Global ecommerce provider ESW (formerly eShopWorld) has reported higher profits and revenues for 2020 as well as accelerated growth targets for the next three to five years.

Dublin-headquartered ESW said its profit before tax increased by 400% to €28.7m last year, with EBITDA increasing by almost 200% to €40m and cash at the end of the year more than doubling to €76.9m.

The company also said a strong and sustained structural shift to ecommerce saw its revenues grow by 78% to $1.1 billion, a target it had previously set for delivery over the coming years.

ESW said that in euro terms this equates to an increase of €421m to €965.3m.

Europe and North America accounted for two thirds and just over one quarter of global revenues respectively, with Asia and South America accounting for the remainder.

"Growth momentum has continued into 2021 and ESW now expects to hit $1.5 billion turnover for the 12 months ended 31 December 2021," the company said

ESW increased its headcount by 200 during the year and its total workforce stands at over 600 as at the end of September.

The company said it plans to add over 500 new roles within the next three years as it expands its office presence in New York, Singapore, France, Italy, the UK and Germany.

Tommy Kelly, chief executive of ESW, said that after another year of strong growth the company expects to achieve sales of close to $1.5 billion in 2021, about a 20-fold increase over the past five years.

Mr Kelly said the company's solutions have enabled many of the world's leading brands and retailers to accelerate growth and to meet consumer demand despite Covid lockdowns and restrictions.

"That resilience, together with the speed and agility with which we can provide growth-seeking brands with a global online market presence has driven a step change in our growth projections. Those projections are ambitious but achievable," the CEO said.

"In delivering that growth we are collaborating extensively with our brand partners to ensure we grow in an environmentally sustainable manner. Our focus is on ensuring that all our sustainability plans will align to the United Nations Sustainable Development Goals," Mr Kelly added.