Debenhams has reported a 65% year-on-year rise in revenue as it announces a pre-tax profit of £4.5mn for the year, up from a loss of £723,00 in the prior 12-month period. The full year results also saw EBITDA double to £10.4mn, driven by its marketplace strategy. The former high street department store – one of Britain's longest lived retailers set up in 1778 in London as a draper's – collapsed into administration in 2019. Fast fashion chain Boohoo then bought the brand name and its website for £55mn to create a marketplace around the core Boohoo website. This was designed to allow the fashion retailer to rapidly access new demographics, sell an extended range of brands and open itself up to selling cosmetics and homewares. Dan Finley, chief executive of Boohoo, said: "Debenhams is an iconic British heritage brand. We bought it out of administration and are making great progress transforming it into Britain's online department store.