Mulberry share price up on FTSE 100 AIM as half year profits treble

Shares in Mulberry were up on the FTSE AIM 100 after the luxury fashion retailer more than tripled its profits in the half year ended 30 September.

Total revenue was reported as rising 38 per cent to £44.7 million from the same period last year while pre-tax profit increased 207 per cent to £4.7 million.

In addition Mulberry said it had increased its net cash from £4.3 million to £12.3 million and had opened new stores in Hong Kong, South Korea, Qatar and the United Arab Emirates.

The group said that it would be creating 60 new manufacturing jobs in Britain by expanding its factory in Somerset.

Godfrey Davis, Chairman and Chief Executive of Mulberry, said, "Mulberry has continued to increase sales and profitability during the first half of the year due to consistent demand for our products in all markets. Since September 2010, the pattern of strong demand has continued and the outlook for the second half of the year is very positive, with the full year performance likely to exceed market expectations. Despite the positive outlook we remain cautious about the global economic environment."

By 14:25 shares in Mulberry were up 0.23 per cent on the FTSE AIM 100 to 872.00 pence per share.