The Hut Group sales jump 36% in quarter | Business

The newly floated online retailer The Hut Group has increased its forecast for annual sales after they grew by more than a third in the last quarter.

In its maiden update since last month’s initial public offering, THG raised its full-year revenue guidance to between about £1.48 billion and about £1.52 billion, an increase of at least 30 per cent from earlier guidance issued at the time of the float of £1.43 billion.

The upgrade to forecasts was prompted by THG posting third-quarter revenue growth this morning of £378.1 million, up 36.8 per cent year-on-year.

THG owns a collection of online beauty and nutrition brands and sells its technology platform to other retailers. It was founded by Matthew Moulding in 2004 originally to sell DVDs