The Hut Group (THG) has reported surging revenue in the third quarter of the year.
In the three months to September 30, the group’s revenue came in at 507.8 million pounds, a 38 percent increase compared to a year ago and a 93.8 percent increase compared to two years ago, on a constant currency basis.
The group’s Beauty division continues to be its strongest performer, representing almost half of total revenue at 247.6 million pounds - a 57.2 percent increase from a year earlier.
Revenue at Ingenuity, the group’s tech platform division, increased by 44.1 percent to 51.1 million pounds. The group said it now expects Ingenuity Commerce revenue to increase by between 20 and 25 percent to achieve annual revenue of up to 112 million pounds.
THG to appoint non-executive chair
The group also announced Tuesday plans to appoint a non-executive chair as part of its efforts to regain investor trust and step up to the premium segment of the main market of the London Stock Exchange in 2022.
Shares in the group plunged in recent weeks over concerns about its corporate governance.
In response, THG announced CEO and chairman Matthew Moulding would give up his ‘golden share’ in the group he founded, which gives him greater voting powers over the business.
THG also announced Tuesday that Andreas Hansson, a managing director at SoftBank, which bought an 8 percent stake in THG earlier this year, has been appointed to the group’s board.
“We have delivered a strong trading performance in Q3 and enter our peak trading period with confidence,” Moulding said in a statement.
“The appointment of two independent non-executive directors and four special advisors since IPO has been hugely beneficial to the board, and we have real optimism for 2022 with the step-up to a Premium listing on the Main Market of the London Stock Exchange following the appointment of an independent chair.”