Online retail giant THG has responded after its share price plummeted by almost 35% on Tuesday.
In a statement to the London Stock Exchange, the Manchester-headquartered group said it "knows of no notifiable reason for the material share price movement, and that no material new information was disclosed" at its capital market event.
Shares closed 151.8p lower at 285p following the event where CEO and founder Matthew Moulding hosted a meeting with analysts and investors to explain the group's Ingenuity sales platform and address investor concerns about the business.
The company is facing concerns over proposals to spin off its beauty arm, and its tech platform.
THG said: "Since its IPO in September 2020, THG has consistently delivered ahead of its targets set at the time of IPO and recently reported a strong first half performance across all divisions, with Group revenue of £958.8m, +44.7% YoY (CCY).
"The group also has a very strong liquidity position as it enters its peak trading season, with available cash as at 30 September 2021 of £700m across long dated 3-5 year facilities.
"THG is due to report its Q3 trading update on 26 October, and looks forward to updating investors in the ordinary course."
The capital markets event came after THG confirmed its pre-tax losses grew by more than £30m despite its revenue jumping towards £1bn during the first half of its financial year. The group has revealed plans to float its beauty division on the stock exchange next year.
