Burnley firm's massive rise in profit figure

Booming Burnley online fashion retailer Boohoo has reported a big jump in profits.

Tuesday, 4th October 2016, 9:31 am
Updated Wednesday, 5th October 2016, 2:07 pm
Boohoo on Heasandford Industrial Estate

The company, which employs around 1,000 people at its Burnley site, saw profits rocket by 129 per cent to £14.3m in the first half of the year thanks to growth both in the UK and Europe.

Revenues for the six months to August 31st surged by 40 per cent to £127.3m, up from £90.7m for the same period in the previous year.

The company, which is based on the Hesandford industrial estate, completed work on its new warehouse earlier this year and has plans to expand again after purchasing the former Ultra-Finishing site on Widow Hill Road.

Boohoo has reported a big jump in profits

Mahmud Kamani and Carol Kane, joint CEOs, said: “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.

“Our inclusive brand, unbeatable choice, together with our incredible prices and fantastic service, continue to inspire and appeal to young customers around the world.

“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.

“As a result of our continued momentum in the UK and encouraging growth in selected overseas markets, we now expect revenue growth for the full year of between 30 per cent and 35 per cent, reflecting tougher second half comparatives.

Boohoo has reported a big jump in profits

“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.