The owner of the Myprotein and Cult Beauty brands cut another 500 jobs during the first half of 2023, it has been revealed. THG, which is headquartered next to Manchester Airport, has now reduced its headcount by over 2,500 since the start of 2022.
The group said the job losses are part of its cost-reduction programme which has been delivered through technology investment, automation and simplification of operations within its core divisions across THG Beauty, THG Nutrition and THG Ingenuity. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. The job cuts come as new figures revealed that THG's revenue fell by £100m while its pre-tax losses widened during the first half of 2023.
The group has posted a revenue of £969.2m for the six months to June 30, compared to the £1.069bn it achieved during the same period in 2022.
Its pre-tax losses also went from £108.1m to £133m over the same time. In a statement issued to the London Stock Exchange, THG said its increasing losses were due to exiting loss-making discontinued categories and non-core assets which generated a one-off non-cash charge of £26.2m.
Read more on manchestereveningnews.co.uk
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