Global online retail giant The Hut Group has surpassed revenues of £1bn.
The Manchester-based consumer and technology group reported a 24 per cent rise in revenues to £1.1bn for the year to December 31, 2019. That’s up from £916m in the previous year.
During the period international sales grew 66 per cent.
It said gross profit was up from £417m to £511m, that’s a rise of 22 per cent while EBITDA also grew 22 per cent to £111m, up from £91m in 2018.
During the period, the retailer also secured a new €1bn banking credit facility which it has pledged to spend on driving major investments in beauty, nutrition, technology and infrastructure.
Matthew Moulding, founder and CEO of The Hut Group, said: “It has been a year of significant progress across the Group. We have continued to make huge investments to develop our infrastructure, technology, brands and people, which continue to deliver substantial growth, with Group Sales of £1.1bn in 2019.
“THG has continued to develop our end-to-end technology platform, THG Ingenuity, which powers both our own brands and a growing number of major global consumer groups.
“We have significantly expanded our global fulfilment capability, broadening our reach to customers in 169 countries.
“THG has also made important investments in our THG Experience portfolio, expanding the offering of our influencer platform, bringing over 5,000 influencers currently to both our own and our partner brands.”
The group created 1,500 new jobs during 2019, largely in the north west, taking total worldwide workforce to over 7,000 people.
In March 2020, the group also created more than 500 new positions across its manufacturing and distribution sites with a particular focus on applicants in the region who had lost their jobs as result of the economic pressures surrounding the Covid-19 outbreak.
Mr Moulding added: “Our people are the key to our success, and we have continued to invest in our talented teams.
"The development of the THQ business campus continues at pace and demonstrates our commitment to investing in our people.
"THG has an excellent platform for growth with an outstanding portfolio of prestigious brands, powered by THG Ingenuity.”
