Annual losses ballooned at luxury online retailer Farfetch as the business invested in new technology and expanding its team.
Farfetch’s net loss after tax widened by 18.5% to £34m in the year to 31 December 2016, while EBITDA slipped by 4.8% to £21.8m, according to new accounts filed with Companies House.
However, its gross merchandise value grew by 81% during the year to £547m, while revenues soared by 74% to £151.3m, with £12m of this coming from its UK operations.
Net cash meanwhile grew by £58.8m to £102.7m.
Farfetch, which this year hired Net-a-Porter founder Dame Natalie Massanet as its co-chair, said the business invested heavily in new technology and staff hires during the financial year.
Chief executive Jose Neves said: “Our programme of investment is designed to support the company’s ambitious growth plans, and over the year we focused our investments on technology, as well as customer acquisition and hiring to support our growth.
“We have very strong foundations in place and will continue to invest and grow our business as we build the definitive technology platform for the luxury industry.”
He added that Farfetch records more than 21 million visits per month to its websites.
The etailer has partnered with more than 500 boutiques and 200 brands.