The Manchester based e-commerce firm THG says its revenue continued to improve in 2024 after returning to growth in the last quarter of 2023, thanks to demand for beauty products.
The group reported a smaller operating loss of £185.4 million for the year ended Dec. 31, compared to £495.6 million a year earlier.
THG said that despite international sales contributing to 54.2% of its group sales, the UK was its key growth market during the period.
In its beauty division, the retail giant said its active customers have more than doubled since 2019 to reach a total of 8.5 million, while brand awareness “continues to build” as the group gained 3.3 million new app downloads during the year.
“Our fulfilment network is becoming increasingly optimised through a combination of robotics automation, AI and the onboarding of new Ingenuity clients utilising existing capacity,” said CEO and founder Matthew Moulding.
“The return to Group revenue growth in Q4 was especially pleasing, and this momentum has continued into 2024,” Moulding added.
