boohoo sees profits rise 83 per cent in first half of 2019

Fashion retailer boohoo has seen a huge rise in profits with the business hailing a “fantastic” first half of the year.

Boohoo fashions are aimed at 16 to 24-year-olds.

The online fashion retailer saw pre-tax profits rise by 83 per cent to £45.2m in the six months to August 31, 2019.

Revenue was also up 43 per cent to £564.9m with boohoo enjoying strong revenue growth across all brands and geographies.

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John Lyttle, CEO of boohoo, said: “It has been a fantastic first half of the year for the group. We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceeded £1 billion in the last 12 months.

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

“We enter the second half of the year well-placed and confident that our platform, which combines the latest fashion, great prices and excellent customer service, all underpinned by a well-invested infrastructure, will deliver further market share gains.”