The Hut Group sales rocket past £1bn after new acquisitions

Online retailer The Hut Group (THG) has said sales rocketed past £1 billion for the first time last year, on the back of new acquisitions and technology investment.

The Manchester-based business said total sales surged 24% to £1.14 billion in the year to December 31.

As a result, it saw total earnings before tax and interest jump by 22% to £111 million for the period.

The group, which owns brands such as MyProtein and Glossybox, also said it secured a new one billion euro (£888 million) banking credit facility during the year.

It said it has pledged to spend the fund on driving major investments in beauty, nutrition, technology and investment.

During the year, THG acquired a number of brands, including Christophe Robin, in a bid to drive growth.

The group saw particular growth in international revenue as a result, with sales from outside of the UK now forming two-thirds of all operations.

It said significant investment has also seen it sign a technology agreement with Nestle and, most recently, exchange contracts with Manchester Airport to develop a new headquarters, dubbed THQ.

Matthew Moulding, founder and chief executive officer of The Hut Group, said: “It has been a year of significant progress across the group.

“THG has continued to develop our end-to-end technology platform, THG Ingenuity, which powers both our own brands and a growing number of major global consumer groups.

“We have significantly expanded our global fulfilment capability, broadening our reach to customers in 169 countries.”