BUSINESS LIVE: Boohoo enjoys bumper revenue growth

The FTSE 100 index shrugged off global market nerves over fears of higher interest rates sparket by a speech from Janet Yellen in the US last night. It was trading back above 7,000 after rising by more than 1 per cent late morning in the UK.

A surge in online shopping during the pandemic helped Boohoo see its revenue jump by 41 per cent to £1.7billion in the last year.

The group, which owns a string of brands including Debenhams, Oasis and Warehouse, said revenue growth across ‘all territories and brands was strong’ in the year to 28 February, adding that UK sales rose 39 per cent. 

The online retailer, which has come under scrutiny over allegations of low pay and poor working conditions, said it expected the benefits seen from reduced returns over the past year ‘to begin to unwind this year’.

Broadcaster ITV saw revenues increase over the past quarter as it was boosted by strong growth in its ITV Studios production and distribution arm.

ITV said it was ‘encouraged’ by trading in recent months and was ‘cautiously optimistic’ about the year ahead. 

Ikea has launched its furniture buy-back and re-sale scheme in a bid to cut the amount of products going to landfill. 

Customers will get vouchers to spend in-store if items they no longer need are returned in good condition.