The Hut Group sales hit £2.2bn

UK e-commerce business The Hut Group (THG) saw revenue surge by 37.9 per cent to £2.2 billion in 2021 year-on-year.

In comparison to 2019, sales were up by 95 per cent.

In the fourth quarter, group revenue was up 29.7 per cent to £711.7 million compared to 2020 and increased by 95.7 per cent compared to pre-pandemic levels.

The results come as 2021 marked the company’s first full year as a public company.

"We are delighted to report significant growth across all divisions during the peak Q4 trading period and to have delivered record annual sales of £2.2 billion,” said Matthew Moulding, chief executive, THG. "The operational resilience and performance of our Ingenuity infrastructure was a highlight, dispatching over one million units per day at peak periods.”

The chief exec said that investment in automation across the UK delivered year-on-year efficiencies. The company plans to launch its first AutoStore facility in the US in the second quarter of the year, which will supplement the six warehouses added to the network across three continents during 2021.

“Despite challenging conditions, we have scaled revenue and expanded our business model, particularly THG Ingenuity, well ahead of expectations given at our IPO 16 months ago,” added Moulding. “At the same time, we welcomed c.3,000 new employees across the world to the Group, the majority of whom are within the UK, and completed many transformational projects, including the opening of our 1 million sq. ft. U.K. technology campus, ICON.

"During the year, the Group also invested around one billion pounds across infrastructure, technology and M&A to further develop the long-term growth prospects of our key trading divisions. We remain committed to our strategy of investing for growth across our global fulfilment network and technology platform.”

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