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Shares in The Hut Group sank after the online retailer reported another year in the red and said it had cut 3,000 jobs in two “brutal” years.
The company, now known as THG, lost £252 million in 2023, although this was less than the £549.7 million accumulated in 2022.
It came after revenue fell 3.2 per cent to £1.98 billion. And although sales began to grow again in the last three months of 2023, the shares plummeted 11 per cent, or 7.45p, to 60.4p.
That wiped £100m off the value of the business – and £15m off the value of the nearly 15 per cent stake held by founder and chief executive Matt Moulding.
THG is now worth around £800m, having been valued at £5.4bn when it was trading at 500p in September 2020.
In the red: Online retailer The Hut Group, now known as THG, lost £252 million in 2023, although this was less than the £549.7 million accumulated in 2022.
Moulding, 52, said on Linkedin that it had been “brutal” running THG. “It feels like an F1 race, but on a track covered in thick fog, torrential rain, crashes, potholes and a cheating track marshal.”
After inflation ‘exploded’ in 2022, THG struggled to find savings. “Two years later, we have 3,000 fewer employees, and most of the reduction is due to a huge implementation of automation,” Molding said.
Despite the surprise rise in US inflation to 3.5 per cent wreaking havoc on global markets, the FTSE 100 rose 0.3 per cent, or 26.42 points, to 7,961.21, while the FTSE 250 rose 0.2 percent, or 38.40 points, to 19,801.75.
Private equity predators are eyeing business consultancy Centaur Media, owner of titles such as The Lawyer.
Dutch group Waterland has until May 8 to say whether it wants to make an offer or withdraw.
Stock Market Watch – Churchill China
Ceramics maker Churchill China posted higher profits and increased its dividend despite “tough macroeconomic headwinds” affecting its customers.
The Stoke company, which dates back to 1795 and supplies cups, plates and platters to hotels and restaurants, proposed paying 36 pence per share by 2023.
That was up from 31.5p in 2022 and came after profits rose 12.4 per cent to £10.8m, while revenue remained “broadly stable” at around £82m.
The shares gained 8.9 per cent, or 90 pence, to 1,100 pence.
The private equity firm invests in UK companies such as Bournemouth digital agency Sideshow Group. Centaur soared 25 per cent, or 10p, to 50p.
Ingredient maker Treatt soared 13.4 per cent, or 54p, to 458.5p after reporting higher profits and stronger growth in China.
Direct Line’s new finance chief has been poached from Aviva’s general insurance business in the UK and Ireland.
Jane Poole will join the insurer in October, replacing Neil Manser. The shares rose 2.1 per cent, or 3.8 pence, to 189.5 pence.
Equipment rental company Speedy Hire warned that its annual results should be at the lower end of forecasts, as lower fuel prices and a warmer winter helped revenue fall 5 percent to €420 million. pounds sterling in the year to the end of March. It rose 1.6 per cent, or 0.4p, to 25.75p.
XP Power, which makes equipment to manage the flow of electricity to devices, was rising (up 8 per cent, or 79p, to 1070p), as it pinned its hopes on growing demand for semiconductor tools.
The Singapore company offered an upbeat outlook despite a difficult first quarter: revenue fell 17 per cent to £64.6 million, while order value plunged 29 per cent to £43.7 million pounds.
Consumer healthcare company Futura Medical warned there was some uncertainty about its ability to generate revenue and the timing of key milestone payments.
Last year he earned £3.1 million after launching a gel to treat erectile dysfunction. But he said it was difficult to predict future sales.
It fell 13.6 per cent, or 5.8p, to 37p.