The Hut Group has raised its full year revenue guidance after third quarter sales rose 38.6 per cent to £378.1 million.

It now expects revenue to rise by £1.43 billion to between £1.48 billion and £1.52 billion.

In the three months to 30 September, the health and beauty group’s online revenue growth was also strong, with direct-to-consumer sales increasing by 51.3 per cent to £320.2 million.

In its first market update since its Initial Public Offering in September, the company reported increased customer acquisition and repeat purchase rates.

The Ingenuity technology division also performed well, with revenue up by 171.4 per cent to £5.1 million.

Three new warehouses in the UK, US and Singapore have opened this year, bringing the group’s total to 17 fulfilment sites across four continents, which are all supported by Voyager, THG's proprietary warehouse management system. The group also added 12 new integrated couriers during the period, meaning it now offers over 25 different service options as part of its infrastructure offering.

Founder, group chief executive and executive chairman Matthew Moulding said: “Our strong organic revenue growth across all divisions, numerous THG Ingenuity partnership deals, and the recent acquisition of luxury skincare brand Perricone MD, demonstrates our strategic direction and progress in the period.

“Our decision to list on the London Stock Exchange provides us with a strong platform to raise the profile of both Ingenuity and our brands, and further supports their strong organic growth. Our acquisition strategy remains unchanged, with a focus to complement organic growth with brand IP and Ingenuity infrastructure additions.”

On the back of these results, the group announced that it will create 500 jobs between now and the end of the year, across the North West of England.

The majority of positions will be in the group’s technology services division, THG Ingenuity.

Headquartered in Manchester, the Hut Group said it is working with local partners “to launch an in-house Skills Academy, to retrain people who are out of work as a result of the ongoing pandemic and offer them sustainable employment”.

The company employs around 8,000 people globally and has added almost 2,000 jobs in the past 12 months.

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