Shares of Manchester-based online fashion giant Boohoo Group plc rose 7% on Wednesday after it said its first quarter revenue soared 45% to £367.8 million and that it acquired the online businesses of Oasis and Warehouse.

Boohoo reported strong underlying growth across its Boohoo, prettylittlething.com and Nasty Gal brands.

It said its newest brands — MissPap, Karen Millen and Coast — continued to trade strongly.

“Today, the group is pleased to announce the acquisition of the online businesses and all associated intellectual property of two brands, Oasis and Warehouse, for £5.25m in cash from Hilco Capital Limited,” said Boohoo.

“Oasis and Warehouse are two well-established brands in the UK targeting fashion forward shoppers and are a complementary addition to our portfolio of brands.

“… on 15 May, the group raised gross proceeds of £197.7 million from shareholders through a placing in order to take advantage of numerous M&A opportunities that are likely to emerge in the global fashion industry over the coming months.

“The group continues to appraise opportunities and will update shareholders in due course.

“We finished the quarter with in excess of £350 million of net cash on our balance sheet …”

In its “outlook and guidance” Boohoo said: “For the current financial year ending 28 February 2021, the group expects to deliver another year of strong profitable growth, and ahead of market expectations.

“Revenue growth is anticipated to be approximately 25% for the current financial year, with an adjusted EBITDA margin of 9.5% to 10% …”