Shares at Dr Martens have increased by 14%, despite the bootmaker posting a half-year loss of almost £29m.

The firm said that in the 26 weeks to 29 September, its revenue dropped by 18% to £324.6m and its loss before tax fell to £28.7m, after a £25.8m profit in the previous year.

It added that all regions had performed in line with its expectations, with revenue in EMEA falling by 16%, and in the Americas and APAC by 22% and 12% respectively.

The news comes as Dr Martens continued to implement a cost action plan across the group, which targeted a cost reduction of between £20m to £25 every year from the 2026 financial year onwards, with savings coming from "organisational efficiency and design, better procurement and operational streamlining".

Chief executive officer at Dr Martens, Kenny Wilson, said: "Our first half performance was in line with expectations and we remain confident in our ability to deliver on our plans and the targets we set for FY25.

"As we shared in May, this is a year of transition and we have made good progress with our four main objectives: pivot our marketing to a relentless focus on our product, turn around our USA DTC performance, reduce our operating cost base and strengthen the balance sheet. Our new marketing campaigns are showing encouraging early signs, with strong sales of new product, giving us confidence that we will return USA DTC to positive growth in the second half."

Despite the drops in revenue and the loss before tax, the firm said that trading since the start of the Autumn/Winter 2024 season has "been encouraging", with positive results in all three regions, "albeit the peak weeks of trading" that remain ahead.

Dr Martens said that its guidance for the current financial year remains unchanged, with revenue expected to reach £18m and a profit before tax of £6m.

Head of money and markets at Hargreaves Lansdown, Susannah Streeter, stated that although the headline figures make for "some pretty brutal reading", the firm has been able to start its recovery.

She concluded: "Dr Martens has pulled itself up by its bootstraps and there are tentative signs its turnaround is lacing together. The iconic footwear company has found it hard going stomping new fashion ground overseas, with the US, its biggest market, proving particularly tough.

"The increased investment in marketing across the United States, is showing signs of paying off with new styles winning fans in the key Autumn/Winter season. This shows how important it is to get balance right between heritage models and new innovations in the consumer market.

"Shares rose by more than 14% in early trade, but given how far the company’s valuation has fallen since its listing back in 2021 – this only marks a mini-march of optimism. The new chief executive, Ije Nwokorie, currently chief brand officer, who takes over on 6 January will have his work cut out to restore the shine at the company, and avoid harsh criticism sliding into his DMs."

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