The Hut bullish ahead of Christmas rush
THE Hut Group, the e-tailer focused on fashion, lifestyle, health and beauty, has reported a 30% increase in first half sales to £77.1m.
The acquisitive Cheshire-based company said earnings had grown “significantly ahead” of revenues, but did not disclose its EBITDA.
The group has extended its bank facility with Barclays by £5m to £24.5m to fund the acquisition of more brands.
The Hut said it had added 250 people to its workforce over the last year, and it now employs 750, the majority at its HQ in Northwich and warehouse in Warrington. Employment growth is expected to continue, the company said.
At executive level, Phil Wilson joined as chief technology officer on September 1. Mr WIlson previously worked for Amazon, eBay and Last.FM
Founder and chief executive Matthew Moulding said: “2013 has witnessed another step-change in the group’s data driven retailing capabilities. Our continued investment in both people and technology is a key driver behind the continued high levels of growth in sales, profitability and cashflow across the group.
“The progress we’ve made during 2013 puts us on target for delivering at least 50% of the group’s sales from both our own Lifestyle and Health and Beauty brands as well as from international markets in 2014. To assist us in reaching this goal, we will continue to focus on attracting elite talent to the group as well as on-going investment to enhance our proprietary technology platform.”
Chairman Richard Pennycook added: “The group occupies market leading positions in its key Lifestyle and Health and Beauty categories and territories, with the growth of its own brands a particular highlight.
“The business has continued its track record of revenue and earnings growth and is very well placed to deliver a strong performance in the second half of the year.”
The company, which will celebrate its 10th anniversary in 2014, said it had seen good progress at its technology services division. The unit works with brands and media groups to help them engage with their customers. Deals have been agreed with Unilever, the Daily Mail and Hurst Media.
