THG PLC (LSE:THG), owner of MyProtein sports nutrition brand and Lookfantastic beauty website, has reported improved trading in the second quarter of fiscal 2025.
The group returned to positive revenue growth across its Beauty and Nutrition divisions on a constant currency basis, and confirmed its full-year guidance remains unchanged, it said in a statement ahead of its annual shareholder meeting.
On a reported basis, THG Beauty revenue is expected to decline between 2% and 3% in the second quarter, an improvement from a 9.8% decline in the first.
Beauty retail, which represents the majority of the division, made market share gains and THG noted that the withdrawal from lower-margin Asian and European territories will annualise in the coming quarter, removing a year-on-year revenue drag from that point.
In Nutrition, revenue has grown 5-7% in Q2, accelerating from 0.1% in Q1 and marking the fastest pace since early 2022 as its offline strategy made progress, with Myprotein products now available in over 34,000 retail sites globally, including key listings in Europe, Asia, and the US.
THG said that while prices for milk and whey remain elevated, there are signs of softening, particularly in high protein concentrations.THG Beauty is expected to report a revenue decline of between 2.0% and 3.0% in Q2, an improvement from a 9.8% decline in Q1.
The group expects direct exposure to US tariffs to be under £1 million before mitigating actions, but continues to monitor trade policy developments and potential impacts on supply chains and consumer sentiment.