Debenhams – or more accurately DBZ Marketplace Online Limited as it’s officially known – has filed its accounts for the year to the end of February and the news appears to be good from this particularly important part of the struggling Boohoo Group organisation.

The company, which has been run (and continues to be run) by now-Boohoo Group CEO Dan Finley, said that gross merchandise value for the year rose 65% to reach £359.687 million. 

EBITDA doubled year on year, reaching £10.449 million and the EBITDA margin surged, while profit after tax was £3.273 million compared to a loss of £721,000 the year before.

That said, revenue fell to £39.732 million from £87.1 million and gross profit was down to £39.732 million from £42.4 million, a reflection of the changed business model.

The company said the figures “show the progress made by Debenhams under Dan Finley’s leadership and illustrate his ‘capital-light, cash generative’  marketplace strategy”.

The figures come after the previous year’s results had shown the company shrinking its losses so the new strategy was clearly starting to work back then. And it has been extremely busy this year launching new campaigns, bringing back the Designers at Debenhams offer, and adding new brands to its line-up.

Its most recent news included the launch last month of its festive campaign fronted by Elizabeth Hurley and only this week it highlighted its strength as far as traffic around Black Friday shopping was concerned.