THG has delivered its strongest quarterly sales performance since 2021, with third-quarter revenue rising 6.3% as both its beauty and nutrition divisions returned to growth.

Shares in the group rose by more than 5% in early trading on Tuesday as investors cheered signs of a revival.

When THG released interim results in September, CEO Matthew Moulding said he was “really pleased at how THG has gained momentum throughout the first half and into Q3”. And this momentum was confirmed today.

The Manchester-based company reported Q3 2025 revenue of £405.2 million, marking a welcome turnaround that brought the group back into positive year-to-date territory.

THG Nutrition was the standout performer, posting 10.0% year-on-year growth to reach £147.0 million in Q3 – its highest growth rate in over two years. The division has been buoyed by selective pricing strategies and rapid expansion in social commerce and marketplace channels, which surged more than 91% year-on-year.

Customer loyalty improved, with subscriptions jumping 50% compared to the first half of 2025. The Myprotein brand continued its global retail expansion, launching across 2,500 CVS stores in the US and securing partnerships, including a strategic tie-up with Everlast Gyms to open approximately 60 in-gym Myprotein Kitchens across the UK and Ireland.

THG Beauty recorded 4.2% growth in Q3 to £258.2 million – its strongest performance since early 2024. The division is on track for record advent calendar sales this year, whilst UK retail showed particular strength with Lookfantastic achieving double-digit revenue growth. Advent calendar sales have traditionally been one of the biggest drivers of growth.

US retail performance is improving, driven by luxury skincare and devices, with subscription revenue up 22% year-on-year, supporting enhanced customer lifetime value.

The board maintained its full-year guidance, with Q3’s 6.3% growth positioning the group favourably against its H2 targets of 3.9% to 5.9%. THG noted it is entering its most profitable and cash-generative period.

“I am pleased to report a solid Q3 performance, with a return to growth across both THG Beauty and THG Nutrition,” said Matthew Moulding, CEO of THG.

“In THG Beauty, our focus on commercial discipline and elevating the brand proposition has driven a return to revenue growth, supported by a strong advent launch.

“Within THG Nutrition, we remain on track with our focus on expanding Myprotein’s D2C market share, alongside accelerating our global offline presence through retail and brand partnerships. A number of exciting new partnerships are set to be announced soon, helping us to further build on this year’s positive momentum.

“Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead.”

Empire Metals Limited has confirmed a massive titanium deposit at its Pitfield Project in Western Australia, potentially delivering a game-changing discovery for the global titanium market.

The AIM-quoted exploration company has just released a maiden Mineral Resource Estimate that confirms Pitfield as one of the largest and highest-grade titanium resources ever reported globally.

The project is estimated to hold 2.2 billion tonnes grading 5.1% TiO2, containing a massive 113 million tonnes of titanium dioxide.

Empire Metals shares jumped over 17% on the news on Tuesday.

What makes this discovery particularly impressive is its sheer scale and quality. The resource spans across two main deposits—Thomas and Cosgrove—covering 39 square kilometres and 20 square kilometres, respectively.

Yet these represent less than 20% of the known mineralised surface area, suggesting enormous potential for future expansion.

The weathered zone alone contains 1.26 billion tonnes grading 5.2% TiO2, translating to 65.6 million tonnes of contained titanium dioxide. This naturally weathered material sits at surface level, eliminating the need for complex mining operations.

Pitfield’s location provides significant logistical advantages. The project benefits from existing rail links to deep-water ports, offering direct shipping access to major markets including Asia, the USA, Europe, and Saudi Arabia.

Investors will be delighted with the latest update, which further confirms the strength of the firm’s asset base.

Empire has already demonstrated the commercial viability of its discovery, with conventional processing successfully producing high-purity titanium dioxide grading 99.25% with negligible impurities. This quality level makes it suitable for both titanium sponge metal production and high-grade pigment applications.

“Pitfield is truly one of the natural geological wonders of the world: a district scale, giant titanium rich ore deposit which has remained hidden in plain sight until recently discovered by Empire,” said Shaun Bunn, Managing Director of Empire.

“Credit goes to our talented exploration and technical team who have delivered one of the world’s largest titanium MRE, a metallurgical flowsheet and a saleable product, all within a remarkable short period of 30 months from our first drill hole.

“The incredible success achieved to date has only spurred our team’s endeavours to untap the true potential of this phenomenal project and we remain focused on completing our processing optimisation testwork and moving rapidly into continuous piloting early next year. We have already commenced engineering, environmental and marketing studies which combined, will help confirm the commercial viability of Pitfield and form the basis for a Final Investment Decision.”

Empire Metals shares are over 800% higher so far in 2025.

The FTSE 100 joined the global equity market rally in very early trade on Monday, but the gains faded as investors looked to the start of earnings season and the return of trade-tariff concerns.

London’s leading index was fighting to keep its head above water at the time of writing as early gains evaporated.

Investors cheered a social media post by Trump over the weekend that suggested threats of 100% tariffs on China were just another negotiating tactic. However, concerns set back in as the session progressed and traders banked short-term gains.

“Just as it looked as if the US and China were making baby steps to repair their relationship, Donald Trump throws a spanner in the works,” said Russ Mould, investment director at AJ Bell.

“A new threat of high tariffs on Chinese goods coming into the US spooked investors in the East, with Asian markets showing a sea of red, following a similarly bad session for Wall Street last Friday.”

Although the FTSE 100 struggled to stay positive on the session, there were bumper gains for precious metals miner Fresnillo and Endeavour as gold and silver hit all-time highs.

“This new-found nervousness pushed investors back into gold, putting the shine back on the precious metal and reigniting the rally in gold miners,” Mould said.

“Fresnillo and Endeavour Mining topped the FTSE 100’s list of risers, representing a rapid U-turn from last week’s bout of profit taking.”

Fresnillion soared 7% as Endeavour rose 6%.

The S&P 500 cash market was set to open over 1% as the TACO trade looked to play out once more with traders betting 100% tariffs on China will never materialise.

Analysts noted that while attention was on Trump’s tariffs on Monday, the imminent catalyst of earnings season is likely to set the market narrative this week.

“With volatility back in the market, the initial flurry of third quarter earnings will be watched more closely than ever,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“First up, it’s the US banks, with Goldman Sachs, Citigroup, JP morgan and Wells Fargo all reporting tomorrow. A resilient economy and surge in investment banking activities bodes well, but valuations are riding high. Given the nervy backdrop, markets are likely to be sensitive to surprises in either direction.”

In London, UK banks were headline news again on Monday as Lloyds confirmed it would set aside another £800m to address the motor finance scandal. Lloyds shares rose 1% suggesting this was a win in investors’ eyes.

“A rising share price represents two things: one, some clarity on Lloyds’ potential exposure; and two, hope that Lloyds might successfully get the regulator to tweak its proposal in its favour,” Russ Mould said.

Babcock was the top faller with a 2% loss as the geopolitical outlook improved significantly with the return of hostages from Gaza and Trump’s declaration that the war is now over.

BAE Systems and Rolls-Royce were also weaker.

AstraZeneca has announced an agreement with the Trump administration to dramatically reduce prescription medicine costs for American patients while preserving the country’s position as a global biopharmaceutical leader.

The deal should draw a line under uncertainties about whether AstraZeneca will be hit by US tariffs, which could disrupt sales in its largest market.

AstraZeneca shares were 0.4% higher at the time of writing on Monday. Shares are 15% higher in October.

The British-Swedish pharmaceutical company’s chief executive, Pascal Soriot, joined President Donald Trump at the White House to confirm the firm had voluntarily met all four requests outlined in the President’s letter from 31st July.

The deal centres on equalising medicine prices for American patients with those available in other wealthy nations.

Under the agreement, AstraZeneca will offer direct-to-consumer sales to eligible patients with chronic disease prescriptions at discounts of up to 80% off list prices. Patients will be able to purchase medicines at reduced cash prices through the TrumpRx.gov direct purchasing platform.

The deal follows AstraZeneca’s recently announced $50 billion investment in US medicines manufacturing and research and development over the next five years, made under pressure from the US President.

Trump had previously threatened tariffs of up to 100% on imported drugs.

AstraZeneca has framed the US investment in the context of its target to reach $80 billion in total revenue by 2030. Half of this revenue is expected to come from the American market alone.

“Every year AstraZeneca treats millions of Americans living with cancer and chronic diseases and, as a result of today’s agreement, many patients will access life-changing medicines at lower prices,” said Pascal Soriot, Chief Executive Officer, AstraZeneca.

“This new approach also helps safeguard America’s pioneering role as a global powerhouse in innovation and developing the next generation of medicines. It is now essential other wealthy countries step up their contribution to fund innovation.”

Serica Energy has agreed to acquire BP’s entire stake in two North Sea licences containing the Culzean gas condensate field – the largest producing gas field in the North Sea.

The company has a stated strategy of growing through the acquisition of mid-to-late life assets and today’s announcement follows the recent acquisition of Prax Upstream Limited from Prax Exploration & Production Plc.

The latest acquisition would give Serica a 32% non-operated working interest in Culzean’s P111 licence and the adjacent P2544 exploration licence.

Net 2P reserves attributable to the stake are estimated at roughly 33 million barrels of oil equivalent as of 1 January 2025. Production costs are said to be $10.70 per barrel.

“Should this transaction complete, it would deliver a step-change for Serica, adding material production and cash flows from the largest producing gas field in the UK,” said Chris Cox, Serica’s CEO.

“Culzean is a world-class asset, delivering gas from a modern platform with exceptionally high uptime and low emissions.”

Culzean, operated by TotalEnergies, is currently the largest single producing gas field in UK waters. Under joint operating agreement rules, TotalEnergies (which holds 49.99%) and NEO NEXT (18.01%) now have 30 days to decide whether to exercise pre-emption rights and acquire BP’s stake themselves on the same terms.

The upfront consideration will $232 million in cash, which could be adjusted for working capital and offset by interim post-tax cashflows between September and completion, expected around year-end. Two further contingent payments could also become due: one tied to exploration success and production from the P2544 licence, another linked to potential changes in the UK’s ring-fence tax regime.

The Culzean field was discovered in 2008 and began production in 2019. BP’s share produced around 25,500 barrels of oil equivalent per day in the first half of 2025, operating at 98% efficiency.