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Jimmy Choo profits leap

Luxury brand Jimmy Choo enjoyed a boost to sales and profits in the first half of its financial year.

Adjusted EBITDA rose 19.5% to £37.4m for the six months ended 30 June. Adjusted EBIT grew 24.5% to £26.9m.

However, profit before tax rocketed by 174.2% to £18.1m.

Like-for-like retail sales increased by 3.5%, while total revenue rose by 16.5%. On a constant currency basis, total revenue was up 4.5%.

Jimmy Choo chief executive Pierre Denis said its performance resulted from “strong underlying cash conversion”, which allowed the business to deleverage (reduce the level of its debt by rapidly selling assets).

The business reported significant improvement in net debt.

Denis added: “Our long-term growth strategy is to nurture the brand’s unique DNA, to strive for excellence in business execution and to enhance client experience, in order to deliver superior growth and profitability, as well as leveraging the significant investments we have made in the business to date.

“We have continued to make good progress through the first half and are well positioned to deliver over the remainder of the year.”

The news comes after US firm Michael Kors agreed in July to acquire Jimmy Choo for £896m.

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