THG PLC (LSE:THG) reduced losses for the year ending 31 December 2021, with the online retailer adding it will “continue to shield consumers” from macro conditions.
Overall, the loss for the financial year was reported at £138mln, down from £532mln in 2020, while revenue was up to nearly £2.2bn from £1.6bn
According to the report, it will not pass on costs to consumers where possible, as it looks to build on its loyal and long-term customers, who contribute roughly 80% of the group’s total revenue.
“We have scaled revenue and expanded our business model well ahead of targets given at the time of our IPO back in September 2020,” said chief executive Matthew Moulding.
He added that the company is “well placed to manage the inflationary pressures and effects of the pandemic on global supply chains thanks to our investment in automation and vertical integration strategy.”
THG, the online retailer of beauty and nutrition products, said the first quarter of 2022 saw “encouraging consumer demand levels” despite “unprecedented inflationary pressures and the geopolitical climate.”
London-listed THG also experienced growth across all its divisions, with active customers rising in both beauty and nutrition, as well as increasing the number of websites it services in Ingenuity.
Ingenuity is the technology branch of the business that offers clients the opportunity to partner with all of the e-commerce service stacks, according to its website.
Revenue in Ingenuity grew by 135% to £45.4mln, which was driven by new wins and 98 additional e-commerce websites on the platform.
Shares were down 0.9% in morning trading, changing hands at 106p.