The Hut Group shares (LON: THG) opened higher on Monday morning after the group’s trading statement for the three months ending 30 September 2020.

The online retailer listed on the stock exchange last month +38.6% year-on-year revenue growth for Q3 with a +51.3%, year-on-year growth in online revenues to £320.2m.

The Hut Group has raised full-year 2020 revenue guidance to between £1.48bn and £1.52bn.

Matthew Moulding, the group’s chief executive and executive chairman commented:

“I am pleased to report a strong period of trading in our first quarterly update as a public company, including an upgrade to revenue growth guidance for 2020. I would like to thank all our colleagues for their huge contribution to date. Our strong organic revenue growth across all divisions, numerous THG Ingenuity partnership deals, and the recent acquisition of luxury skincare brand Perricone MD, demonstrates our strategic direction and progress in the period.

“Our decision to list on the London Stock Exchange provides us with a strong platform to raise the profile of both Ingenuity and our Brands, and further supports their strong organic growth. Our acquisition strategy remains unchanged, with a focus to complement organic growth with brand IP and Ingenuity infrastructure additions.

“THG has a very strong balance sheet, enabling us to further invest across each of our growth pillars.  THG’s core competencies leave it exceptionally well placed and we are witnessing increased opportunities, in scale and volume, for selective acquisitions across all our divisions and geographies.

“I am delighted to announce the establishment of our Advisory panel with the first three appointments made to provide additional counsel and support to THG’s Board sub-committees.  This is a transformational step for THG and we look forward to making additional appointments over the medium term,” he added.

The Hut Group was listed on the London Stock Exchange last month and was valued at £4.5bn. 

The Hut Group shares (LON: THG) opened +1.54% higher and are currently trading +0.18% at 667,80 (0814GMT).