Myprotein owner cashes in on protein boom but warns of hit from new EU tariffs

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Myprotein owner THG has hailed a “stellar” performance after raising prices and broadening its range of protein products, but said it had been impacted by the EU scrapping tax relief for cheaper imports.

In an update on its financial performance for the first half of 2026, the Manchester-based e-commerce group said sales from its nutrition division, which includes sports nutrition brand Myprotein, jumped by 9.2% compared with the same period a year ago.

Sales growth was driven partly by price rises in response to the higher cost of whey, a natural protein derived from milk that is sold in powder form.

Whey protein costs have gone up more this year and remain well above historical levels because of the boom in demand for protein products and widening customer base.

Nevertheless, THG said there were signs that costs could ease into 2027 as markets start to normalise.

Myprotein sales were also boosted by product innovation, which has accelerated this year with launches such as whey milkshakes and an expanded range of protein options, according to the firm.

Revenues from THG’s beauty business, which includes the websites Cult Beauty and Lookfantastic, also grew by 5.9% year-on-year.

THG’s adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) nearly doubled to £42.8 million for the first half from £24 million the prior year.

The group continued to report an operating loss, of £10.6 million, but smaller than the £30 million loss reported last year.Matthew Moulding, THG’s chief executive, said improved profits and revenue growth was driven by a “stellar performance” from the Myprotein brand.

“The group is now clearly reaping the rewards of Myprotein’s global rebrand delivered across 2023 and 2024, alongside the expansion of the brand into licensing, activewear and higher-margin categories,” he said.

EU rules have impacted the business, THG said (Tim Ireland/PA) (PA Archive)

However, THG said its sales in recent months had been impacted by the EU recently scrapping exemptions for low-value imports.

The new rules mean parcels worth less than 150 euro (£128.83) are no longer duty-free and it imposed a three euro (£2.58) charge per item.

The changes were designed to address concerns that online platforms were getting an unfair advantage by not paying import taxes on cheaper goods.

Mr Moulding said THG had entered the second half of the year “with real momentum, whilst also acknowledging broader market challenges around consumer discretionary spend, record high whey commodity pricing, as well as recent EU tariffs”.

“The group has delivered significant initiatives to mitigate these headwinds, supporting the 2026 financial year consensus, while positive signs around the direction of whey input costs are encouraging for the future.”

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