Good morning, welcome to THG plc's 2021 interim results. We are delighted you could join us today as we reflect on exactly one year today since we joined the London Stock Exchange as a public company. A lot has happened over those 12 months. The theme of today's presentation is scale, capability, and collaboration. At THG, we have a passion for driving growth at a global level for our partners, and these themes will be relevant as I am joined by the exe cutive team who will share a deeper insight into their divisions. The pandemic continued to impact daily lives during the first half of 2021, and as a global business, we have become accustomed to operating with various degrees of restrictions and reopenings since March 2020. With this in mind, the strong financial performance delivered across the group, with record levels of revenue, gross profit, and EBITDA, is even more meaningful. In terms of our trading statement, you will see that group revenue increased by 44.7% on a constant currency basis, with outstanding growth in beauty of 145.8% on a two-year constant currency basis. This includes a contribution from Perricone MD and Dermstore as we scale our U.S. presence and continue to develop our prestige own brand portfolio. Growth in our nutrition division of over 30% was supported by our vertically integrated model and expanded in-house innovation capabilities. Our speed to market in developing highly targeted new products in response to emerging trends and needs is continually informed by data insights from our global customer base. Ingenuity commerce momentum continued with sales growth of over 165% in half one and over 500% growth on a two-year basis. A record number of end-to-end, fully localized, and serviced brand sites launched across 22 territories in the first half, with continued growth in clients across a range of verticals. We closed the half year with cash on hand of over GBP 870 million and net cash of GBP 385 million, making THG well capitalized to advance our strategic investment on a global scale. In terms of our operational and strategic highlights, the recent $1 billion placing in half one led by SoftBank provided further capital to accelerate our ambitious growth plans and execute a disciplined M&A strategy. The acquisitions of Dermstore, Bentley Labs, and very recently Cult Beauty, were all notable highlights, and we are well on track with our integration plans. Alongside the placing, we announced a financial and trading partnership with SoftBank. We are early in this relationship, but we are pleased to announce that we have already established multiple live commercial partnerships between the SoftBank portfolio and our Ingenuity platform. In April this year, we announced our commitment to invest and roll out an additional 3.6 million sq ft of fulfillment and personalization facilities at key locations globally. This not only supports THG's own brand growth plans but also reflects the growth potential within Ingenuity. Our new 1,000,000 sq ft ICON Campus at Manchester Airport forms part of this infrastructure investment, and we are delighted to welcome colleagues back to the office safely during the last few weeks to a new thriving environment combining Europe's largest creative studios and state-of-the-art automated fulfillment facilities. Today, we also announce our exciting plans to separate and list THG Beauty in 2022. This naturally follows on from the work being undertaken within the group to separate THG Ingenuity and deliver the SoftBank partnership. Importantly, a separate listing for THG Beauty will better position the business to allow us to accelerate investment across THG Beauty and become a true global leader in what is an incredibly exciting sector. I will now hand over to John Gallemore, Group CFO, who will update you on the first half financial performance. Thanks, Matt. The first half of this year has been super strong, and we are delighted to report constant currency revenue growth of 44.7% and 95% on a two-year basis. Growth has been broad-based across all divisions, and we've been encouraged by the reopening of the group's experience venues in the second quarter, particularly. The Beauty division in particular is a key call-out, with growth of 59% constant currency, and we remain on track with the integration strategy for Dermstore, Bentley Labs, and our prestige skincare brand, Perricone MD. Our international footprint continues to expand, and further to the acquisition of Dermstore, U.S. growth has accelerated, now accounting for 19% of group sales, an increase from 13% at the year-end. Adjusted EBITDA was GBP 81.2 million for the six-month period, at a margin of 8.5% of sales. This was marginally below the prior year, primarily as a result of the dilutive contribution of Dermstore, as guided to at the time of acquisition. Distribution costs continue to be well controlled despite the increase in order volumes, as the global infrastructure we have built helps us deliver more efficiently for our customers and clients. During the first half, we shipped over 20 million orders to 195 postal countries, and we have made substantial investment in the group fulfillment infrastructure, with six more fulfillment centers in the group network at the end of June against the same time last year. The group's international mix remains strong, supported by our end-to-end fulfillment model, which utilizes an extensive local carrier network spanning 115 services, all of which are fully integrated into the Ingenuity platform. The group has built significant additional capacity in its global network to fuel future growth, with our carrier integrations providing optionality for the end customer, enhancing the customer experience through customized communications. However, we are not finished yet. The investment into our global infrastructure to serve our growing Ingenuity client base and our own brand growth continues at pace. As we touched on at the full year results, our ability to roll out so many sites in such a short space of time is facilitated by the deployment of our proprietary warehouse management software, Voyager. The distribution costs reported in adjusting items relate to the cost of commissioning these new sites. The pandemic continues to cause complexities in global distribution, in particular, a significantly reduced number of commercial flights. This has resulted in temporary increased costs of GBP 12.7 million, principally arising from these additional airfreight costs of shipping orders to our customers in Asia. This will normalize as passenger air travel returns, and our strategy of localized fulfillment centers will remove this dependency in the medium term. Where the group completes acquisitions, it derives value by achieving synergies in the post-acquisition period by restructuring the acquired businesses and integrating them into the group. During this restructuring and integration phase, there are a number of non-recurring costs incurred by the group which are classified as adjusting items. These costs include duplicated costs while the integration plan is executed, for example, closure of all facilities or offices, and non-recurring costs, which do not relate to the underlying trading operations of the group, such as system integration work and validation in addition to personnel changes. Depending on the size and nature of the acquisition and the complexity of integration plan, acquisition restructure and integration costs can be incurred for up to 12 months post-acquisition. Other minor adjusting items relate to several charitable donations as part of the group's pandemic response, in addition to legal and professional fees associated with acquisitions. Finally, within finance costs, the group has recognized a charge in relation to the fair value of the SoftBank option. Just to remind everyone, the option relates to the SoftBank option and collaboration agreement announced on the 10th of May that facilitates an investment of $1.6 billion for a 19.9% equity stake in THG Ingenuity. From an accounting perspective, the option is treated as a derivative, and the value held by SoftBank is determined as being in excess of that defined in the agreement. This results in a non-cash, non-recurring charge for the difference. Our guidance on operating cash conversion for the full year continues to be around 100%, with the working capital outflow in the H1 representing a return to a typical profile. Historically, the group has observed a working capital outflow in the H1 that reverses with peak trading in the H2. The H1 2020 saw an abnormal working capital profile given the marked acceleration in sales in the Q2 as global lockdowns accelerated shift to digital channels. Future CapEx will focus on the THG Ingenuity platform, whilst the near term has seen higher proportional property CapEx expenditure as we build out our global infrastructure at pace in response to demand. We closed the H1 in a net cash position with cash on hand of over GBP 1 billion, including undrawn facilities. This provides a strong liquidity position to enable us to continue to invest in a disciplined way for our future growth. As we turn to the outlook, overall trading remains strong and we are confident in delivering full year 2021 group revenue growth of between 38% and 41% on a constant currency basis. This equates to reported growth of 35% to 38%. Margin guidance remains unchanged at stable adjusted EBITDA margins before taking into consideration the dilutive full year contribution of Dermstore. Capital expenditure guidance for the full year is between 10%-12% of group revenue. The continued level of expenditure is driven by supporting an acceleration of growth plans to meet the demands of our own brands, THG Ingenuity clients, and reflected investments in acquired assets. We continue to take a highly selective and disciplined approach to M&A with strategic priorities remaining beauty brands and assets that add capabilities to complement our brand building and digital commerce activities. I will now hand over to our divisional CEOs who will take you through the highlights of their division's performance. The online beauty market is forecast to grow to over GBP 80 billion by 2024, and we are more than well-positioned to capitalize on this growth through our differentiated proposition across destination retail sites, our prestige own brand portfolio, our innovation and production capabilities, digital sampling and subscription boxes aiding product discovery, and all of this being powered through Ingenuity. We're pleased to deliver increasing active customer numbers, growing average order values, and over 50% growth in beauty box subscribers over a two-year period. Supported by our expanding brand portfolio, our broad and inclusive offering reflects consumers' increasing desire for products with high-performance ingredients along with natural and ethical qualities. We further developed our U.S. presence through the acquisition of Dermstore, the leading authority in skincare. The integration plan is firmly on track with replatforming to Ingenuity scheduled to complete ahead of schedule. Since we expanded our prestige own brand portfolio 12 months ago, Perricone MD has been transformed to a digitally driven direct-to-consumer brand, extending its addressable market and ultimately its revenue growth potential and margin profile. As a science-led topical skincare brand, its skincare formulations and supplements address a broad range of dermatological needs, supported by extensive clinical and consumer studies. Perricone MD is an important customer of Bentley Labs, our U.S. Center of Excellence for new product development and production. During the last 12 months, we've launched six new products, including the intensive moisturizing complex, CT+, the blemish range, and a hypoallergenic range. The acquisition of Bentley allows THG to internalize aspects of the production of Perricone and other THG brands, and to accelerate the program of new product development for our own brands along with others. Perricone MD joined the THG Beauty portfolio of own brands which continue to build their own respective D2C, following with eight European and two U.S. sites launched so far during 2021. All brands are now available on Dermstore with further expansion to Cult Beauty, our recent addition to the U.K. and Europe retail portfolio, which specializes in emerging and independent brands. This month, we launched a rebrand of Christophe Robin to further establish the premium haircare brand, and we're committed to further developing our portfolio, optimizing our THG Labs innovation expertise across the U.S. and U.K. through Acheson & Acheson. THG Labs offers an end-to-end service that runs from product, packaging design, development, formulation development, international sourcing, product testing, U.K. and U.S. manufacturing, along with warehousing and distribution. Both A&A and Bentley have been integral to the building of category-leading brands with over 700 new products launched by Bentley since 2017, with a real specialism in clean beauty. Through our global customer base, we're able to leverage data insight to deliver highly targeted and innovative new product developments, enhancing speed to market, and deepening our relationships with global brand houses and independents. It's been an incredibly active year so far for THG Beauty, and we move forward at pace with our ambition to be the fully integrated global digital partner of choice positioned at the very center of the beauty industry. The THG Nutrition brand family continued to deliver strong growth in both mature and emerging markets. Sales in the first half reached GBP 328 million, a 30% year-on-year growth rate on a constant currency basis. 7.3 million orders were delivered globally, a 1.4 million increase on the prior year, and we continue to see strong loyalty from our customer base with high repeat rates and low returns. Our ever-growing influencer network helped us in growing our active customer database to 4.5 million, as consumers continued to seek healthier lifestyles and consumption broadened across the categories we serve. Our inclusive activewear and lifestyle clothing range was one of the strongest performing categories, with over 35% D2C growth. A similar growth trend was observed for our Myvegan brand, and we are increasingly seeing customers shop across the multiple brands in the brand family. Influencers in our branded web apps are a valuable source of content, education, and product discovery for consumers. With app downloads up over 200% year-on-year. Our 7 million social followers and global community regularly engage with our brands through our social media channels such as Instagram and TikTok and our digital magazine. Brand equity is extremely strong in our home market, where we maintain market leader status across all attributes, and is growing at pace across continents. With our recent customer insight survey ranking Myprotein as a brand consumers are engaged with, would recommend, and with highly attractive products in three of our major markets, being the U.S., Japan, and Spain. We are particularly encouraged by the continued strong sales growth in the U.K., notwithstanding the challenging comparable period, with this being one of our largest and most mature markets, coupled with over 50% year-on-year sales growth in developing markets such as India and the Middle East. These territories are supported by our global fulfillment infrastructure, including our India warehouse and an upcoming UAE warehouse, a variety of relevant local payment and courier options, and localized websites. Products are developed to suit local trends and tastes, optimizing the flavoring expertise from Claremont Ingredients, which we acquired at the end of 2020. At the same time, we announced the acquisition of David Berryman, which has since enabled us to begin to unlock the potential within the ready-to-drink category. Not only are these capabilities facilitating development of new products within Myprotein, we have also launched across Myvegan, Myvitamins, and Command, wit h pla ns to expand this across different formats in our own brand beauty portfolio. Across all channels, we are delighted to deliver growth of 59% year-on-year in the RTD category. Our future pipeline of new product development across our manufacturing portfolio, including the recently acquired Brighter Foods, is testament to our in-house innovation expertise, which is importantly contributing to the acquisition of new customers across a broader category segment. We look forward to sharing more with you in the second half as we continue to extend our category reach across global markets. You aren't defined by the obstacles in your way, but by how you fight to overcome them. We are all united by ambition. We are fueled by Myprotein. Following on from Q1, we are delighted to announce another strong quarter for Ingenuity Commerce, delivering 165% revenue growth for the first half of the year. Through our end-to-end technology and fulfillment platform, we processed the equivalent of 2020 gross merchandise value in the first half alone. With 50 end-to-end fully localized and serviced brand sites launched across 22 territories for new and existing clients across a broad range of sectors. To put that into context, at this reporting point in 2020, only 28 branded sites were active across the client base, and we already have a roadmap confirmed to launch another 70 sites in the second half, with over 100 in development for 2022. Notably, over 40% of our client base is opting to internationalize with Ingenuity in addition to their initial master site, a key route to deliver our land and expand strategy with clients. We have today announced a number of exciting partnerships with leading brands in their respective markets. The food and beverage category, in particular, has been an area of successful development, with over 30 clients due to be live or onboarded by the end of this year. A resounding success from only entering into the category this time last year. Personalization has been a key differentiator in this regard, with leading brands Nestlé Quality Street, Mondelēz, and Coca-Cola all utilizing our expertise to offer consumers the ability to create a bespoke product. Over 95% of our live clients now utilize our global fulfillment network, and we are scaling through investment in talent and infrastructure to leverage our leading e-commerce technology. Partnering with brands looking to grow globally online and at pace. Ingenuity is rapidly diversifying its outreach through global B2B partnerships to access pools of new clients. For example, THG Ingenuity is now partnering with Google and ByteDance amongst others to promote Ingenuity services to their customers, either on an end-to-end fully served basis or via modular components of the service stack. Clients choose Ingenuity as it eradicates complexity and the need for multi-partner relations with capabilities across all elements of technology, operations, and digital brand building services. Our modular end-to-end approach is quick to deploy, disruptive on price, fully managed, and hence light touch for clients. The client journey begins at the configuration phase with a focus on three key work streams across technology build-out, operational setup, and e-commerce performance planning, typically taking 12 weeks to launch. Once the site is live, we work collaboratively with the client to review performance and optimize the user experience on the real-time data we collect. As the partnership develops, we are constantly evolving the infrastructure with the client benefiting from the continued investment into the platform that we make for our own brands across multiple sectors. Through our land and expand strategy, we have supported in the further internationalization of Revolution Beauty and BWX, along with driving continued success of the Homebase partnership in a strong sustained conversion rate and use of our new state-of-the-art studios facilities to produce engaging digital content. We are excited to share more details of our expanding service proposition at our upcoming capital markets event, where we'll touch on our growing advisory and consultancy offering, which provides support to complex market entry. In addition to our developing THG Eco-sustainability services, proprietary and unique fulfillment software, and platform diversification to serve different needs within the market. Our in-house capabilities have enabled the group to collect and analyze customer behavior data throughout the pandemic as countries and regions moved in and out of restricted conditions. As a result, we have good confidence in the continuation of our customer behavior metrics in 2021 and beyond. Namely, consistently strong repeat rates supported by an increasing proportion of customers acquired by our branded apps. Whilst the pandemic is a one-off crisis, the underlying numerous drivers supporting the continued shift from retention of online customer retail spend have not changed. For example, broader product ranging and availability given online has no shelf space limitations versus offline, greater product education with thousands of user-generated professional posts and reviews accessible easily online, and superior convenience and payment options. As a result, returning orders drove 76% of direct consumer sales in the first half of this year, supporting the stickiness of 2020 and historical cohorts. We continue to invest in optimizing our user experience, establishing and deepening our relationship of trust with consumers. As an example, with THG's apps, returning customers revisit and make a purchase quicker versus desktop or mobile users, and on average, spend more with us. Through tailored, engaging content, consumers are kept up to date with relevant trends and product launches, supported by our growing THG Society network of influencers, brands, and social partners. We'll continue to focus on growing our app ecosystem as we head through 2021. We're well-positioned to further build our technology and operating ecosystem supported by our end-to-end digital brand services. This includes our flagship THG Studio facilities recently opened at ICON Campus Our in-house website trade and digital marketing expertise are highly valued by Ingenuity clients and brand owners alike. Coupled with our 270,000 sq ft studio facility, we have a thriving creative center driving digital brand growth on a global platform. In our first quarter results pre sentation, we announced our commitment to further invest in 3.6 million sq ft of fulfillment and personalization capacity at key locations globally to support our own brands and the Ingenuity clients. The additional capacity is being rolled out over the next three years with progress well advanced at sites in Australia, the U.S., and Asia Pacific, as well as our expansive ICON Campus at Manchester Airport. This project will add around 200% incremental capacity over the next three years, enabling the group to fulfill over 3 million orders per day with the 2020 peak period being around 1 million per day. Our traditional approach to new warehouse opening is in three phases. Phase 1, to partner with a third-party logistics provider, or 3PL, on a charge per pick basis to establish logistics and supply chain. In Phase 2, we enter into leased occupation with responsibility for all headcount and related costs, and supported by a full integration onto our proprietary warehouse management system, Voyager. Phase 3 would then be to leverage automation and grow capacity. We are moving towards more automation over the next two years with much less reliance on labor, maximizing pick and pack efficiencies. We have the ability to retrofit existing sites to be more efficient if required. In addition, incremental beauty and nutrition manufacturing capacity will be added, which will expedite the speed to market for our growing own brands across all key global territories. We are constantly striving to become more efficient as an organization whilst optimizing the customer experience and minimizing delivery times. Automation is now live across our ICON facility, which will support the peak trading period in quarter four. In addition to our own infrastructure, we are today announcing the development of FIR/ST, a single cross-border prioritized software solution formed through the integration of AutoStore's proprietary automated storage recovery system with headless elements of THG Ingenuity's proprietary infrastructure. Specifically, Voyager, our warehouse management system, THG Delivered, our global courier platform of over 200 couriers, and THG Orbit, our award-winning global customer service platform. There is no comparable product available in the market which addresses all FMCG product categories via a unified distribution and fulfillment solution, providing a single data view to maximize efficiency. The benefits of FIR/ST include partnering with the fastest automated storage recovery system solution with over 99.5% uptime, vastly reduced cost per unit, increased implementation speed with the removal of integrator layers, thus reducing integration risks, and greater accountability, given it is an end-to-end fulfillment courier and customer services software solution. FIR/ST will connect to all major third-party platforms, bringing these benefits to the entire addressable fulfillment market globally. The FIR/ST solution will underpin THG's global rollout, where it will be widely deployed. FIR/ST represents just one of the commercial partnerships established between Ingenuity and the SoftBank Group Corporation portfolio. Current and pipeline collaborations range from end-to-end Ingenuity Commerce contracts to single service solutions, such as headless components of the Ingenuity stack, marketing, payments, Ingenuity client financing, and fulfillment enhancements. As we continue to scale, continued in-house development is imperative to maintaining Ingenuity's position as a leader in the e-commerce technology platform market, together with supporting the long-term international growth of THG's brands. This innovation also benefits our THG Ingenuity customers with the same technological advancements that benefit our brands being deployed across our growing client base. Our recent capability enhancements have focused on improving the user experience, such as concessions in a site, wish list tools which support customer loyalty and conversion, together with subscription and save functionality, which offers customer optionality for regular purchases. To further support the customer journey, improved product imagery and options to compare products side by side are highly valued, with a range of payment options maximizing customer choice and ultimately conversion rates. Once the order has completed, optimizing delivery efficiently is critical for our Ingenuity clients, and we are pleased to have launched THG Delivered, an end-to-end delivery management solution comprising technology delivery options, carrier management, and end-to-end tracking. THG Delivered has enabled over 72% of our global client base to be offered delivery as quickly as the next day. Across all global deliveries, THG Delivered has enabled us to reach a global delivery speed average of delivery on the second day. This is achieved while seeing more than 52% of shipments being delivered outside of the U.K. We have taken another step forward in support of our sustainability commitments by introducing a new eco delivery solution which encourages customers to reduce their carbon footprint. CPG clients, including Nestlé Purina, are already optimizing this solution as an expansion to their Ingenuity partnership post-implementation of this functionality. All this would not be possible without the diverse pipeline of digital tech talent, which we are delighted to have grown by over 175 heads during September alone, as we welcome our 2021 graduate intake. I'll now hand you back to Matt for his closing remarks. Thanks to John and the rest of the team for taking you through the various divisions that we have within THG. In summary, we are very pleased to deliver a strong first half performance across all divisions, and a very busy 12 months since our IPO. We continue to remain focused on investing in support of our strategic growth ambitions, including across our infrastructure, namely our recently opened ICON Campus and our global distribution network. Investment also continues at pace across our Ingenuity platform, as well as each of our trading divisions, and most importantly, in our people. We believe THG's long-term growth opportunity is driven by growth in digital activity at a global level, together with product innovation and expansion across new products and verticals. Our Beauty and Nutrition divisions operate in large and expanding total addressable markets, each holding leading positions in many territories. To better support the investment plans of our rapidly growing Beauty division, we now plan to move forward with a listing of THG Beauty next year, with the business well positioned to become a global leader and brand partner at the center of the industry. The significance of our partnership with SoftBank is supported by the multiple live commercial partnerships announced today, and we are incredibly excited to move towards the market launch of FIR/ST in 2022, which is our unique partnership between THG Ingenuity and AutoStore. We continue to see an acceleration in levels of inquiry from global enterprises looking to leverage the Ingenuity platform, and we believe the global growth opportunity for Ingenuity to be unparalleled. Thank you for joining us today and for your ongoing support. We now look forward to taking your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off. Again, press star one to ask a question. Your questions today will be answered by Matthew Moulding, CEO, and the executive team. We will take our first question today from James Grzinic of Jefferies. Please go ahead. Your line is open. Thank you very much. Good morning, everybody. Matt, just a couple of quick ones really. First one, great to see the deepening relationship with SoftBank really fleshed out. Is your thinking still half one 2022 option exercise in terms of Ingenuity from their side? Secondly, can you perhaps share some more thoughts on the Beauty listing? For instance, would you be retaining a majority ownership of that listed vehicle? Thank you. Yeah, sure. In answer to the SoftBank question, very much on target in terms of the relationship with SoftBank. Been incredibly pleased with the contribution they've been able to make to THG to date. The relationship is something that we work on on a daily and weekly basis. Very much on target for that in early half one. In terms of the Beauty question, James, just remind me again on the IPO, was it for that? Majority shareholding. Oh, sorry. Yeah, the majority- I was wondering whether you would. Yeah. Sorry, James. Yeah. The plan very much is we would just be listing a minority stake in the Beauty business, and we'll be retaining a majority ownership, and obviously Ingenuity will be providing all the services end-to-end to the listed entity. Very clear. Thank you. Our next question will come from Rob Joyce of Goldman Sachs. Please go ahead. Hey, good morning. Thanks very much for taking the questions. Just a couple. Firstly, just on the Ingenuity partnerships you announced with SoftBank that you're working on. Appreciate the detail on the AutoStore. Would you be able to give us a little bit more insight into what you'll be doing or which of the SoftBank banners you'll be looking to work with and what you'll be specifically doing for them? Linked to that, I guess, with all this incremental Ingenuity contracts and partnerships, I think consensus next year looking for Ingenuity revenues to roughly double. Would these be coming on top of that, do you think? Is there room for Ingenuity to grow a bit further than that? The final 1, if you could just give us a bit more detail on what you want to go through at the investor event in October, what things you're focusing on, what we should expect to take away from that. Thanks very much. Morning, Rob. Steve Whitehead here. I'll pick up the first one, maybe the first two. On the SoftBank relationship, it's early days, it's super positive. We have dai ly conversations with either the SoftBank team directly or their portfolio and company management teams. In a very short space of time, we've covered a lot of ground with them. There's a range of types of projects. Obviously within four months, the ones you can get live sooner are the more immediate partnership base where it's their portfoli o companies primarily providing services to us, where it's augmenting the platform, whether that's with payment options or whether it's with one-hour delivery services in country. Really optimizing, augmenting the platform. The larger end-to-end THG Commerce, the larger headless productized elements of the platform where we can provide some quite meaningful services in meaningful contracts to portfolio companies. Those projects are more numerous than we had identified before the option was entered into. They've all been progressed very positively, but of a nature and a size that always takes a little time. We're super happy with that range of deals that are in discussion, and it's more than vindicated the rela tionship build that we invested in back in May with those guys. In terms of the impact to the numbers, there's a lead time to these things, as I've said. We're part year on some of those smaller projects anyway. They're just going live. The consensus of circa GBP 50 to circa GBP 90 in 2021 and 2022 for commerce revenues is right. We're happy with that. We don't see these as over and above or in addition to, and we're not trying to quantify at this time. We'll keep updating on it, that consensus is correct. Perhaps on the capital markets day, oth ers may jump in and augment, but principally the focus around THG Ingenuity is to really help with the education piece so that people truly understand that in a digital supply chain environment today, this is a unique end-to-end solution across the technology assets and the real-world assets all being in one place with one supplier to address 50 to 100 fully localized territories plus ultimately every country in the world. That's a unique solution to a digital supply chain challenge which ultimately brand owners and retailers have only had one solution over the last 20 plus years, and that's multiple suppliers just to deliver 1 country, let alone one supplier to deliver 50 to 100, which is THG Ingenuity. It's much more of a broader piece. We're going to think about a little bit more detail around KPIs to help people understand the division a little further. Then, of course, all of that is building in terms of the detail for FY 2022. We've said in the release that in H1 2022, we will be giving that granular breakdown on divisions between Beauty and Nutrition on a standalone basis with the Ingenuity contract going through. Then, of course, we'll show Ingenuity as a standalone. We're building to that segmental clarity. If that covers everything, Rob? Sorry. Just one more quick technical one maybe. Am I reading it right, the exceptional relating to the Ingenuity option actually suggests that the value of that option has gone up since you signed that agreement? Is that how that works? It's effectively valuing it like a ca ll option. You could have a ca ll option, Rob, for any share, to buy something at a fixed price, and it's effectively valuing that option from a SoftBank perspective, and therefore, we have to have the corresponding liability in THG's books because they exercise that option. It's of great value to them, and we just have the reciprocal in our books. You're right, Rob. It's basically the auditors reviewing the data and then saying that they believe that SoftBank have made a profit on the option so far, so the value to them has gone up. Yeah. We have to take the corresponding journal. Very clear. Yeah, exactly. That's why it goes up via bill to your side. Thank you. Appreciate it. Thanks a lot. As a reminder, if you wish to ask a question, please signal by pressing star one. If you feel your question has been answered, you may remove yourself by pressing star two. Our next question comes from Roland French of Davy. Please go ahead. Hi. Good morning, everybody. A couple of questions from my side, if I may. Just starting with Ingenuity, there's a reference, I guess, to gross merchandise value within the slide deck. Just wondering if you could clarify what that number is in terms of that third-party brands on your Ingenuity platform. Secondly, just on supply chain, I know there's some rhetoric that you're able to mitigate some of the headwinds that you're seeing through the first half. Just a general observation through H2 and beyond around, I guess, freight distribution and labor in particular, maybe on the nutrition side around whey input costs. Thirdly, more just one for clarification, I think around 75% or 76% repeat rates across the D2C sites. I'm just checking, is that repeat customers, those customers have ordered more than one time during the period, or are those customers returning from prior year or prior comparative period? Does that make sense? John will do question number one. I'll do question number two, Matt Moulding, and then Adam, our Chief Marketing Officer, will do question number three. Over to you, John. Sure. Look, we don't reference what specific GM V is, although as you'd know from the comments and the fact that it's growing at the rate you would expect given the acquisition of clients and the expansion of services we're providing for clients. It's not a KPI that we do go public on at the moment. In terms of the second point around the well-reported staffing, inflation, logistics pressures, et cetera, that are out there at the moment. Yeah, look, I think any business, certainly in the U.K., but beyond, will be seeing various forms of inflationary pressure, whether that's in the commodity markets or whether that's in people or logistics and freight and all those kind of things. As you touched on there, we do believe we're pretty well positioned for that. We have Ingenuity which continues to increase in contribution, which is a higher margin business that helps to offset some of those costs as they come. We also believe those costs aren't necessarily permanent in any way. We believe the commodity markets will significantly improve over time. It's just been quite a short period where you've seen some rapid rises in all commodities during that period. We do think against that and the broader inflationary environment, we'll be able to navigate that quite well. FX headwinds are pretty material out there, but FX comes and goes. Just, I think on those FX numbers that were out there, maybe 250 basis points impact to sales. To put that in perspective for you, I think it was near 450 basis points in Q2 alone. You've just got some volatility out there, but that could easily just reverse again in a matter of weeks. These things come and go. Generally speaking, that's how we're looking at the outlook of the inflationary and staff pressures. We are helped as well by the level of automation that we have in our logistics centers, but especially what's coming live. A lot of the investments we've made of late have been in automation, and we have an AutoStore/Ingenuity facility going live right now, and that's obviously very heavily automated. To answer the question on the 76%, that is returning customers' orders drove 76% of sales during H1 this year. Does that answer? Can I just add a fourth maybe, just top line through the period? Sorry. Yeah. That answers the three. Could I just ask you, just in terms of the M&A contribution top line through the half? Yeah, sure. Look, the truth is we don't split it out. That's true. Just to give real clarity why we don't split it out is because where we've made investments, typically, if it's in nutrition, it's been in manufacturing and product development. Really that's just all about driving future growth. It'd be small and immaterial in any event, but that's about driving the range of developments across that brand to derive growth for future years. We'd definitely be wrong to be looking at whatever sales contribution comes from that. Then in terms of on the beauty side of things, we always give the numbers on anything we buy. We say, "This is what we expect the contribution to be," then we leave it from there afterwards. Again, the reason for that is, the primary focus of our beauty division is to build out a couple of key verticals. LOOKFANTASTIC, we're trying to build into the global number one platform. As a result, we then have secondary brands that we put alongside it in different territories. Cult Beauty was post half one, but you'll see that that's aiming at the rest of the world in the U.K. and Europe. Whereas with Dermstore, earlier this year, which did contribute in the period, that's a USA focus alongside LOOKFANTASTIC. What would quite typically happen is we may well be looking to move customers from one platform or one brand onto another as we look at that goal of building LOOKFANTASTIC to that dominant position. If we started to split these things out and report on them, it could send mixed messaging at different points in time, when we're really clear that that's the goal for the business. We'll always state what we believe the contribution to be, and then give our full year expectations at the same time. Got it. That's clear. Thanks guys Our next question will come from Paul Rossington of HSBC. Please go ahead. Good morning, gents. Well done on the numbers today. On beauty, my question, there's an awful lot of M&A activity around the beauty space right now. It's a supply chain that a lot of companies are trying to access. Does that mean that there's going to be more new market entrants into that space? Or is there going to be, kind of, a limit on the number of new players coming in because the major brands don't want to distribute through every single channel? I'm just trying to work out what the competitive spectrum looks like there, because we have seen a lot of transactions take place, a lot of strategic partnerships announced, et cetera. That's for beauty. Thank you. Yeah, sure. Look, the competitive space, I think forever beauty's been seen as a very attractive arena through which lots of people would like to operate. I don't think that will change in the next 10, 20 years either. I do think it's an incredibly attractive market, great growth dynamics, and it's a truly global market. I do think it'll always be an area that everyone will want to get into. I think the chances of people succeeding in going into the supply chain will be difficult because brand owners are very protective of the brands, and getting supply is incredibly difficult. Even at our scale, we have to make M&A to fill in certain brand gaps along the way. You can't announce that you're going to enter the market and then become a global player. That's not how it would work. Otherwise, we would dearly love to do more of that ourselves and save the CapEx on the M&A. I do believe it will continue to be an interesting sector to everybody. It is worth pointing out, though, we've got a very differentiated business model to anybody else as well. Just as a reminder, I think there's a video that we posted as well, which takes us through the beauty business model in more detail, but that's on the group website. At one end of the spectrum, we're a product development house, developing products for all the major brand owners plus ourselves. Through LOOKFANTASTIC and the sub-brands, we're one of the biggest retailers of beauty products in the world in the digital sense, covering all different territories. We have a really strong subscription box business as well, so we tap into all the marketing. We also own some of our own brands. At the same time, we're powering a lot of brands, beauty brands, digital expansion plans into different territories. We have got a very differentiated relationship with beauty brands than I believe most other people would have. I do believe it's still a very interesting market, and there'll be new entrants wanting to come for the next decade. Okay. Thank you. One extra from me, if I may. On the nutrition side of the equation, you've done the deal or the trial you've announced with Asda to raise brand awareness of Myprotein in the U.K. Have you got any plans to do a bit more with Myprotein in the U.S.? It's been a big focus of the beauty operation this year. Where are we on cracking the U.S. market with the nutrition product? Yeah, sure. Look, we made really good progress in U.S. I think the growth rate in the U.S. is higher than the growth rate for the brand in general. We're growing faster there than we would be as a whole. We continue to obviously leverage with a lot of the things we've done in THG's infrastructure in the U.S. obviously benefits all parts of the group, not just beauty, but nutrition as well at the same time. We see significant benefit from when we're opening multiple warehouses across the U.S. and putting in infrastructure. Look, we'll continue to do that. We'll do it in our way, in a digital sense. We don't tend to put as much money into offline areas, et cetera. We believe in that influencer-led model. We've also got our own influencer platform, and that's been quite successful for us. While a lot of people are focused around the U.S., it is worth noting that probably the single most exciting territories in the world right now are probably India and the Middle East, but India in particular, and that is somewhere where Myprotein is very focused right now and seeing some fantastic results. I'd probably say that's the fastest growing territory for us at the moment and an area where we're putting significant investment. Thanks very much. That's it from me. Thank you. Our next question will come from Charlie Muir-Sands of Exane BNP Paribas. Please go ahead. Yeah, thanks for taking my questions, guys. I wonder, first of all, just going back to the proposed listing of THG Beauty, I wonder if you could talk about the rationale for listing as opposed to looking for a strategic partner, which is what you've done with the Ingenuity division. What is it about separate listing that you think will particularly aid the business? Is it the need for more capital, or do you think it needs a look through valuation, or is there something actually operational that can be facilitated through that? Thanks. I think the principal reason behind it is the opportunity in front of us is huge, and we've already deployed significant capital into that sector. We see an opportunity, especially post-COVID, to further accelerate that. That is a really difficult thing to achieve when you consider that it's a subdivision within THG. I think broadly speaking, the feedback I get told is the analysts value our beauty division at maybe 1x-2x sales in the overall group number. The challenge with that is we can't buy an asset at those values. Every time we look at buying things across the beauty sector, when we make a major investment, it's potentially diluted to the group, which then when you've got significant expansion plans and investment plans, it's probably not the appropriate thing to be doing those investments in our current form. We believe that if we can give the division much more focus and people can get a real appreciation for that, then as we put more and more investments into it and take that dominant position on a global stage, then it'll just be a far better positioned asset, and making investments will become far easier than it has been in, say, the last 12 months. Charlie, Steve here. Maybe if I pick up just on. That's okay. On the partnership piece, which you asked as well on the optionality, why is it different than choosing a strategic partner? It's really one and the same thing. You get that clear beauty investor mandate that Matt talked about, that this business model is unique in the beauty industry across. It's got a right to win as the largest skincare, haircare reseller online globally. One, two, or three positions as a brand builder, NPD production, sampling through Glossybox, and a digital-led brand portfolio. It's a unique asset. When you put it out there on a clean, clear, single prestige beauty mandate as a listed entity, that is the clear partner to then be aligned with looking at its options for strategic alliances and agreements with the other beauty strategics. At the moment, as a part of THG, it just lacks that clarity. It's actually an enablement step to exactly that kind of collaboration partnership, which we think is probably going to expedite the development of that business. Great. Thank you. If I could just follow up briefly on two points around guidance, please. You've obviously reiterated the full year revenue guidance. I appreciate you haven't actually given us the M&A contribution for reasons you've just discussed, but it appears that roughly maybe you're assuming similar organic run rates from Q2 progressing to the second half. Is that the right way to be thinking about it? Is there any sort of color you could give around trading so far in Q3? On the adjusted EBITDA margin side, you've obviously reiterated stable margin pre terms for dilution. Can you just update us on how much dilution we should now expect? I think you said you've integrated that a bit quicker. I think the original math suggested maybe 40 basis points dilution year-on-year might be around about the right number. Thanks. Yeah, look, sorry, it's Matt Moulding here. I think just to touch on those points then [Adam Knappy] will jump in where needed. On what are we seeing for the rest of the year and the individual trends, look, being briefly honest, I think we give quite a lot of disclosure. I know everyone would always like more. We've got a number, a guidance number out there for the full year. We've got the half year here, and we updated with a small upgrade, I think it was, just a matter of weeks ago. The short answer is that's our guidance as such. That's where we genuinely believe the second half of the year to be. You'll get nuances in different quarters from time to time, depending on your different trading calendars, your different comps and whatever. Broadly speaking, we feel pretty comfortable on all of our guidance in that regard. In terms of then the EBITDA margin, I think what we've said is, look, we see stable margins on a FX constant basis more broadly. If FX goes a different way and it starts bouncing back, then there'll be a contribution from that and so on and so forth. We also have hedging strategies that minimize the impact of that in any event. The earnings contribution and any potential dilution on that, it's relatively small. Was it 0.4%? Is that about right, Matt? 0.4 across the full year. 0.3 to 0.4 sort of impact. I think with the added in the announcement when we bought it, we'd expect that within sort of 18 months then to be on normal Group and be non-dilutive anymore. I don't know if that helps. I know everyone would like to know what today's trade's like and the rest of it, but unfortunately, we can't do that. We have confirmed that we do a trading statement for Q3, though, on the fourth of October, Charlie, we'll provide more color o n that then. In terms of the acquisition contribution, then the one thing I would point to is if you took what's in our RNSs and backed all of that out, which you can do, you'd still see that the organic growth is above the top end of our medium-term guidance range of 20%-25%. We're pleased with the organic performance across the first half. Thank you very much. I didn't understand the comment about FX with respect to margin. Are you saying that current FX is a margin drag beyond that constant FX stable margin guide? There's always a risk it could be. Constant FX is a margin. Yeah. Look, there's always a risk. We have hedging strategies to minimize that. We have Ingenuity's contribution. I guess if FX starts to move considerably further in either way, then it'll be a small contributor or a small dilutive. It just depends on how we see that happening. We can't control FX. Arguably, we can't control inflationary pressures, but we have lots of ways in which we do minimize the impact of that through automation, tech stack, and Ingenuity and so on and so forth. Equally, we try and minimize the impact of FX at the same time. The last quarter was slightly livelier on FX, and then when we look at how currencies have moved, then we'd expect that to dissipate anyway, unless there's another different reason for things moving. It's certainly not structurally a long-term thing, FX. As you can see, the top line, it's a 280 basis point drag reported growth versus constant currency growth. That's why we're very pleased with the margin performance in the first half because that's been absorbed through to the bottom line through a combination of hedging and then offset with other savings across the business. Great. Thank you very much. Our last question today will come from Andrew Ross of Barclays. Please go ahead. Great. Thanks for squeezing me in. My first one is just following up on Charlie's question there on the Beauty listing. You clearly have lots of investments you want to make into the business. Do you have a sense as to how big the quantum of those might be, or put another way, how much money you might want to raise as part of the listing into Beauty? The second question is on Nutrition, where I think in the statement you also say options are still open for that division. Could you just give us an update as to what kind of options you're thinking about there and how you're thinking about capital allocation into that business over time? Thank you. Thanks, Andrew. Steve Whitehead here. I'll take the first question, Matt will take the second. Just in terms of that Beauty listing, the whole purpose, as we've said, is that clear mandate to deliver that prestige beauty strategy. A key cornerstone to that will be building out that digital first portfolio. Today, we've got eight brands in the portfolio which are predominantly digital, truly global. That in itself is a highly differentiated asset. It's D2C in its margin structure, so again, it's highly differentiated. The opportunity to broadly double that portfolio size is compelling. As the biggest, ultimately, reseller globally in skincare and haircare, we have a mandate across multiple categories to really operate a broad own brand portfolio. If we double that portfolio over a three, four-year timeframe, that's going to require significant investment. The whole purpose for the listing is to create that platform to raise that primary. Beauty brand assets are a five to pushing 10 times sales revenue multiple asset class. We will seek to raise a meaningful amount of primary to really enable THG Beauty to build on that opportunity. If that answers that, Andrew, I'll pass over to Matt. On to the Nutrition business and what are the options for Nutrition. Look, the moment we announced the SoftBank deal, we laid the path for this kind of progress because clearly Ingenuity is going to be servicing each of our divisions and continue to do so. We've got plenty on now for the first half of next year in terms of the things we've already announced. Clearly, though, longer term, we'll be looking to build upon the position that we have within THG Nutrition and we'll be looking at partnership potentials and what collaborations there are, which we remain open-minded at this stage as to what they are, but we've got quite a lot on for H1 now. Cool. Can I just follow up with a third one as well? Sorry to be cheeky. On Beauty, in Q2 the revenue growth slows both reported and organic, and I assume a big part of that was because the comp is much tougher, which is logical. I don't think we actually have the percentage growth numbers from 2020 split by Q 1 and Q2, so it's hard for us to analyze kind of what's going on a two-year stack. Is there any more color you can give us just about that slowdown in Beauty in Q2, kind of trends you're seeing as you lap against that COVID comp? What can you tell us about how it's trading over two years just to kind of give comfort on that? I'll hand over to Rachel, CEO of Beauty, to answer that but s afe to say, Andrew, that when you're growing in Q1 at an incredible rate, I'd be surprised if people didn't think it would slightly slow down in Q2, over to you, Rachel. No, of course. Well, as you touched on, Andrew, as well, it's important to remember that in Q2 last year, we obviously started the global lockdown for COVID-19, which did drive significant changes in consumer behavior. In this instance, I would guide to the two-year trend, which gives a more indicative view of the success that we're seeing, where growth very much remains in line with what we saw in Q1. Organic growth, just to give you some flavor on that, excluding acquisitions, remained broadly 90% for the first half. We're feeling very comfortable on the guidance that we've issued. Helpful. Thank you. This will conclude today's question and answer session. I will now hand back to Matthew Moulding for any additional or closing remarks. Thank you, everybody, for taking the time this morning. We've had a good volume of people dial in. Very much appreciated taking the time. Just like to say thank you to all of our many thousands of staff that have, through very difficult times, have made all this happen for us. Thank you very much and enjoy the rest of your day.