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Shares jumped more than 9 per cent to 241p today after funding secured March - May sales across the group were up 106 per cent to £120.1million Shares in online fashion upstart Boohoo jumped more than 9 per cent today as investors saw an opportunity for rapid growth in the firm's £50million share placement to fund a new mega-warehouse. Boohoo, which recently bought US retailer Nasty Gal and Pretty Little Thing, said it needs more warehouse capacity and is seeking £50million from investors to put towards the £150million required to build the new facility. A company's share price usually falls when there's a placement as it increases the total number of shares, plus it can be an indication that a company is struggling financially. However, if the request for funds is to rapidly grow the business, this can push the share price higher. Expansion: Boohoo is seeking to raise £50m from investors to fund the development of a blockbuster warehouse The group said the new facility, scheduled to be completed by 2020, could generate £2billion worth of sales – in addition to the £1billion net sales provided at its Burnley base, which is also to be extended. As a result, it issued an equity placing to raise £50million and said it expects capital expenditure to be £63million this year compared to previous guidance of £34million. Shares in Boohoo rose 9 per cent, or 20p, to 241p in morning trading. It's a Pretty Big Thing... Online fashion firm Boohoo on target to hit turnover of £1bn by 2020 It came as the fashion firm, which has been growing heavily in the UK and abroad, boasted soaring sales and profits. Sales across the group as a whole were up 106 per cent to £120.1million in the three months to May 31, compared to £58.2million in the same period the year before. Boohoo sales increased 48 per cent to £86.4million while sales in Pretty Little Thing increased by 305 per cent to £30.7million. Nasty Gal, which Boohoo acquired for £16million earlier this year, made £2.9million. It now expects revenue growth for the full year to be around 60 per cent, ahead of previous guidance of 50 per cent. Joint chief executives Mahmud Kamani and Carol Kane said: 'Our performance in the first quarter has been very encouraging across all brands and geographic regions. 'While it is early in the financial year, Boohoo continues to perform well and Pretty Little Thing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base. 'Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range.' Last year, pre-tax profits rose 97 per cent to £30.9million, while revenue also soared 51 per cent to £294.6million.
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