Updates

THG

July 2025

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A lot has happened since my last write-up. In January, THG completed the demerger of its Ingenuity business. Shareholders were given the choice to receive Ingenuity shares in proportion to their THG holdings, to increase their stake in Ingenuity or to opt out entirely, which increased their relative holding in RemainCo. As a result of the demerger, THG now carries less debt. This improvement is largely due to the transfer of £298m in lease liabilities to Ingenuity, as well as the repayment of other loans. And more importantly THG has finally reported return to revenue growth across both divisions. Nutrition: after a marginal return to growth in Q1, with sales up just 0.1%, Q2 is set to come in at 5-7% - the fastest rate si ...

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