THG PLC (LSE:THG) shares jumped 5.5% to 40.69p after the online cosmetics retailer and protein shakes maker reported its strongest first-quarter revenue growth in five years.
The Manchester-based group said revenue rose 7.0% on a constant currency basis to £393.1 million in the three months to 31 March.
Beauty revenue was up 5.8% to £233.3 million, helped by strong US performance and 7% order growth in the UK.
Nutrition revenue bulked up 8.8% to £159.8 million, or 12.1% excluding Asia.
Chief executive Matthew Moulding said: “It is energising for everyone at THG to see such a strong start to 2026.”
The group said growth was modestly affected by disruption in the Middle East and currency headwinds, while disposals reduced reported growth by around 1.5 percentage points.
Full-year guidance was reiterated, supported by market share gains and pricing initiatives, and said first-quarter cash flow was its strongest in three years.
Moulding said the company enters the second quarter “with confidence” despite ongoing geopolitical uncertainty.
Broker Jefferies said it was "another quarter of encouraging growth", consistent with the shape outlined at its full-year results in March.
"Reflecting the strong start to the year, THG has reiterated its FY26 guidance, and we leave our estimates for revenue growth (+4.8%), EBITDA (£100m), and underlying FCF (£38m) unchanged.
"We continue to believe that, after a challenging few years, THG is well set to deliver consistent top-line growth, strong profit progress, and robust cash generation. The Q1 updated today is another data point supporting that view."
** UPDATE: Adds share price and broker comment **