Etailer Boohoo reports pre-tax profits up 23% and sales up 31%

Adjusted EBITDA was up 63% to £6.8m. Sales were up 31% to £67.2m.

In the UK, its largest market, sales grew by 47%. In the rest of Europe, sales grew by 43%, supported by the launch of new foreign websites in Spain and Germany.

The rest of the world saw a slowdown of 11% driven by currency headwinds and, on a constant currency basis, the rest of the world grew by 1% in the period.

In the second quarter, sales accelerated with the UK up 50%, the rest of Europe up 50% and the rest of the world up 8%.

Mahmud Kamani and Carol Kane, joint chief executives, said: “We are delighted with the results achieved during our first six months as a public company. We have grown revenues whilst continuing to lay the foundations for future growth.

“Since our IPO we have invested in the business significantly. Developments include the completed new mezzanine floor in the Burnley warehouse, a new warehouse management system and opening foreign language sites in Spain, Germany and most recently Italy as well as the launch of a fully responsive site to improve our mobile offering.

“Our focus remains on further expanding our international footprint while growing sales in the UK. During the current quarter we have managed our marketing spend and growth during the implementation of the warehouse management system and the launch of the fully responsive mobile website.

“Following the successful execution of these key initiatives, our marketing spend has again increased in line with our targets and we continue to trade in line with market expectations for the full year.”