The Hut Group first half sales surge 54%
Online retailer The Hut Group saw its revenue surge by 54.3% to £66.2 million in its first half while EBITDA grew to £4 million from £0.3 million in the same period last year.
In the six months to 30 June visitors to the group’s websites increased by 37.8% as it invested in technology and introduced a new system to analyse customer behaviour. In addition the group delivered 4.7 million orders, up from 3.5 million in the first half of 2011.
Following the acquisition of Lookfantastic and Myprotein in the previous 18 months, The Hut Group said it had successfully integrated its supply chains and computer systems which had resulted in "significant" synergy benefits.
Matthew Moulding, The Hut Group chief executive said: "The combination of our market positioning and constant advances in customer insight through data analytics is driving both customer and revenue growth.
"The group’s gross margin progression is very pleasing and now that we have integrated recent acquisitions and are delivering significant operating leverage, the EBITDA progression is a major highlight."
Chairman Andrew Munro added: "Management has successfully integrated two large acquisitions in the past 18 months whilst at the same time delivering substantial organic sales and earnings growth.
"The strong trading performance of the business is testament to the calibre of the management team and the strength of the business model."
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