Boohoo.com first-half profits rocket 129% to £14.3m

Online retailer Boohoo.com has seen profits soar in the first half of the year, helped by an expansion in its product lines and clothing ranges.

The fashion company reported pre-tax profits were up 129% to £14.3m in the six months to 31 August.

Sales rose 40% to £127.3m over the same period.

Growth has been driven by an expansion in products, to include tall and lingerie ranges alongside existing plus-size, petite and activewear collections.

The introduction of a standalone menswear website has also seen sales double.

Kate Ormrod, senior analyst at Verdict Retail, said Boohoo's growing product offer demonstrates its ambitions for growth.

"The launch of BoohooKids in October sees the pureplay diversify further, competing with the likes of Primark, H&M and River Island," she said.

"Plans to launch a maternity range also highlight Boohoo.com's intentions to extend its reach among niche consumer groups and remain an inclusive brand."

Boohoo.com chief executives, Mahmud Kamani and Carol Kane, said they expect revenue growth for the full year to reach between 30-35% off the back of the strong half-year results.

"Through our constant focus on what matters to our customers, together with our investment in technology and operational improvements, we will continue to deliver profitable growth."

Boohoo.com now has 4.5 million active shoppers, an increase of 28% on last year, but still grossly overshadowed by its larger rival ASOS (LSE: ASC.L - news) which has 12 million active customers.