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Boohoo revenue surges 44% to £1.2bn


Manchester-headquartered fashion retailer Boohoo Group has posted a 44% increase in revenue to £1.2bn for the year to the end of February 2020.

Boohoo, which also owns Pretty Little Thing and Nasty Gal, reported a 54% rise in pre-tax profits to £92.2m and a £50m  increase in net cash at year-end to £240.7m.

Revenue at both Boohoo and Pretty Little Thing were up 38%, while Nasty Gal more than doubled its revenue to almost £100m.

However, the company said there had been a “marked decrease” in year-on-year growth in March, although year-on-year sales were actually up in April.

Chief executive John Lyttle said: “Whilst recent events have understandably overshadowed what has been a great year for boohoo, they have also highlighted its key strengths. 

“Our business is founded on our ability to be agile and flexible and it is at times like this when these abilities are tested, and I am proud of how our colleagues and business partners from around the world have responded to the challenges posed by this pandemic. 

“Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world.”

Boohoo did not give guidance for the financial year, but said it would not recommend a dividend so that cash could be retained in the company.

The company added that it had appointed Kath Smith to the board as a non-executive director.

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