Boohoo

Boohoo (LON:BOO) reported its final results on Wednesday, posting a 38% rise in pre-tax profits.

The online fashion group said that revenue totalled £856.9 million, up 48%.

In addition, Boohoo said that it enjoyed strong revenue growth across all markets, with UK up 37% and international up 64%.

Gross margin increased to 54.7%, compared to 52.8% in 2018, whilst group adjusted profit before tax totalled £76.3 million, up from £51.0 million the year before.

Alongside publishing the company’s final results, the group also announced the appointment of an independent non-executive director on Wednesday.

Brian Small is set to join the board as chair of the Group’s Audit Committee.

In the statement announcing his appointment, the company highlighted Mr Small’s prior experience as CFO at JD Sports and previously, Operations Finance Director at Intercare Group.

Some of the company’s brands alongside Boohoo include PrettyLittleThing and Nasty Gal.

The group revealed that revenue at PrettyLittleThing rose by 107% during the period to £374.4 million. Meanwhile, revenue at Nasty Gal totalled £47.9 million, rising by 96%.

Revenues at Boohoo were also strong, up 16% to £434.6 million.

John Lyttle, CEO, commented:

“I am very excited to have joined the boohoo Group at this key stage of its growth, with the group’s disruptive and proven business model having delivered yet another excellent set of financial and operational results. In my short time within the business, I am delighted to have been able to meet a number of hugely talented people and have already been able to see many parts of the business.

He added: “This has confirmed my belief and optimism that 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.”

Boohoo was founded back in 2006 by Mahmud Kamani and Carol Kane. Its target market for all of its three brands is the 16-24 age range.

Shares in the fast-fashion retailer are currently +9.04% as of 14:24PM (GMT).