Boohoo sees its profits rise

The online retail giant has seen strong sales

Online fashion retailer Boohoo has seen its annual pre-tax profits almost double to £31m, this is up from a mere £16m last year.

Its sales have spiked by 51 per cent to almost £300m, this is due the help from new overseas markets.

The firm is based in Manchester and it believes its success is down to “combining cutting-edge, aspirational design with an affordable price tag”.

As well as this its share price has more than trebled in the past year.

Back in 2014 on its stock market flotation it was valued at £560m, the firm is now worth around £2bn.

John Stevenson, retail analyst at Peel Hunt, said: “Boohoo has seen strong sales across multiple markets, and significant volume growth in sales,”

According to the firms most recent results, revenue grew by 33 per cent in the UK, more than 50 per cent in Europe, 140 per cent in the US and 40 per cent in the rest of the world.