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Boohoo Group PLC (AIM:DEBS) said it delivered underlying profits comfortably ahead of its own guidance and raised its outlook for the year ahead, citing more effective cost-cutting than expected.
For the year to February 2026, EBITDA was £53 million, up 36% year on year. The company attributed the improvement to a 76% increase in the second half.
Boohoo, which operates online fashion retail under the Debenhams brand, said the stronger second-half performance reflected the accelerating impact of a cost-cutting and restructuring programme launched after the group encountered financial difficulties.
Chief executive Dan Finley said the business had reset its cost base, completed a warehouse consolidation, migrated to a new technology platform and “rightsized” stock levels. He described the actions as “significant progress, ahead of our plan”.
The group is also moving away from holding large amounts of its own inventory. It is shifting toward a marketplace model in which third-party brands sell through its platforms in exchange for a fee.
Fixed costs have been cut to an annual run-rate of £119 million, down from £175 million a year earlier. The figure is also £11 million lower than the guidance issued in February. The company expects costs to fall further to £100 million in the current financial year.
Net debt stood at £90 million at the end of February. Boohoo said this was supported by a £40 million fundraising completed last month.
Finley said: “Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working.”
The company guided for double-digit percentage growth in underlying profits in the year ahead, an upgrade on its previous forecasts.
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