Boohoo shares jump on soaring revenues and profits

Shares in Boohoo (LON:BOO) jumped by 9.5%, to 237.50p (16:24 BST), after the online retailer announced soaring revenues and profits last year.

For the 12 months ended 28th February 2019, adjusted pre-tax profits increased by 49% to £76.3 million on revenue of £856.9 million, up by 48% on the comparable period a year earlier. Sales were boosted by celebrity influencers and social media marketing.

Boohoo, which sells its own-branded clothes alongside its low-cost ranges PrettyLittleThing and Nasty Gal, reported a 190 basis point improvement in gross margins, to 54.7%, driven by tighter controls over stock and a greater focus on its higher-margin offerings.

The results are the first under new chief executive John Lyttle, who joined last month from Primark.