THG Q3 revenues grow

E-commerce company The Hut Group said on Tuesday that revenues had grown year-on-year during the third quarter of 2021.

The Hut Group said revenues were up 38% year-on-year on a constant currency basis to £507.8m, bringing year-to-date revenue growth to 42.3%.

As far as the firm's Ingenuity Commerce unit was concerned, reported revenues grew 131% year-on-year, with a record number of 44 new clients being acquired in the quarter.

THG highlighted that 59% of quarterly Ingenuity revenues were recurring in nature, providing it with "strong visibility" for the 2022 trading year.

The London-listed firm reiterated group revenue guidance growth of 38-41% and said it remained on track to trade "comfortably ahead" of expectations set out at the time of its September 2020 initial public offering of revenue growth between 20% and 25%.

As of 0915 BST, THG shares were down 5.67% at 289.40p.