sold via offline and licensing channels in 2025.
The brand also announced upcoming global partnerships in both food-to-go and confectionery categories.
CEO Matthew Moulding said he was “pleased with the momentum building through the business” and highlighted the benefits of recent strategic initiatives, including Myprotein’s global rebrand and expanded partnerships.
“Our momentum is positive and Q3 will be our strongest trading period of the year so far, underpinning our confidence in the outlook,” he said.
THG forecasted H2 revenue growth of 1–3% in Beauty and 10–12% in Nutrition, supported by ongoing brand investment and a more favourable trading environment.
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