BUSINESS CLOSE: FTSE 100 rises sharply; Boohoo bumper revenue growth; ITV sees ads bounce back; Debenhams announces final store closure dates
The FTSE 100 index had a stellar day and finished up 1.68 per cent or 116.13 points to 7,039.30 this afternoon, reaching its highest point in over a year.
The likes of Anglo American and Rio Tinto fared well in trading, after benefiting from rising copper prices.
A surge in online shopping during the pandemic helped Boohoo see its revenue jump by 41 per cent to £1.7billion in the last year.
The group, which owns a string of brands including Debenhams, Oasis and Warehouse, said revenue growth across ‘all territories and brands was strong’ in the year to 28 February, adding that UK sales rose 39 per cent.
The online retailer, which has come under scrutiny over allegations of low pay and poor working conditions, said it expected the benefits seen from reduced returns over the past year ‘to begin to unwind this year’.
Broadcaster ITV saw revenues increase over the past quarter as it was boosted by strong growth in its ITV Studios production and distribution arm.
ITV said it was ‘encouraged’ by trading in recent months and was ‘cautiously optimistic’ about the year ahead.