Fashion retailer Boohoo celebrates bumper first-half trading

Online fashion retailer Boohoo has upgraded its revenue guidance after half-year sales rocketed as it reaps the rewards of international growth and acquisitions.

Earlier this year, Boohoo raised £50m to help fund a new warehouse to keep up with demand

The group reported a 106 per cent increase in sales to £262.9 million in the six months to 31 August as pre-tax profit rose 41 per cent to £20.3m.

Growth was helped by the recently acquired PrettyLittleThing, which clocked up a 289 per cent rise in sales to £72.7m.

Joint bosses Mahmud Kamani and Carol Kane said that the stellar results gives the firm “confidence to raise guidance for the full year”.

Boohoo now expects group revenue growth to come in around 80 per cent up on last year, an increase on previous guidance of 60 per cent.

Earlier this year, the company raised £50m to help fund a new warehouse in a bid to keep up with soaring demand.

The “automated super-site” will provide Boohoo with more than £2 billion of sales capacity.