Boohoo.com achieves 129% profit growth in ‘robust’ half-year

A growing international footprint has delivered profit and revenue growth for online fashion retailer Boohoo.com plc.

During the six months ending August 31, the Manchester-headquartered company increased its pre-tax profit by 129% year on year to £14.4m, while its overall revenue leapt by 40% to £127.3m.

Boohoo.com managed to strengthen its global presence during the half-year, with European revenues up 41%, USA by 93% and the rest of the world by 17%. In the UK, the firm’s biggest market, revenue growth stood at 38%.

The period also saw Boohoo.com’s number of active customers rise to 4.5m, an increase of 28% compared to the same period in 2015.

Joint CEOs Mahmud Kamani and Carol Kane said today (September 27) in a statement: “We are pleased to report a strong performance in the first half of the year, with robust growth across all regions and continued momentum in new customer growth.

“Through our constant focus on what matters to our customers, together with our investment in technology and operational improvements, we will continue to deliver profitable growth.”

Looking ahead, Boohoo.com is now expecting to achieve revenue growth of between 30% and 35% for the full year.

Mr Kamani and Ms Kane continued: “Following the success in the first half of the year we will continue to look for opportunities to invest in marketing campaigns and our customer proposition to drive future sales growth and improve customer lifetime value.

“We will also be making significant investments in our IT systems and ecommerce platforms. Consequently EBITDA margin for the full year is expected to be around 11%.”

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