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Boohoo's profits plunge thanks to post-Brexit rules and shipping costs - despite near £1bn revenue

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Sign up for our daily newsletter to get the day's biggest stories sent direct to your inbox Online retail giant Boohoo's half-year profits plunged after being hit by post-Brexit rules, increased shipping costs and heavy investment despite its revenue nearing £1bn.

The Manchester-headquartered group, which has doubled its market share in the UK and US since the start of the pandemic, has reported an increased in revenue for the six months to August 31, 2021, from £816.5m to £975.9m but its pre-tax profits fell from £68.1m to £24.6m.

In a statement to the London Stock Exchange, Boohoo said the hit to its profits included increased shipping costs, which were £26m higher than pre-pandemic levels. READ MORE: Boohoo publishes international

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