SoftBank-backed THG boosts board as it seeks to soothe investors

THG announced changes to its board on Tuesday and published growth figures for its Ingenuity technology unit, as it sought to repair its image among investors concerned about transparency at the British e-commerce group.

The Manchester-based company, also known as The Hut Group, has tried to calm investor nerves after its shares plunged 35per cent in a single session this month following an investor presentation focused on Ingenuity, which THG plans to spin off. Investors had expected more specifics about the business.

"All in all, some steps clearly in the right direction," J.P. Morgan Cazenove analysts said in a note."But we believe the company now has to consistently present new clients on an ongoing base to restore confidence."THG, which went public in a bumper initial public offering last year, owns beauty retailer Lookfantastic and supplements firm Myprotein.

THG is listed on the standard segment of the LSE. The premium listing it seeks would demand stricter corporate governance standards from companies and could give them greater visibility through the FTSE indices.

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