(Reuters) – E-commerce firm The Hut Group raised its annual revenue forecast for the second time in less than two months on Monday, as it benefited from strong demand during the Black Friday and Cyber Week period.

Shares of the company, which operates retail brands such as Lookfantastic and skincare group ESPA, gained as much as 9.4% to a near one-month high of 709.8 pence.

The Hut Group said it now expects 2020 revenue growth to be between 38% and 40%, compared with its previous forecast of 30% to 33%.

“Both customer retention rates and average spend per customer have seen continuing positive trends, further underpinning a very strong performance during the most important trading period of the year,” the company said in a trading update.

The firm, which went public in September, said its new active customers in November jumped 74% to more than 1.7 million.

(This story corrects paragraph 5 to say the company went public in September, not August)