Boohoo shares up 15% after strong trading statement

Shares of Manchester-based online fashion giant Boohoo Group plc rose about 15% on Thursday after it issued a first-half trading update saying its performance “has been ahead of expectations with strong revenue growth driving operating leverage across key brands.”

Boohoo said: “Consequently, the board now anticipates that results for the current financial year will be ahead of previous guidance, with group sales growth now expected to be between 33% and 38% (against previous guidance of 25% to 30%).

“The board anticipates EBITDA margins for the financial year to remain at around 10% (in line with previous guidance), reflecting anticipated investments across the financial year into the three brands acquired by the group in the first half.

“Further guidance will be given at the group’s interim results on 25 September 2019.”