An online retail and software giant run by one of the richest men in Greater Manchester lost over £100m during the first half of the year, it has been revealed.
THG, which is behind brands such as LookFantastic and MyProtein, suffered pre-tax losses of £108.1m for the six months to June 30, compared to losses of £81.3m during the same period in 2021.
However, the group's sales rose to a record £1.07bn during that time, up from £958.8m. In a statement to the London Stock Exchange, the group said its results showed "substantial progress as we continue to build a strong, sustainable global platform supporting THG brands and Ingenuity clients". READ MORE: Click here to sign up to the BusinessLive North West newsletter It added that its record half-year revenue was "underpinned by stable customer behaviour metrics driving market share gains in large beauty and nutrition markets".
THG Beauty's sales increased 20% to £552.8m while THG Ingenuity rose 21.4% to £104.2m. THG Nutrition went up by 101% to £332.1m and THG OnDemand grew by 1% to £51m.
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