DAVY VIEW

THG’s FY23 continuing EBITDA performance was in line with prior guidance, coming in at £120m (guidance: ‘above £117m’). Revenue growth in Q1-24 is expected to improve sequentially, supported by a strong performance across its Beauty and Ingenuity divisions. FY24 adjusted EBITDA guidance to be broadly in line with current market expectations, albeit with FX headwinds weighing moderately on profitability. Following its breakeven status in FY23, THG expects the business to reach free flow cash positivity in FY24.