12 January 2021 | 08:05am
StockMarketWire.com - Online retailer The Hut Group achieved a surge in annual revenue and upgraded its sales guidance for 2021.
Revenue for the year through December jumped 41% year-on-year to £1.61 billion, bolstered by a 51% improvement in the fourth quarter.
The Hut Group, or THG, said gross margin expansion in the second half enabled it to accelerate investments in people, global distribution centres, technology and new customer acquisition, while maintaining stable margins.
Revenue in 2021 was now expected to grow by 30-35%, up from previous medium-term guidance of 20-25% per year.
'Following our successful listing on the London Stock Exchange in September 2020, we have accelerated our sales growth across all areas of the Group, underpinned by record new customer numbers,' executive chairman Matthew Moulding said.