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The Hut Group reports 'landmark' results

Online retailer and technology company The Hut Group (THG) has reported a 24% increase in gross profit to £417m for the year ended 31 December 2018, compared to £318m in 2017. 

EBITDA rose by 31% to £91m in the same period, up from £69m the year before. 

Meanwhile, group sales at THG went up by 24% to £916m, from £736m in 2017, with international sales constituting 66% of group sales. The group recorded continued strong growth in own brand revenues, with 59% of group sales coming from own brands. 

During 2018, THG significantly increased its banking facility, to £795m, to support major investments in beauty, technology and infrastructure. It made £180m worth of investments throughout the year across all three categories. 

THG operates over 100 health, beauty, fitness and lifestyle international websites, selling direct to consumer through its ecommerce platform. Fashion websites include All Sole, Coggles and online department store The Hut.

Matthew Moulding, founder and chief executive officer of The Hut Group, said: “This has been another landmark year for THG. Our strategic investments to develop our technology, infrastructure, brands and people, have delivered exceptional global growth, with 66% of our sales achieved internationally.

“THG’s investments during 2018 have been followed by further investments to date in 2019, resulting in over £850m ($1.1bn) of investment across beauty, technology and infrastructure since 2016 and the vote on Brexit. This scale of investment propels THG’s proposition across global markets, deepening our strategic advantage and enabling us to digitalise brands at scale.”

“The acquisition of Language Connect brings another step change in the evolution of our proprietary technology platform, THG Ingenuity, and supports our continued international growth. Our beauty division delivered a standout performance in the year, driven by growth across the globe, especially Asia and the US. The acquisitions of Eyeko, Ameliorate and Acheson & Acheson are excellent additions to our leading brands portfolio and the latter will drive innovative product development.”

“Talent is key to our success, and the announcement of our agreement to invest $1bn in the new THQ business campus demonstrates our strong commitment to investing in our people. Receiving the prestigious Queen’s award is testament to the ambition, innovation and dedication of our team and reflects the international growth of THG which goes from strength to strength.”

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