Software and online retail giant THG has warned its profits for 2022 will be lower than previously expected, despite its sales rising to record levels.
The Manchester-headquartered group said it now forecasts its adjusted earnings before interest, taxation, depreciation and amortisation of between £70m and £80m for the last 12 months, down from the £100m-£130m forecast in its last update in October.
In a statement issued to the London Stock Exchange, THG added that higher raw material prices as well as the timing of large contacts in its Ingenuity division were also contributing factors.
