Latest news with #MatthewMoulding
The Herald Scotland
6 days ago
- Business
- The Herald Scotland
THG to be demoted from FTSE 250 as Wickes enters index
FTSE Russell, the global index provider run by the London Stock Exchange Group, updates the firms listed on its FTSE 100 and FTSE 250 indexes every three months. On Wednesday, it confirmed which of the UK's largest firms are valued highly enough to join each index based on their share value at the close of trading on Tuesday June 3. It announced that the FTSE 100 – the index of the London Stock Exchange's highest value stocks – remained unchanged in the new update. Home improvement chain Wickes is among those that will jump into the index (PA) However, the FTSE 250 – the index of the 250 next most valuable companies – will see a raft of changes. It said Manchester-based online retail business THG – which was previously called The Hut Group – will be among those demoted from the FTSE 250 index. The company has seen its shares continue a steady decline in recent months, amid continued challenges in its nutrition business, which includes the MyProtein brand. The business, founded by Matthew Moulding, saw revenues drop by 5% last year after this weakness offset growth in its beauty operations. THG is now valued at around £353 million, having been worth as much as £5.4 billion when it floated on the London Stock Exchange in 2021. Elsewhere, National Express parent firm Mobico will also drop from the index after a recent fall in revenues as it undergoes a significant turnaround plan. Bellevue Healthcare Trust, a healthcare investment firm, and mining giant Ferrexpo have also dropped from the index. Meanwhile, home improvement chain Wickes is among those that will jump into the index. Wickes shares have risen by more than 50% since the start of the year after reporting resilient customer demand despite pressure on big ticket spending. It will be joined in the index by Avon Technologies, Gamma Communications and Ashoka India Equity Investment Trust. The changes will take effect from the start of trading on Monday June 23.
Yahoo
6 days ago
- Business
- Yahoo
THG to be demoted from FTSE 250 as Wickes enters index
Online retail specialist THG is to be pushed out of the FTSE 250 in the latest reshuffle of London's top stock indexes. Meanwhile, home improvement chain Wickes will be among the beneficiaries as it climbs into the index. FTSE Russell, the global index provider run by the London Stock Exchange Group, updates the firms listed on its FTSE 100 and FTSE 250 indexes every three months. On Wednesday, it confirmed which of the UK's largest firms are valued highly enough to join each index based on their share value at the close of trading on Tuesday June 3. It announced that the FTSE 100 – the index of the London Stock Exchange's highest value stocks – remained unchanged in the new update. However, the FTSE 250 – the index of the 250 next most valuable companies – will see a raft of changes. It said Manchester-based online retail business THG – which was previously called The Hut Group – will be among those demoted from the FTSE 250 index. The company has seen its shares continue a steady decline in recent months, amid continued challenges in its nutrition business, which includes the MyProtein brand. The business, founded by Matthew Moulding, saw revenues drop by 5% last year after this weakness offset growth in its beauty operations. THG is now valued at around £353 million, having been worth as much as £5.4 billion when it floated on the London Stock Exchange in 2021. Elsewhere, National Express parent firm Mobico will also drop from the index after a recent fall in revenues as it undergoes a significant turnaround plan. Bellevue Healthcare Trust, a healthcare investment firm, and mining giant Ferrexpo have also dropped from the index. Meanwhile, home improvement chain Wickes is among those that will jump into the index. Wickes shares have risen by more than 50% since the start of the year after reporting resilient customer demand despite pressure on big ticket spending. It will be joined in the index by Avon Technologies, Gamma Communications and Ashoka India Equity Investment Trust. The changes will take effect from the start of trading on Monday June 23.
The Independent
6 days ago
- Business
- The Independent
THG to be demoted from FTSE 250 as Wickes enters index
Online retail specialist THG is to be pushed out of the FTSE 250 in the latest reshuffle of London's top stock indexes. Meanwhile, home improvement chain Wickes will be among the beneficiaries as it climbs into the index. FTSE Russell, the global index provider run by the London Stock Exchange Group, updates the firms listed on its FTSE 100 and FTSE 250 indexes every three months. On Wednesday, it confirmed which of the UK's largest firms are valued highly enough to join each index based on their share value at the close of trading on Tuesday June 3. It announced that the FTSE 100 – the index of the London Stock Exchange's highest value stocks – remained unchanged in the new update. However, the FTSE 250 – the index of the 250 next most valuable companies – will see a raft of changes. It said Manchester-based online retail business THG – which was previously called The Hut Group – will be among those demoted from the FTSE 250 index. The company has seen its shares continue a steady decline in recent months, amid continued challenges in its nutrition business, which includes the MyProtein brand. The business, founded by Matthew Moulding, saw revenues drop by 5% last year after this weakness offset growth in its beauty operations. THG is now valued at around £353 million, having been worth as much as £5.4 billion when it floated on the London Stock Exchange in 2021. Elsewhere, National Express parent firm Mobico will also drop from the index after a recent fall in revenues as it undergoes a significant turnaround plan. Bellevue Healthcare Trust, a healthcare investment firm, and mining giant Ferrexpo have also dropped from the index. Meanwhile, home improvement chain Wickes is among those that will jump into the index. Wickes shares have risen by more than 50% since the start of the year after reporting resilient customer demand despite pressure on big ticket spending. It will be joined in the index by Avon Technologies, Gamma Communications and Ashoka India Equity Investment Trust. The changes will take effect from the start of trading on Monday June 23.
Daily Mail
29-04-2025
- Business
- Daily Mail
THG sales hurt by beauty weakness but nutrition shows recovery
THG has reported lower first-quarter turnover as weaker sales in its beauty business offset improvement in the group's nutrition unit. The e-commerce retailer, which owns the Cult Beauty and Myprotein brands, saw overall revenue feal by 8 per cent at constant currency rates to £375.6million in the three months ending March. Sales in its beauty arm declined by 9.8 per cent to £223.6million, partly because the equivalent period last year included the Easter weekend occurring in late March. THG also blamed the drop on the scaling back of sales activity in certain Asian and European markets in order to focus on attracting higher-margin customers. Weaker demand for beauty products offset nutrition-related sales rising in February and March thanks to the number of online customers increasing in the UK. THG's nutrition division saw revenue slump by 8.7 per cent to £579.8million in 2024 after the company slashed prices to try and clear old stock as part of a rebrand. As a result, the Manchester-based company's total revenue last year shrank by more than £100million to about £1.9billion, although its 'post-demerger' sales were only 0.4 per cent down at £1.7billion. THG spun off loss-making technology platform Ingenuity in January to simplify operations, revive shareholder value, and bolster its finances. Following the demerger, the group completed a debt refinancing deal up to 2029, conducted an equity raise, and entered the FTSE 250 Index. Matthew Moulding, chief executive and co-founder of THG, said: 'We are now fully focused on THG Beauty and THG Nutrition, and I'm incredibly proud of the progress each business has made.' He added: 'Both our businesses have undertaken extensive model changes over the past 24 months. 'Beauty has focused on more profitable markets and building loyalty schemes, while Myprotein has pressed ahead in undertaking a successful rebrand, underpinning rapid growth across global offline retail and licensing.' THG also revealed its adjusted earnings before nasties flatlined at £114.4million last year. Since listing on the London Stock Exchange in 2020, THG has struggled with heavy losses, slowing online trade, and corporate governance concerns. Moulding has expressed regret for taking the company public in the UK, once saying it 'just sucked from start to finish.' THG shares have plunged by around 95 per cent from their initial public offering price of 500 pence per share to 26.1p as of mid-Tuesday afternoon.
Fashion Network
29-04-2025
- Business
- Fashion Network
THG battles full-year and Q1 headwinds but is upbeat for the future
THG's full-year results and Q1 trading update came with plenty of negative numbers but the company was upbeat overall about 'a transformative year, marked by further strategic progress and operational resilience and balance sheet deleveraging'. The firm's shares fell 3% Tuesday morning after it said FY24 revenue pre-demerger (its Ingenuity ops were spun out as a separate company last year) rose 1.1% to £1.88 billion and adjusted EBITDA was in line with guidance and consensus. Within that, THG Beauty rose 3.3% at actual exchange rates and 4.6% at constant currency (CC) to £1.108 billion while Nutrition fell 11.9% actual and 8.7% CC to £579.8 million. Post-demerger revenue fell 2.5% actual and 0.4% CC for the company as a whole. THG Ingenuity's revenue was up 16% actual during the year and 16.4% CC to £191.9 million. Post-demerger adjusted EBITDA for THG fell 17.2% to £92.1 million. And in Q1 of this year, group continuing revenue fell 6.1% at constant currency to £371.4 million with like-for-like revenue down 3%. The first quarter saw THG Beauty revenue falling 10% actual or 9.8% CC to £223.6 million as comparisons with last year proved tough, while the Nutrition ops returned to CC growth, albeit at just 0.1% on that basis and down 2% actual. Sales were £147.8 million. CEO Matthew Moulding said: '2024 was a big year of change and evolution for THG, the highlight of which was the demerger of the group's technology division, THG Ingenuity at the end of the year 'We are now fully focused on THG Beauty and THG Nutrition, and I'm proud of the progress each business has made. THG has become a much leaner, fitter group that has shown strong resilience in the face of record whey commodity pricing that placed temporary pressure on Nutrition margins. A strong performance across our Beauty business, delivering ahead of its medium-term adjusted EBITDA margin target, helped the group to deliver a pre-demerger adjusted EBITDA margin ahead of 2023 despite the transitory headwinds in Nutrition. 'In the first quarter of this year, THG Beauty was up against a comparative period including an early Easter which is a key trading event, and an extra day's trading. However, in its home UK and US markets, Beauty retail is trading resiliently, with a strong selection of new brand launches planned throughout the year.'
