UK e-commerce platform The Hut Group (THG) saw its income jump by over 38 per cent last year.

In its latest financial results, the company reported revenues of £2.2 billion across 2021 – its first year as a public company – up from £1.6 billion in the previous year.

THG Beauty raked in the most, with income from this arm of the brand rising from £751 million in 2020 to £1.1 billion last year.

The company’s chief executive, Matthew Moulding, said that the expansion of its business model and the scaling of its revenue were well ahead of targets set at its IPO.

“On a two-year basis, THG has grown revenues 95 per cent; effectively doubling the size of the business,” said Moulding. "Alongside significant revenue growth, FY 2021 saw us acquire and successfully integrate a number of complementary businesses, deepening our vertical integration across both Beauty and Nutrition and expanding our reach to consumers across the globe.”

The THG boss addressed speculation about the retailer receiving interest from possible third-party buyers in recent weeks.

“I can confirm that the Board has received indicative proposals from numerous parties in recent weeks,” he added. “The Board has concluded that each and every proposal to date has been unacceptable, failing to reflect the fair value of the Group, and confirms that THG is not currently in receipt of any approaches.”

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