Shares in N Brown, the group behind the Simply Be, JD Williams and Jacamo brands, jumped by more than 35% after it revealed its pre-tax profits rose during its most recent financial year despite a fall in revenue.
The Manchester-headquartered retailer has reported a revenue of £715.7m for the 12 months to February 26, 2022, down from the £728.8m it posted for the prior year.
However, company's pre-tax profits rose from £9.2m to £19.2m over the same period.
By 11.30am, shares in N Brown had risen by more than 35% and ended the day up 25%.
In a statement issued to the London Stock Exchange, N Brown said its revenue had been impacted by a 0.6% reduction in product revenue and a 4% fall in financial services revenue.
It added that its product revenue had increased by about 4% if the impact of closing Figleaves early in the financial year was excluded.
N Brown also said the growth in its "strategic brands" more than offset the "managed decline of our heritage brands".
Chief executive Steve Johnson said: "I am pleased with our continued progress in transforming N Brown into a more focused digital business, with a distinct and improving offer across our strategic brands.
"Our strategic brands returned to growth in the year with growing customer numbers.
"As we move forward, we are evolving our priorities to concentrate our growth focus on Simply Be, JD Williams and Jacamo, where we see the strongest market potential. We're executing on our investment plans to unlock these opportunities including through new websites which will be rolled out progressively over the coming months.
"In what has been another volatile period in the consumer environment, I would like to thank all of my colleagues for their continued commitment to serving customers, and their role in delivering a strong performance in the year.
"The work we have done means we are significantly better placed than we were before the pandemic and, although cautious in the short-term due to inflationary impacts and consumer behaviour, we remain confident that over the medium-term our strategy will support the delivery of 7% product revenue growth with a 13% EBITDA margin."
