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Boohoo Group’s revenues rocket in the first half

Boohoo Group’s revenue jumped 43% year on year to £564.9m in the six months to 31 August, meaning its revenue for the last year has exceeded £1bn for the first time ever.

Its adjusted EBITDA was up 53% to £60.7m, while gross profit grew 40% from £218.6m in the first half of 2018/19 to £306.5m this year.

The group recorded an adjusted profit before tax of £51.8m, up 45% on last year.

However, gross margin fell 100 basis points to 54.3%. 

Boohoo Group, which owns fast fashion etailers Boohoo, PrettyLittleThing and Nasty Gal, said it saw “strong revenue growth across all brands and geographies” in the first half. It also acquired MissPap, and premium fashion brands Karen Millen and Coast during the period.

Revenue was up 34% to £281m at Boohoo, up 41% to £237.6m at PrettyLittleThing and up 148% to £43.9m at Nasty Gal.

Boohoo Group CEO John Lyttle said: “We have delivered significant market share gains across all of our key markets and for the first time in our history, revenue has exceeded £1bn in the last 12 months.

“We have delivered strong growth and operating leverage in our more established brands and will continue to invest in our more established and newly-acquired brands.

“We enter the second half of the year well-placed and confident that our platform…will deliver further market share gains.”

The group expects annual revenue growth for the full year to be between 33% and 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 [MissPap, Karen Millen and Coast].

 

 

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