THG shares down 15% after online retailer issues profit warning

Company blames falling sales, contract delays and delivery disruption in latest of a number of missed financial targets

The struggling online shopping group THG has said its profits will disappoint for the third time in a year, blaming delivery disruption, contract delays and falling sales at one of its key divisions.

The company, formerly known as The Hut Group, said the profit downgrade was because of lengthier onboarding" of new contracts at Ingenuity, its unit that helps retailers sell their products online, plus demand for THG's own online beauty ranges being hit by courier disruption over Christmas.