Myprotein owner THG reports profits exceeding expectations

Summarised from 2 outlets · 3 reports · Updated 15 Oct, 15:08 · Archive

Myprotein owner THG reported profits exceeding expectations amid falling whey protein prices.

Myprotein owner THG has reported profits 'exceeding expectations' as whey protein prices fell. The group's latest trading update revealed 0.9% year-on-year growth in revenue to £408.8 million in the three months to September 30. The rise was mainly driven by a 3.7% year-on-year increase in revenue to £152.4 million for THG Nutrition, the group's nutrition division.

The company said it has benefited from the continued decline in whey protein prices through September and early October, reversing a period when growing demand and limited supply had led to rising costs. The higher-than-expected growth prompted THG to adjust its full-year earnings before interest, tax, depreciation and amortisation (ebitda) to £103 million. THG said it had secured long-term contracts for key raw materials including creatine, amino acids, milk proteins, collagen and vegan proteins at 'historically' low pricing, which it said will help mitigate inflationary risk through the end of the year and into 2027.

Myprotein extended its partnership portfolio both in the UK and internationally in the quarter, including deals with Krispy Kreme, Caffè Nero and Iceland. The company also launched Myprotein Rewards in the UK, enabling customers to earn points on purchases to increase repeat purchasing and strengthen customer engagement.

Myprotein owner THG reports profits exceeding expectations — Image: Independent Business

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How it is being reported

Myprotein owner says profits ‘exceeding expectations’ amid falling whey pricesWhey protein was originally a by-product in cheesemakingIndependent Business · 15 Oct, 15:31
Myprotein owner says profits ‘exceeding expectations’ amid falling whey pricesWhey protein, which was originally a by-product in cheesemaking, is popular for use in food in order to help build or maintain muscle mass.Evening Standard · 15 Oct, 14:42
Myprotein owner says profits ‘exceeding expectations’ amid falling whey pricesWhey protein, which was originally a by-product in cheesemaking, is popular for use in food in order to help build or maintain muscle mass.Independent Business · 15 Oct, 14:42

In this story: THG · Myprotein · Krispy Kreme · Caffè Nero · Iceland

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