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UK's Hut Group raises revenue guidance in debut trading update

·1-min read

LONDON (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.

(Reporting by Paul Sandle; Editing by Mark Potter)