Online fashion retailer Boohoo has seen annual pre-tax profits almost double to £31 million from under £16 million last year.

Boohoo's sales have risen by 51 per cent to almost £300 million, boosted by overseas markets, the BBC has reported.

The firm, based in Manchester, says its success is down to "combining cutting-edge, aspirational design with an affordable price tag".

The surge in sales growth has also see Boohoo's share price more than trebled in the past year.

The company's joint chief executive officers Mahmud Kamani and Carol Kane said: "It has been a momentous year for us, with strong results and the acquisitions of PrettyLittleThing on 3 January 2017 and the Nasty Gal brand on 28 February 2017.

"Both brands have huge potential and the acquisitions represent a step change in the size, structure and operation of the group.

"The Boohoo brand has achieved outstanding revenue growth and increased profitability margins during the year. We continued to grow strongly in the UK, our largest market, whilst international growth exceeded our expectations, particularly in the USA. Our customer proposition is proving consistently appealing.

"PrettyLittleThing showed strong revenue growth in two months' of profitable trading since acquisition.

"This year has also seen some major capital and infrastructure expenditure. We invested in a large warehouse extension and additional office space to provide for our planned further growth and we have secured planning permission for the next stage of the warehouse expansion.

"We expect group revenue growth approaching 50 per cent over 2017, which includes growth from the recent acquisitions, and a group EBITDA margin of approximately 10 per cent."

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