The online retailer Hut Group has reiterated that it expects its extraordinary growth to continue this year as it posts full-year results. The business, best known for its Myprotein and Look Fantastic brands, said it expected revenue growth of between 30 per cent and 35 per cent in 2021.
The group’s fast-growing division running websites and ecommerce for brands and other retailers has had a strong start to the year with growth of 188 per cent in the first quarter. The actual numbers show that the group made an operating loss of £481 million in 2020, as it accounted for share bonuses paid at the time of the float. Revenue over the period rose 41.5 per cent to £1.6 billion.
Matthew Moulding commented:Â
“We approach FY21 with confidence having navigated successfully through a milestone year in the Group’s history. I am particularly proud of how our people have responded to the changing environment, displaying determination to make a difference across all aspects of our operations from new product development, to digital marketing, M&A, fulfilment and THG (eco).Â
“Our global D2C brand building capabilities and proprietary Ingenuity technology platform has enabled us to further develop both our external brand relationships, and our expanding portfolio of Beauty and Nutrition own brands. Leveraging the platform to build an impressive client base of blue-chip consumer brands has been a highlight of the year, supported by encouraging momentum in the current year Ingenuity Commerce pipeline. Â
“Management’s purpose for the IPO was to step change THG’s access to funding in order to capitalise on Covid 19 accelerated market changes. As we progressed through 2020, those changes became more apparent in terms of the volume and scale of opportunities available to the Group, as evidenced by the c. £400m committed to acquisitions since IPO, most notably the acquisition of Dermstore in the US. “
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