Posted on September 26, 2018 by staff

Boohoo announces half-year results and senior departure


A senior member of boohoo’s board has announced his plans to leave the online fashion giant, which this morning published its latest set of financial results.

David Forbes, who is currently the company’s senior independent director and chairs the audit committee, will step down as a non-executive director of the company on 26 October 2018.

On Forbes’ departure, non-exec director Sara Murray will step into the role of senior independent director.

Boohoo has posted half-year revenues of £395.3 million for the six months to 31 August 2018, a significant rise of 50 per cent from £262.9 million a year earlier.

Pre-tax profits grew by 22 per cent to £24.7 million.

The listed company said it enjoyed strong revenue growth across all geographies and that its international arm now represents 41 per cent of all group revenue.

“Our group results for the first half year show yet another strong performance, delivering record sales and profits,” said joint CEOs Mahmud Kamani and Carol Kane.

“All of our brands performed extremely well across all territories as we continue to gain market share.

“We achieved market-leading growth in all markets, with Rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong.”

The pair hailed the successful relocation of prettylittlething’s distribution centre and said the move was carried out with “a low level of disruption” to its operations.

They added: “Our extended distribution centre in Burnley, which will have a significant element of automation to drive efficiency savings, is scheduled for operational use in 2019.”

Commenting on Forbes’ departure, non-executive chairman Peter Williams thanked Forbes for his “significant contribution” to boohoo.

“David’s counsel as senior independent director during the period following the company becoming public has been invaluable,” he said.

“The board has benefitted from his considerable corporate and governance experience during this time.”