Online retail platform THG warned on profit on Tuesday after its revenue growth missed its target, which it blamed on the termination of some loss-making OnDemand sales, disruption in deliveries in December and delays in new contracts.
The British group, which owns beauty and nutrition brands, said it expected to report adjusted core earnings of £70-80 million for 2022, compared with its forecast in October of between £100 million and £130 million.
It said its revenue grew 3.3 percent, or 4.1 percent excluding Russia, to £2.25 billion ($2.75 billion) in 2022, far short of its 10-15 percent target.
The company said it had started a strategic review of its trading activities outside of THGBeauty, THG Nutrition and THG Ingenuity, it’s online platform that serves third-party brands.
By Paul Sandle; Editor: Kate Holton
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