Incredible success of online firm is showing no sign of slowing down
The incredible success at Manchester fashion firm Boohoo is showing no sign of slowing down with revenues passing the £1bn mark for the last 12 months.
The online firm published its interim results for the last six months and said it had been a fantastic first half of the year.
With traditional retailers continuing to struggle profits and revenue have soared at the Manchester business.
Revenue increased by 43% to £564.9m and gross profit was up by 40% to £306.5m.
Adjusted profit before tax was up by 45% to £51.8m.
The company said there was strong revenue growth across all brands and geographies.
It added the firm has a robust balance sheet with net cash of £207.4m up from £155m with healthy operating cash flow of £55.9m.
The acquisition of the MissPap, Karen Millen and Coast brands are seen as complementary additions to the group’s scalable multi-brand platform.
Group revenue growth for the year to February 2020 is expected to be 33% to 38%, with adjusted EBITDA margin for the financial year to remain at around 10%, reflecting anticipated investments across the financial year into the three brands acquired by the group in the first half year.
Chief executive John Lyttle said: “It has been a fantastic first half of the year for the group. We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceeded £1 billion in the last 12 months.
“We have delivered strong growth and operating leverage in our more established brands and will continue to invest in both our more established and newly-acquired brands.
“We enter the second half of the year well-placed and confident that our platform, which combines the latest fashion, great prices and excellent customer service, all underpinned by a well-invested infrastructure, will deliver further market share gains.”
