Boohoo Group (BOO) , the online fashion retailer, posted strong results on Wednesday.
It’s full year revenues were up 48% to £856.9m and profits grew 38% to £59.9m, with strong growth, both within the UK and internationally.
The online retailer targets consumers aged 16 to 30, using social media as an integral part of its marketing strategy. High profile celebrity associations have helped drive its brand traffic and expansion.
The company’s Nasty Gal business line delivered revenue growth of 96% to £47.9 million and its PrettyLittleThing range grew its revenues by 107% to £374.4 million.
Shares were trading 5% higher by midday at 228p a share following the results
John Lyttle, CEO, said: "The group's investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity."
Lyttle was formerly CEO at Primark before he was hired in March. He is set for a £50m payout if the company's stock market value increases by 180% over the next five years.
Boohoo provided guidance on its outlook, telling investors it expects revenue growth for the financial year to be 25% to 30%, and will continue to make investments across the group as part its “vision to lead the global fashion e-commerce market”.
Elsewhere, Lyttle’s former company Primark boosted earnings at Associated British Foods, driven largely by “favourable exchange rates” and “better buying”. It delivered a 25% increase in profit according to results also released on Wednesday.
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