THG Plc (THG.L), an e-commerce technology company, on Tuesday reported lower total revenue for the fourth quarter.
Quarterly revenues declined 7.1 percent to 607.8 million pounds from the previous year.
Further, the company said it expects total adjusted EBITDA for fiscal 2023, to be higher by 75 percent compared to last year.
Looking forward to the full year, the company is expecting continuing adjusted EBITDA to be above 117 million pounds.
The company plans to provide a detailed outlook for fiscal 2024 when it publishes its preliminary results in April.
In a separate announcement, the e-commerce firm said that it is partnering with wellness retailer Holland & Barrett or H&B.
As per the terms of the three-year agreement, THG Ingenuity will become H&B's main e-commerce UK and Ireland operational partner, providing courier management services for its rapidly scaling digital business.
On the other hand, H&B will utilize THG's automated facilities including its proprietary software that has been developed with a D2C customer first view, while leveraging its capacity of 13 fulfillment centers.
It has also signed partnerships with L'Oreal, Access Corporate Group and PepsiCo, whilst broadening them with Asda and Mondelez.
Together with these partnerships, THG is expecting an incremental value of 175 million pounds to be added to its operations and technology platform during 2024.
Currently, THG Plc shares are trading at 73.40 pence, up 9.30% in London.
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