Half Year 2024 THG PLC Earnings Call Transcript
Key Points
- The beauty and ingenuity divisions delivered record performance, showing strong momentum.
- More contract wins and positive progress in the ingenuity division.
- Localized manufacturing initiatives are reducing reliance on FX volatility.
- Rebranding efforts are expected to drive significant growth in offline markets.
- Strong free cash flow generation in the core business, with expectations of improved performance in 2025.
- Nutrition division faced significant headwinds, including a GBP5 million profit hit from FX volatility.
- Rebranding efforts led to a 12% decline in average selling prices, impacting revenue.
- Increased net debt at the half-year mark, although considered transitory.
- Commodity price volatility, particularly in whey pricing, poses challenges.
- Potential risks and uncertainties surrounding the planned demerger of the ingenuity business.
(video playing) And thank you for joining us this morning for our interim results. And we're going to do things slightly different today than the previous presentations that we've done. We've kept away from doing as I walk through on a video of our presentation. Instead what we've done, we've put the presentation on line early along with the detailed RNS and then with a lot going on in the group. At the moment, we think that a lengthy Q&A section will probably provide more value for everybody in terms of and the H1 itself. I think what I would say is it's been a solid half in general, but the makeup of that half has been somewhat a bit different than than than maybe we would have anticipated six or 12 months ago. And following the business model changes that we've made through 2022 and 2023, the beauty and ingenuity divisions have delivered record performance. And so we're really pleased with the progress that we've made through through those business model changes. And we see good momentum there as well coming into the
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