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Boohoo hails 'momentous' year as profits climb by 97%

By Ravender Sembhy

Profits at online fashion retailer boohoo.com almost doubled as the firm booked an increase in international sales and hailed a "momentous" year.

The group said pre-tax profits rose 97% to £30.9m in the year to February 28, while revenue also soared 51% to £294.6m.

Joint chief executives Mahmud Kamani and Carol Kane pointed to strong growth in the UK and the US, where Boohoo's performance "exceeded expectations".

"It has been a momentous year for us," they said. "The Boohoo brand has achieved outstanding revenue growth and increased profitability margins during the year.

"We continued to grow strongly in the UK - our largest market - while international growth exceeded expectations, particularly in the USA."

Sales in the US rose 140% at constant exchange rates, while in Europe they increased 50%.

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