The Hut Group rules out float despite a big jump in annual trading

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FAST growing online health and beauty retailer The Hut Group announced a 40 per cent leap in sales in 2014, but ruled out any chance of a stock market float this year as markets remain choppy for online firms.

Sales at the group, which bought out York-based premium international fashion retailer Coggles two year ago, said sales rose to £244m.

Underlying earnings leapt 50 per cent to £22.6m following strong growth in own brand and international revenues.

The group has invested £100m in a new world class distribution and manufacturing centre of excellence, announced by Prime Minister David Cameron and Chancellor of the Exchequer George Osborne.

​​Chief ​e​xecutive​ Matthew Moulding​​ ​said:​​ “2014 was a milestone year for The Hut Group, with record breaking revenue and earnings and strong international growth further cementing our position as one of the world’s largest and fastest growing online ​h​ealth and ​b​eauty businesses.

“Over the course of the year, we made a number of major investments, launching 17 international websites and building a bespoke distribution and manufacturing centre of excellence.​”

Over the year the group shipped 13 million orders shipped to 190 countries.