UK's Hut Group raises revenue guidance in debut trading update
LONDON, Oct 26 (Reuters) - British e-commerce company The Hut Group THG.L upgraded its full-year revenue guidance on Monday in its first trading update since listing last month, boosting its shares by 10%.
The company, which helps sell retail brands including Lookfantastic and skincare group ESPA, said that following a strong third-quarter performance and continued momentum into its final quarter, it now expected full-year revenue to rise by up to third to about 1.48-1.52 billion pounds ($1.93-1.98 billion).
At the time of its initial public offering (IPO), it had guided to revenue of about 1.43 billion pounds.
The company said revenue in its third quarter increased 38.6% year on year to 378.1 million pounds, up from the 35.8% growth rate seen in the first half.
Shares in the company, which were sold at 500 pence in the IPO, rose to a new high of 780 pence in early dealing. They were up 10.5% at 749 pence at 1007 GMT.
($1 = 0.7664 pounds)
(Reporting by Paul Sandle; Editing by Mark Potter)
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