THG Plc (THG.L), an e-commerce technology company, reported Wednesday that its fiscal 2023 loss before tax was 252.0 million pounds, narrower than prior year's loss of 549.7 million pounds.
Loss per share was 0.19 pounds per share, compared to loss of 0.44 pounds per share last year. Excluding non-cash impairment charge, the prior year's loss per share would have been 0.21 pounds per share.
On a reported basis, adjusted EBITDA increased 78 percent to 114.1 million pounds from 64.1 million pounds last year, with a margin of 5.6 percent, up from 2.9 percent a year ago.
Continuing adjusted EBITDA improved 48.4 percent to 120.4 million pounds from 81.2 million pounds a year earlier, with a margin of 6.1 percent, higher than 4.0 percent last year.
Total revenue, meanwhile, dropped 8.7 percent to 2.05 billion pounds from last year's 2.24 billion pounds. Total Group revenue declined 8.4 percent at constant currency rates, primarily driven by the positive action to discontinue loss making categories.
Group continuing revenue of 1.98 billion pounds declined 3.2 percent on a reported and 2.8 percent at constant currency rates.
Regarding the current trading and fiscal 2024 guidance, the company said its overall Group revenue trends continue to improve as it enters the full year.
Further, the decisive actions taken as a business during 2022 and 2023 have provided a solid foundation supporting further margin recovery to medium-term Group adjusted EBITDA margin target of around 9.0 percent.
Matthew Moulding, CEO of THG, said, "In 2023, we made material progress against our strategic priorities, delivering significant profit growth following the support for our consumers through the cost-of-living crisis in 2022.... The return to Group revenue growth in Q4 was especially pleasing, and this momentum has continued into 2024."
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