Quiz has an answer to high street worries

Fast-fashion chain Quiz has on Wednesday reassured investors it is growing rapidly amid fears over High Street retailers.

The company, which floated on London’s junior AIM in July, said revenues rose 35% to £56 million in the six months to 30 September, while underlying pre-tax profits inched up to £4.8 million.

The shares climbed 8.2p to 165p, just above the 161p float price.

“Current trading has remained strong since the period end, underpinned by our strong collections,” said chief executive Tarak Ramzan.

“We enter the important Christmas period with momentum.”

Fashion giant Next gave a gloomy prognosis of the High Street this month while online, shares in rival Boohoo have fallen of late.

Quiz plans to open 20 stores and 20 concessions by July 2019.

However, the chain will focus on beefing up its websites and expanding overseas.

Quiz, which runs a mix of High Street stores and international franchises, saw online revenues increase 204% to £13.8 million.