Shares of Salford-based fashion firm In The Style fell as much as 8% on Thursday despite the recently-floated company publishing a stock exchange update on trading for the 12 months to March 31, 2021, that predicted an increase in turnover of 130%.

The firm said turnover for the period, subject to audit, is expected to be no lower than £44.5 million, an increase of more than 130% from the prior year.

New customer generation during the period increased 19% to 420,000.

In The Style ended the period with £11.9 million of cash.

In The Style CEO  Adam Frisby said: “We have maintained our strong momentum since our successful IPO and delivered a very good performance for the year …

“Our collaboration model creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers.

“The success of this model has been highlighted since the year end by our exclusive partnership with Stacey Solomon.

“The collaboration with Stacey is one that we are really proud of and the hugely positive reaction to the launch of her maiden collection on 27 April underpins our confidence that this would generate an amazing reception from our customers and Stacey’s followers.

“In addition, our nationwide partnership with Asda is also really exciting for the brand and will give In The Style fantastic levels of exposure and greater reach with our customers.

“We look forward to building on this momentum into FY22 to deliver our growth plans and create further value to all stakeholders.”