Boohoo revenues spike 43% in half-year results

Online clothing retailer Boohoo has seen its revenues skyrocket by 43% to £564.9m for the six months to 31 August 2019.

This was a result of “strong momentum” across the business, driving revenue growth in all of its brands and in all key focus territories.

The group added it is increasing its market share through “highly effective” marketing strategies, employing a mix of high profile celebrity campaigns, influencer associations, and digital and traditional marketing initiatives.

Adjusted EBITDA during the period was £60m, an increase of 53% on the first half of the previous year, and profit before tax also increased by 83% to £45.2m.

CEO John Lyttle 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 £1bn 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.”

He added: “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.”