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Boohoo sees further revenue growth as profit rises

Boohoo Group PLC reported Wednesday a significant rise in pretax profit for fiscal 2021, and said that revenue for the current fiscal year is expected to rise around 25%, boosted by the performance of its latest acquisitions.

The online fashion retailer posted a pretax profit for the year ended Feb. 28 of 124.7 million pounds ($173.2 million) compared with GBP92.2 million for the year-earlier period.

Adjusted earnings before interest, taxes, depreciation and amortization--the company's preferred metric which strips out exceptional and other one-off items--increased to GBP173.6 million from GBP126.6 million for the same period a year earlier.

Revenue rose to GBP1.75 billion from GBP1.23 billion, it added, noting that newly-acquired brands are anticipated to deliver around 5% to this year's growth expectations.

"The group's medium-term target of sales growth of 25% per year and an adjusted Ebitda margin of around 10% remains unchanged," the company said. The directors don't recommend the payment of a dividend to retain cash for rapid growth and suitable business acquisitions, it added.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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