Boohoo's annual pre-tax profit have increased 54 per cent to £92.2 million, while during the 12 months to 29 February, revenue rose 44 per cent to £1.23 billion.

The online fashion retailer reported UK revenue up 39 per cent and international revenue rising by 51 per cent.

Revenue at sister brand Pretty Little Thing was up by 38 per cent to £516.3 million during the period, while the Nasty Gal brand experienced sales growth of 106 per cent to £98.8 million.

Boohoo said trading has been mixed since the middle of March and that it initially experienced a marked decline in year-on-year growth. Although performance has improved in recent weeks, the business remains cautious regarding its outlook due to uncertainty around the Coronavirus crisis.

Chief executive John Lyttle commented: “Whilst recent events have understandably overshadowed what has been a great year for Boohoo, they have also highlighted its key strengths.

“Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world.”

Hugh Fletcher, global head of consultancy at Wunderman Thompson Commerce, commented that like many e-commerce platforms, Boohoo’s success comes from its ability to fulfil the modern consumers’ need for speed and convenience in different markets and different countries – something that has become especially important as customers are forced inside during lockdown.

"In the past year, Boohoo has tapped into influencers to appeal to an entirely new online audience, recruiting singer Ashanti and girl band Little Mix to be the face of its advertising campaigns; we found that over half of children aged six to 16 would want to buy a product if their favourite YouTube or Instagram star is using or wearing it.

“But its recent successes ultimately hinge on the agility of its supply chain, and the ability to fulfil orders despite lockdown measures," he continued. "As reports of declining high street footfall increase week on week, it will be retailers that can remain agile and flexible in the current climate that will weather the storm in the short and long-term.”

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