THG’s commerce arm Ingenuity has made “significant progress” in the 12 months since the tech company’s demerger from its THG Beauty and THG Nutrition operation to become a standalone business.
THG Ingenuity
That’s the view of THG CEO and founder Matt Moulding on the separation’s first anniversary.
Writing on LinkedIn, Moulding said it’s been a busy year that has witnessed a “reduced headcount’ from 3,350 to 2,900 by rolling out more robots and AI; increasing FY25 revenue by 17% to $912m; FY25 EBITDA expected to be around $58m, up 42% year-on-year; new partnerships secured, including Google, Microsoft, Disney and Mondelez; capex reduced by 30% year-on-year; and ending the year with net cash and liquid investments of around $192.2m (£142.4m).
Moulding also wrote: “We put the business through some chunky changes in 2025. A lot of the decisions were difficult, uncomfortable, and not always obvious at the time – but they were possible because we could step away from the glare of the [London Stock Exchange].
“Looking back now, the progress at Ingenuity is one of many reasons 2025 turned out better than it felt.
“That’s been the rhythm through the 21 years since we started THG, and I’m not sure it ever really changes. This is just founder life.”
He added: “Since demerging at 42.3p, THG Ingenuity has steadily risen through the year, with small holders now trading shares between each other at 125p: trebling in the first 12 months of being private.
“Strategic stakes obviously attract a higher valuation again, as seen with the Google partnership we announced in H2 25, but it’s great to see smaller shareholders being active in the share register.
“And so, yes, it’s fair to say 2025 ended up being a great year, even if THG Ingenuity caused a few sleepless nights along the way.”
