Record demand bulks Myprotein firm's earnings
Online retail firm THG has cheered record customer demand for its protein arm despite “unprecedented” whey inflation.
The company, which owns the Myprotein brand, says strong growth in its nutrition business has helped offset “highly elevated” whey costs and pricing changes.
The update came as bosses revealed the Altrincham-based operator saw earnings rise in the six months to May 31.
The company, which also owns the Cult Beauty and LookFantastic brands, saw revenue grow 6.5 per cent, compared with a year earlier, while adjusted earnings were up 36 per cent year-on-year to £94 million.
Acknowledging the company’s progress, boss Matthew Moulding said the cost of whey protein – originally a by-product in cheesemaking but now used in food to help build and maintain muscle mass – has accelerated in recent years amid growing demand.
He added: “The group continues to deliver strong year-on-year adjusted earnings before interest, tax, depreciation and amortisation growth, notwithstanding the broader macroeconomic backdrop, including unprecedented whey commodity inflation levels.
“We are on track with our growth and margin expansion strategy across the group.
“By prioritising home markets and trending categories in THG Beauty, we continue to drive high-quality growth across an expanding customer base.
“In THG Nutrition, Myprotein is reaching more consumers than ever.”
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