Key financial highlights for the year

Revenue

£787.6m

FY25
Down 10%

FY24: £877.1m
FY23: £1,000.3m

EBIT

£37.0m

FY25
Down 70%

FY24: £122.2m
FY23: £176.2m

Adjusted PBT

£34.1m

FY25
Down 65%

FY24: £97.2m
FY23: £174.0m

EBIT margin

4.7%

FY25
Down 9.2pts

FY24: 13.9%
FY23: 17.6%

Operating cash flow

£189.8m

FY25
162% cash conversion

FY24: £158.3m
FY23: £45.3m

Adjusted basic EPS

2.4p

FY25

FY24: 7.4p

Basic EPS

0.5p

FY25

FY24: 7.0p
FY23: 12.9p

  Year ended 30 March Year ended 31 March
  £m
2025
£m
2024
Revenue 787.6 877.1
Cost of sales (275.9) (301.9)
Gross profit 511.7 575.2
Selling and administrative expenses (474.7) (453.0)
Finance expense (28.2) (29.2)
Profit before tax 8.8 93.0
Depreciation and amortisation (72.5) (72.3)
Impairment (4.3) -
Other gains/(losses) (0.1) 1.2
Currency losses (3.1) (4.2)
EBIT 37.0 122.2
Finance expense (28.2) (29.2)
Profit before tax 8.8 93.0
Tax expense (4.3) (23.8)
Profit for the year 4.5 69.2

 

  As at 30 March
  £m
2025
£m
2024
Non-current assets
Intangible assets 274.0 270.0
Property, plant and equipment 49.6 59.4
Right-of-use assets 143.2 173.5
Investments 1.0 1.0
Derivative financial assets - 0.1
Deferred tax assets 11.1 11.2
  478.9 515.2
Current assets
Inventories 187.4 254.6
Trade and other receivables 62.4 68.8
Income tax assets 4.2 1.2
Derivatives and financial assets 1.0 1.5
Cash and cash equivalents 155.9 111.1
  410.9 437.2
Total assets 889.8 952.4
 
Current liabilities
Trade and other payables (108.9) (92.2)
Borrowings (2.4) (8.4)
Lease liabilities (45.9) (47.0)
Income tax liabilities (1.3) (5.8)
Derivative financial liabilities (0.1) (0.1)
  (158.6) (153.5)
Non-current liabilities
Borrowings (246.3) (286.3)
Lease liabilities (109.5) (135.3)
Provisions (6.5) (6.3)
Deferred tax liabilities (2.5) (2.8)
  (364.8) (430.7)
Total liabilities (523.4) (584.2)
Net assets 366.4 368.2
 
Equity attributable to owners of the Parent
Ordinary share capital 9.6 9.6
Treasury shares - -
Hedging reserve 0.7 0.9
Capital redemption reserve 0.4 0.4
Merger reserve (1,400.0) (1,400.0)
Foreign currency translation reserve 6.6 9.7
Retained earnings 1,749.1 1,747.6
Total equity 366.4 368.2

 

     
  £m
 30 March 2025
£m
 31 March 2024
Cash flows from/(used in) operating activities 196.3 167.9
Cash used in investing activities (15.3) (25.5)
Cash flows used in financing activities (134.2) (185.9)
Net increase/(decrease) in cash and cash equivalents 46.8 (43.5)
Cash and cash equivalents at beginning of year 111.1 157.5
Effect of exchange on cash held (2.0) (2.9)
Cash and cash equivalents at end of year 155.9 111.1