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The Hut Group moves back into the black

Online retailer The Hut Group saw earnings more than double during 2012 as the company invested for further growth.

EBITDA grew from £4.4m to £10.1m in the year to December 31, representing a 130% rise. Sales for the year grew 30.4% rising from £111.4m to £145.3m.

The Hut Group moved back into the black making a £300,000 pre-tax profit compared to a £12.7m loss the year before following a successful move into new categories.

During the year the group invested in a selection of initiatives including a new data warehouse, the launch of a new mobile site and the launch of additional international payment options to support international sales growth.

Chief executive Matthew Moulding said: “I am pleased to report another strong set of trading results for the group. The growth in both our own branded products, as well as our rapid expansion overseas, is presenting the group with some significant opportunities in our principal operating categories of lifestyle, health and beauty.

After three years as chairman, Angus Monro has stepped down to become a non-executive director, with Richard Pennycook becoming chairman from his previous role as a non-executive director.

On Friday Drapers exclusively revealed The Hut Group had bought York indie Coggles out of administration.

Although neither the administrator nor The Hut Group would comment, a source close to the situation confirmed that The Hut Group has rescued the indie retailer.

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