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 |
