boohoo group plc, which trades as Debenhams Group, has dramatically cut its half-year losses but revenues have declined significantly.
For the six months ended 31st August 2025, revenues dropped 23% to £296.9 million.
Debenhams, the department store brand it acquired out of administration four years ago, was the only one to grow in the period as the group transitions towards a marketplace model.
Debenhams saw a 20% increase in pre-returns gross merchandise value (GMV), while the youth brands which made boohoo’s name dropped 41% and Karen Millen fell 31%.
However the group’s £127m half-year losses after tax reported in H1 2025 was almost wiped out, with losses of just £3.4m this year.
The focus on a marketplace model has seen around 20,000 partners join its ecosystem, up from 10,000 a year ago. All the group’s brands are now in the marketplace.
Net debt was reduced from £143m last year to £111m. Capex reduced to £7.5m in H126 (H125: £14.9m, H124: £36.3m).
“We expect full year EBITDA to be approximately £45m, for total operations. This is expected to grow double digits % in FY27,” boohoo stated.
The group’s leadership team and other directors survived a shareholder vote in September despite the best efforts of shareholder Frasers Group, with which it has fought a very public battle.
Now boohoo group plc has unveiled new multi-million-pound incentive plans, with CEO Dan Finley set to net £148.1m and CFO Phil Ellis £14.8m if the share price hits £3. It currently stands around 14.4p after leaping 24% in early trading today (writing at 8.45am).
“Our turnaround is gathering real pace. We are making progress, we are moving fast, and we are transforming the business. We have returned all our brands to profitability and grown adjusted EBITDA. These results show that our strategy is working,” said Finley.
“We built this turnaround on three clear pillars: creating the right operating model, supercharging Debenhams, and pivoting our other brands into fashion-led marketplaces. We have simplified, we have focused, we are staying disciplined in how we execute, and we know there is more to do.
“Debenhams is leading the way. Its double-digit growth shows what is possible across the wider group and reinforces that the marketplace model is the right one. Our youth brands and Karen Millen are following that lead, now fully marketplace enabled and profitable, with the foundations in place for their next phase of growth.
“This is a multi-year journey, and we have a clear plan and the right model in place. We are transforming into a lean, tech-enabled, best in class online platform business. The momentum we have built in the first half sets us up well for the remainder of FY26 and we expect adjusted EBITDA to be ahead of last year.”