'Influencers' help Boohoo almost double its profits

“We work with a whole spectrum of influencers, celebrities and wannabe bloggers"

Boohoo has reported a massive 97% increase in its pre-tax profits - which grew to £31m in the 12 months to the end of February.

The growth came as sales rose by 51% and the company took a controlling stake in PrettyLittleThing and Nasty Gal - two growing online fashion stores.

Neil Catto, Boohoo’s chief financial officer said that social media has played a huge role in fueling this growth:

"We work with a whole spectrum of influencers, celebrities and wannabe bloggers, all people with a presence online, and we work with them so they can spread the word about Boohoo. It goes likes wildfire on Instagram," he said.

He did not comment on the amounts paid to social media stars to promote the brand, but he added that some need more encouragement than others:

"You can pay people to wear your clothes, or give them free clothes, [however] some are just interested in our fashion and will come along and have a pizza in our offices and put the range on Instagram."

Boohoo shares during the past 12 months

The British chain has enjoyed particularly strong international growth - sales in the US are up by 140%. That compares to the impressive 33% growth recorded in Britain.

The Manchester-based company's share price has trebled in the past year.