Sports nutrition and beauty retailer THG PLC has reported interim results for the half-year ending 30 June 2025 that show clear signs of renewed momentum across its core divisions. While group revenue dipped 2.6% year-on-year to £783.4m, the business returned to growth in Q2 (+0.9%) and expects Q3 to be its strongest trading period of the year.
THG Beauty experienced a sluggish start to the year, dipping in revenue by 5.9% in H1, but it is now expected to bounce back with up to 3% growth. CEO Matthew Moulding said: “Our Beauty business, particularly in the UK, demonstrated impressive resilience, securing market share gains in Q2, with a growing loyalty base and successful new brand launches supporting a return to revenue growth in Q3.”
THG Nutrition grew 3.1% in H1 and is forecast to accelerate to between 10% and 12% in H2. The group also completed the demerger of its tech and logistics arm, THG Ingenuity, and sold Claremont Ingredients for £103m – moves that significantly reduced debt and boosted liquidity to £279.4m.
Subscriptions-based strategy
Central to THG’s strategy is its portfolio of subscription-based brands, including Glossybox, Lookfantastic, and Myprotein. Glossybox alone serves over 250,000 subscribers, while Myprotein continues to expand through licensing deals and offline retail. These services are helping THG tap into a growing consumer appetite for convenience, personalisation, and value.
Across the UK, subscription retail is booming. The market is forecast to reach £1.8 billion by the end of 2025, with over 80% of consumers having tried at least one subscription service. Beauty, wellness, and fitness are among the fastest-growing categories, driven by demand for curated experiences and flexible purchasing.
Moulding added: “We’ve reaped the benefits of extensive initiatives across the Group, including the global rebranding of Myprotein…Our momentum is positive and Q3 will be our strongest trading period of the year so far.”
As THG heads into peak season, its results suggest that subscription models are increasingly being positioned as a core part of retail strategy. With strong brand positioning and renewed customer growth, THG is well-placed to ride the wave of subscription commerce into a profitable second half.
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