The THG Group's beauty business built on positive Q3 exit momentum, delivering fourth quarter revenue growth of 2.6 percent, while the company returned to overall revenue growth of 1.1 percent.
The company said that it has signed a new partnership between its online platform Ingenuity and UK wellness retailer Holland & Barrett for its automated facilities in the UK.
Commenting on the fourth quarter update, Matthew Moulding, CEO of THG said: "A combination of automation and significant cost initiatives delivered in 2022, in addition to a receding inflationary environment, each played a key role in the group delivering an expected record EBITDA performance after cash-adjusting items during 2023.”
The company expects FY23 continuing adjusted EBITDA to be above 117 million pounds, with group adjusted EBITDA over 75 percent higher.
The company said in a release that some of the best performances came from THG's own beauty brands Perricone MD and ESPA, as well as our retail platform Cult Beauty.
The UK comprising over half of total beauty revenue saw 9 percent revenue growth in the fourth quarter.
The company added that the first half challenges in beauty manufacturing from industry-wide destocking faded in the second half, with a return to 11.6 percent growth achieved in the quarter.
THG also announced that Helen Jones has succeeded Dean Moore as chair of the remuneration committee. Jones has been a director on the THG board and a member of the remuneration committee since July 2023. Dean Moore remains on the committee alongside senior independent director Sue Farr and independent non-executive director Gillian Kent.