• Paul Kelson

The Hut Group Up 1.7m New Customers in November

Updated: Jan 24, 2021

Upgrades Forecast too

The Hut Group says it now expects full-year revenue to hit up to £1.6bn, a 40% rise on last year, raising its sales forecast for the second time since its stock market listing in September.

The Manchester-based tech firm had said in October that sales would be in the region of £1.48bn-£1.52bn, but has now upgraded that to £1.57bn-£1.6bn, a 38-40% year-on-year rise.

The beauty and health nutrition retailer said it had added 3,000 jobs this year, taking its headcount to around 10,000.

It added 1.7m new customers during November alone, with more than half joining during Black Friday and Cyber Week.

Singles' Day in China was also a big hit for the company, with more than a quarter of its sales coming from Asia.

The firm also said that its tech platform, THG Ingenuity, had agreed new direct-to-consumer partnerships with Microsoft, Warner Bros, The Pokémon Company International and Jack Wills.

The Hut Group’s shares were up almost 3 per cent during mid-morning trading to 669.20, up around a third since its market debut at 500p in September.

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