The Hut Group reports £1bn in sales in a “significant year”
The Hut Group has reported a rise in sales with total sales exceeding £1 billion as a result of new brand acquisitions and investment in technology.
The online beauty retailer reported a 22% increase in gross profit to £511 million and a 22 per cent rise in EBITDA to £111 million for the year ended December 31, 2019.
Total group sales increased 24% to £1.14 billion, especially in own brand and international sales.
Throughout this period of time, THG also secured a new €1 billion (£888 million) banking credit facility which was aimed at boosting key investments in beauty, technology, nutrition and infrastructure.
Over the last three years, the company has invested over £600m in its “leading proprietary ecommerce technology engine” which resulted in it “significantly expanding” its global client base.
The Hut Group chief executive Matthew Moulding said: “We have continued to make huge investments to develop our infrastructure, technology, brands and people, which continue to deliver substantial growth, with Group Sales of £1.1 billion in 2019.”
During this year, the online beauty and health retailer made many brand acquisitions including haircare brand Christophe Robin, completed a technology agreement with Nestlé and recently signed contracts with Manchester Airport to develop “THQ” within its airport.
It has invested over £600m in its “leading proprietary ecommerce technology engine” over the last three years, which in turn had seen it “significantly expanding” its client base of international retailers.
“We have continued to make huge investments to develop our infrastructure, technology, brands and people, which continue to deliver substantial growth, with Group Sales of £1.1 billion in 2019,” The Hut Group chief executive Matthew Moulding said.
“THG has continued to develop our end-to-end technology platform, THG Ingenuity, which powers both our own brands and a growing number of major global consumer groups.
“We have significantly expanded our global fulfilment capability, broadening our reach to customers in 169 countries."
“THG has also made important investments in our THG Experience portfolio, expanding the offering of our influencer platform, bringing over 5000 influencers currently to both our own and our partner brands."
“Our people are the key to our success, and we have continued to invest in our talented teams. The development of the THQ business campus continues at pace and demonstrates our commitment to investing in our people.”