LONDON, United Kingdom — British e-commerce company The Hut Group upgraded its full-year revenue guidance on Monday in its first trading update since listing last month, boosting its shares by 10 percent.
The company, which helps sell retail brands including Lookfantastic and skincare group ESPA, said that following a strong third-quarter performance and continued momentum into its final quarter, it now expected full-year revenue to rise by up to a third to about £1.48 to £1.52 billion ($1.93 to $1.98 billion).
At the time of its initial public offering (IPO), it had guided to revenue of about £1.43 billion.
The company said revenue in its third quarter increased 38.6 percent year on year to £378.1 million, up from the 35.8 percent growth rate seen in the first half.
Shares in the company, which were sold at 500 pence in the IPO, rose to a new high of 780 pence in early dealing. They were up 10.5 percent at 749 pence at 10.07am GMT.
By Paul Sandle; editor: Mark Potter.