The good news came first
THG PLC kicked off the update with the kind of headline that makes investors sit up: first-half core earnings more than doubled. That boost came from a mix of price increases and strong demand at Myprotein, its nutrition brand, which apparently decided to do a little heavy lifting.
Then came the tariff hangover
Just when the story was starting to feel like a clean win, THG tossed in the caveat. The company warned that quarterly revenue growth should slow sharply because of new EU import duties. Translation: even if people keep buying, the extra friction at the border could crimp momentum.
Why investors care
This is the classic “great quarter, messy next chapter” setup. Profit growth looks impressive, but tariffs can squeeze growth, complicate pricing, and make the next few quarters less champagne-popping and more spreadsheet-squinting.
Big picture
For e-commerce businesses, margins are already a balancing act. Add import duties into the mix and suddenly every package has a little more drama attached to it. Investors will now be watching whether THG can keep the Myprotein engine humming without letting tariff costs eat the gains.