Mulberry expects 'small' FY underlying pre-tax profit following 'strong' growth in Asian markets

British luxury brand Mulberry Group said on Wednesday that it now expects to outperform expectations and report a "small underlying profit" before tax for the trading year ended 27 March.

At the time of its interim results in September, Mulberry warned that revenue for 2021 was expected to be lower than in the year ended 28 March 2020, but stated that losses would be reduced.

However, as a result of "continued strong growth" in its Asian markets, strong sales on the group's global digital platforms and improved margins due to lower mark-down sales, the AIM-listed firm now expects to beat expectations and post an underlying pre-tax profit.

Mulberry's preliminary results were slated for release on 22 July.

As of 1020 BST, Mulberry shares shot up 21.26% to 308.0p.