THG – 2025 results emphasise “transforming and simplifying… to unlock cash generation potential”. How much so?…

THG plc (THG) has announced its results for the 2025 calendar year with a first ‘Key headline’ “FTSE 250 consumer-focused group: THG Ingenuity demerger complete, transforming and simplifying the group to unlock cash generation potential” and then that it “exited the year with +7.2% revenue growth (Q4 2025), with this momentum continuing into Q1 2026”. So what about a share price currently up to around 34p in response?

#THG – 2025 another loss, argues positive momentum in start to current year

#THG – “Q4 was the strongest quarter of FY 2025 for group revenue growth at +7.0%”, “adjusted EBITDA expectations remain unchanged”

#THG – notes Q3 sales growth, but what about the bottom-line?

#THG – H1 increased loss, net debt £321.4m

Is Matt Moulding of THG mad or are City bankers Numis bad? An extraordinary outburst!

When a CEO rants about an evil shorting conspiracy and makes lurid allegations about City financiers dragging down his share price, it is usually a red flag about that CEO. In this case the CEO is Matt Moulding of THG (THG), a man and a company that this website has always been bearish about. Perhaps we are part of the evil shorting cabal?

#THG – agreement to sell Claremont Ingredients for c.£103m, notes H1 adj. EBITDA fall “primarily reflecting substantially higher whey pricing”

THG plc – results emphasising “operational resilience and balance sheet deleveraging”. Er, is there?…

Last week I noted THG plc (THG), reckoning that it operates “leading consumer businesses”, ‘dismissively responds to Myprotein offer proposal… from a company whose largest shareholder has as a major shareholder, the founder and CEO of THG!’, concluding including that I can think of why the prospective bidder had still responded flatteringly and that I continued to consider THG’s recent debt refinancing and equity placing didn’t bode well for its late April-expected bottom-line financial performance detail despite the shares then rising from just above 29p. So what of the now “FY 2024 results and Q1 trading statement” announcement, with the company headlining it “A transformative year, marked by further strategic progress and operational resilience and balance sheet deleveraging” but the shares currently more than 5% down in response at below 27p?

#THG – 2024 another loss (natch), “continuing Q1 2025… like-for-like revenue c.-3%”

THG plc – dismissively responds to Myprotein offer proposal… from a company whose largest shareholder has as a major shareholder, the founder and CEO of THG!

Reckoning that it operates “leading consumer businesses”, THG plc (THG) has issued a “Response to media speculation”-titled announcement which includes that it notes recent such speculation on its Myprotein sports nutrition brand and “confirms that it received and rejected a wholly unsolicited, largely unfunded, highly conditional and non-binding proposal from Selkirk to acquire Myprotein. The proposal ascribed a headline value to Myprotein of £400m-£600m on a cash-free, debt-free basis”. With a most recent close 29.045p share price capitalising THG at just above £400 million, does the received Myprotein proposal suggest good value here?

#THG – “rejected a wholly unsolicited, largely unfunded, highly conditional and non-binding proposal” to acquire Myprotein from Selkirk (#SELK)

#THG – details completion of its debt refinancing to 2029

THG plc – what does a refinancing and equity placing now suggest that “on or around 30 April” results will show?…

Describing itself as “now a focused global beauty, health & wellness consumer brands group”, THG plc (THG) also argues it “is pleased to announce the results of the equity placing of new ordinary shares announced yesterday”. With the shares most recently closing at 34p, down from a start of 2025 near 45p, start of 2024 above 85p and a listing price in 2020 of 500p, how ‘pleasing’ really are the results of the equity placing?…

#THG – £90m fundraising including £30m placing at 32.3p per share and remainder from CEO Matthew Moulding including £55m convertible loan

#THG – Q4 update, states “expected to be in-line with the consensus range” but in terms of “adjusted EBITDA”

#THG – Ingenuity business demerger circular

#THG – raises £95.4m at 49p per share including via PrimaryBid

#THG – H1 another loss, “progressing options to demerge THG Ingenuity”

#THG – progress “in line with previous revenue guidance”, partnership agreement with Frasers (#FRAS)

#THG – Q1 “continuing revenue” +4.5% constant currency, +2.1% actual YoY, expectations “remain unchanged”