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Revenue up 63% at Boohoo

Boohoo has reported a 63% rise in revenue to £109.7m for the full year to February 28, in its first set of results following its IPO in March.

Pretax profit more than tripled to £10.7m at the retailer, while the number of shoppers using the site increased by 54% year-on-year to 2.3 million people.

For the three months to 31 May 2014 revenue was up 24% to £30.7m. Sales grew by 44% in the UK and 36% across Europe, however the rest of the world saw a drop of 20% for the three months driven by the Australian business and currency headwinds.

Mahmud Kamani, joint chief executive at the company, said Boohoo was “well positioned” to benefit from its transformation into a PLC after its “successful” IPO.

He added: “We continue to trade in line with expectations for the full year and anticipate revenue growth to accelerate as comparatives become less demanding and as we increase our marketing spend in line with our targets.”

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