LONDON (Reuters) -British e-commerce company THG said it had rejected “numerous” approaches in recent weeks that failed to reflect its value as it warned inflationary pressure would result in broadly flat earnings this year, missing market forecasts.
Chief Executive Matthew Moulding said the board had received indicative proposals from numerous parties.
“The board has concluded that each and every proposal to date has been unacceptable, failing to reflect the fair value of the group, and confirms that THG is not currently in receipt of any approaches,” he said on Thursday.
THG, which has nutrition, beauty and e-commerce platform businesses, reported adjusted core earnings of 161 million pounds ($210 million) for 2021 on revenue of 2.2 billion pounds.
It said it anticipated that its adjusted core earnings this year would be broadly in line with 2021, with a weighting towards the second half.
Analysts were expecting on average core earnings to rise to 206.1 million pounds, according to a company-compiled consensus.
($1 = 0.7661 pounds)
(Reporting by Paul Sandle; Editing by Kate Holton and James Davey)
