Updates

THG

November 2023

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.

THG has registered an improving top-line trend with Q3 revenue reaching -2.1% versus -8.1% in Q1 and -6.9% in Q2. Better than that, performance improved each month in the quarter and September went back into positive territory at +3.2%. Beauty revenues declined by 4.4% YOY to £272m but has seen a marked improvement through the period, culminating in a September constant currency exit rate of +5.1%. The impact of global de-stocking in the Beauty manufacturing business has eased, supporting a return to growth for THG Beauty in September (+5.1% constant currency). Nutrition has reported a record Q3 EBITDA performance. Sales growth declined 2.3% in constant currency to £156.2m but with margins bouncing back sharply as whey pr ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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