Dr Martens, the classic boot brand that listed its shares in January, has today reported a 22% rise in annual core earnings with online sales helping to soften the hit from Covid-19-related store closures.

The group is known for its chunky boots with yellow stitching.

It said it made earnings before interest, tax, depreciation and amortisation (EBITDA) of £224.2m in the year to March 31, on revenue up 15% to £773m.

The results were in line with guidance set out at the time of its initial public offering (IPO) of growth of 14-15%.

Dr Martens said trading since the year end had been in line with its expectations and it maintained a target of "high teens" percentage revenue growth in 2021-22, as the impact of the Covid-19 pandemic on the group and its markets reduces.

From 2022-23 and over the medium term the group anticipates "mid-teens" revenue growth.

It is targeting e-commerce to grow to 40% of the overall sales mix from 30% in 2020-21, with total direct to consumer (DTC) channels, including retail stores, making up 60% of the mix.

The group said its medium term target of a 30% EBITDA margin was also unchanged.

It expects to begin paying a dividend in the 2021-22 year.

Dr Martens' shares have performed strongly since listing at 370 pence in January. They closed at 495 pence yesterday, valuing the business at £5 billion.