The Hut Group (THG), the company behind British online retailer The Hut, announced on Thursday that it had rejected a series of takeover bids after the company reported full-year profit and sales growth.
“I can confirm that the Board has received indicative proposals from numerous parties over the last few weeks", founder and CEO Matthew Molding told investors. However, he said the board had concluded that "every single suggestion to date has been unacceptable and does not reflect the fair value of the group".
In its preliminary annual results for the 12 months ended December 31, THG reported sales of £2.18 billion, up 35 percent year-on-year and 91 percent year-on-year. The company generated adjusted EBITDA of £161.3m, up from £150.8m a year earlier, and reduced its operating loss to £137.5m from £527.3m.
For the first quarter ended March 31, the company reported revenue of £520.2 million, up 16 percent from the same period last year and up 84 percent from two years ago.
This translated post previously appeared on FashionUnited.uk.