THG is to make a return to the FTSE 250 index.

Shares in THG plc have been upgraded by JP Morgan after surging in value in recent weeks.

The Manchester-headquartered group has seen its share price rise from 27p on 8 September to 38p today thanks to positive half-year results.

The recent increase in THG’s value means the group, which includes the likes of Myprotein and Cult Beauty, has returned to the FTSE 250 index.

THG plc was the owner of City AM until its Ingenuity division demerged from the wider group at the start of 2025.

THG ‘valuation is now balancing execution risk’

In an analyst note, JP Morgan said: “We see the tide turning post a period of strategic evolvement.

“Having been sceptical on the equity story for past three years, and maintaining our [underwriting] UW thr

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