A senior member of Boohoo’s board has announced his departure as the online fashion retailer publishes its latest financial results.
David Forbes, currently holding the position of senior independent director and head of the audit committee, is set to step down from his role as a non-executive director on 26 October 2018. Following his departure, Sara Murray, a non-executive director, will assume the role of senior independent director.
Boohoo reported half-year revenues of £395.3 million for the six months ending 31 August 2018, marking a substantial 50 per cent increase from £262.9 million in the previous year. Additionally, pre-tax profits rose by 22 per cent, reaching £24.7 million.
The publicly listed company highlighted robust revenue growth across all regions, with its international division now contributing 41 per cent of total group revenue. Joint CEOs Mahmud Kamani and Carol Kane commented, “Our group results for the first half of the year show yet another strong performance, delivering record sales and profits. All of our brands performed extremely well across all territories as we continue to gain market share. We achieved market-leading growth in all markets, with the Rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong.”
The leadership team also discussed the successful relocation of the distribution centre with minimal operational disruption. They noted, “Our extended distribution centre in Burnley, which will have a significant element of automation to drive efficiency savings, is scheduled for operational use in 2019.”
Non-executive chairman Peter Williams expressed gratitude for Forbes’ contributions, stating, “David’s counsel as senior independent director during the period following the company becoming public has been invaluable. The board has benefitted from his considerable corporate and governance experience during this time.”
The announcement of David Forbes’ departure comes amidst Boohoo’s remarkable financial growth and strategic expansions, underscoring the company’s strong market presence and forward momentum.