THG Q3 revenues grow, taps Softbank director for chairman

E-commerce company The Hut Group said on Tuesday that revenues had grown year-on-year during the third quarter of 2021.
The Hut Group said revenues were up 38% year-on-year on a constant currency basis to £507.8m, bringing year-to-date revenue growth to 42.3%.

As far as the firm’s Ingenuity Commerce unit was concerned, reported revenues grew 131% year-on-year, with a record number of 44 new clients being acquired in the quarter.

THG highlighted that 59% of quarterly Ingenuity revenues were recurring in nature, providing it with “strong visibility” for the 2022 trading year.

The London-listed firm reiterated group revenue guidance growth of 38-41% and said it remained on track to trade “comfortably ahead” of expectations set out at the time of its September 2020 initial public offering of revenue growth between 20% and 25%.

Elsewhere, THG announced it will appoint Andreas Hansson, a managing director at SoftBank, as non-executive chair as part of an effort to improve transparency and move its listing to the premium segment of the London Stock Exchange.

As of 0915 BST, THG shares were down 5.67% at 289.40p.

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