Online retail group The Hut has reported skyrocketing annual profits, sparking predictions that it could go public.
The Hut Group, which owns online marketplaces Zavvi and Preloved as well as brands like Myprotein and Coggles, reported a 67 per cent boost in profits to £50 million in the year to December 31.
International sales, which cover 190 countries, saw an 89 per cent rise to £316 million, accounting for 63 per cent of the group‘s total spend.
Last year the retailer made acquisitions totaling £60 million, creating over 1200 jobs in the UK.
With investors like former Tesco chief executive Sir Terry Leahy and M&S chairman Lord Rose, speculation is rising that the group may soon seek to float.
The Hut chief executive Matthew Moulding said last year saw “a step-change in investment for The Hut in infrastructure, technology and talent, with £250 million of investments made through the year and 1200 UK jobs created, taking the workforce to 3100.
“We have an extremely powerful foundation and a strong talent pool with which to catapult us through 2017 to deliver another landmark year for the group.”
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