Online fashion retailer Boohoo has reported surging full-year sales and profits as it reaps the rewards of successful acquisitions.
Shares jumped 16 per cent in early trading, after the group reported a 97 per cent increase in revenue to £579.8m in the year to February 28 as pre-tax profit rose 40 per cent to £43.3m.
Growth was helped by the recently acquired PrettyLittleThing, which clocked up a 228 per cent rise in sales to £181.3m.
Joint bosses Mahmud Kamani and Carol Kane said the results had been achieved against the “backdrop of difficult trading in the UK clothing sector”.
They added: “The group made great progress during the year, integrating a new company, PrettyLittleThing, and a new brand, Nasty Gal, into the boohoo group.
“Revenue from boohoo continued to grow strongly, whilst there has been an exceptional performance from PrettyLittleThing, and Nasty Gal exceeded our estimates in its first year.
“Our international business showed higher growth rates and we are pleased with its gathering momentum.”
Boohoo now has 6.4 million active customers, up 22 per cent on last year, the company said.
The firm has gone from strength to strength of late, with Boohoo last year raising £50m to help fund a new warehouse in a bid to keep up with soaring demand.
The “automated super-site” will provide Boohoo with more than £2bn of sales capacity.