In the three months to September 30, revenue climbed 39% to £378mln led by the beauty and nutrition segments
plc () has upped revenue guidance for the full year after a strong quarterly performance and continued momentum so far in the fourth quarter.
In the year to December 31, revenue is expected to come in at £1.48-1.52bn from the £1.42bn previously indicated.
READ: The Hut Group founder Matthew Moulding sits comfortably on his 25% stake after explosive London IPO
The online retailer noted that the fourth quarter remains a key trading period, typically accounting for a third of annual group revenue, with Black Friday playing a key role.
In the three months to September 30, revenue climbed 39% to £378mln, with the beauty and nutrition segments both advancing over 40%.
The Ingenuity division, which picks up the IT and logistical requirements of third-party brands such as , Hotel Chocolat and Nestle, advanced 10% to £35mln.
The platform has been a centre of interest ahead of The Hut Group’s IPO last month, being similar to Ocado’s success story of partnering with other supermarkets.
Operating costs remained stable, with margins unchanged due to continued re-investment. The return rate from customers is less than 2%.
At period-end there were £420mln in the bank, with over £900mln of available liquidity.
The MyProtein and Illamasqua owner said new customer acquisition continues to be very strong, while repeat purchase rates continue to improve from both new and existing customers.
“Whether this is thanks to an unexpected trading boost or just canny management of investors’ expectations it should help keep sentiment towards the company in a positive place after a strong start in share price terms to life as a listed entity,” commented AJ Bell investment director Russ Mould.
“For now this part of the business [Ingenuity] makes only a modest contribution and if the business is to hold on to its premium valuation, the market will expect to see rapid growth in this area. The good news is that, after minimal first half growth, a double-digit advance was conjured in the third quarter.”
Shares jumped 11% to 741.2p on Monday late morning.