Key financial highlights for the year
Revenue
£877.1m
FY24
Down 12%
FY23: £1,000.3m
FY22: £908.3m
EBITDA
£197.5m
FY24
Down 19%
FY23: £245.0m
FY22: £263.0m1
PBT
£93.0m
FY24
Down 42%
FY23: £159.4m
FY22: £214.3m1
EBITDA margin
22.5%
FY24
Down 2.0pts
FY23: 24.5%
FY22: 29.0%1
Operating cash flow
£156.8m
FY24
80% cash conversion
FY23: £48.4m
FY22: £208.1m1
Basic diluted EPS
7.0p
FY24
FY23: 12.9p
FY22: 18.1p
Underlying EPS
7.0p
FY24
FY23: 12.9p
FY22: 17.4p2
1 Before exceptional items
2Before exceptional items, preference share interest and prior year tax deduction
| Year ended 31 March | ||
|---|---|---|
| £m 2024 |
£m 2023 |
|
| Revenue | 877.1 | 1,000.3 |
| Cost of sales | (301.9) | (382.2) |
| Gross profit | 575.2 | 618.1 |
| Selling and administrative expenses | (453.0) | (441.9) |
| Finance expense | (29.2) | (16.8) |
| Profit before tax | 93.0 | 159.4 |
| EBITDA | 197.5 | 245.0 |
| Depreciation and amortisation | (72.3) | (54.2) |
| Impairment | - | (3.9) |
| Exchange (losses)/gains | (4.2) | (10.7) |
| Other gains | 1.2 | - |
| EBIT | 122.2 | 176.2 |
| Finance expense | (29.2) | (16.8) |
| Profit before tax | 93.0 | 159.4 |
| Tax expense | (23.8) | (30.5) |
| Profit for the year | 69.2 | 128.9 |
| As at 31 March | ||
|---|---|---|
| £m 2024 |
£m 2023 |
|
| Non-current assets | ||
| Intangible assets | 270.0 | 265.6 |
| Property, plant and equipment | 59.4 | 61.3 |
| Right-of-use assets | 173.5 | 144.1 |
| Investments | 1.0 | 1.0 |
| Derivative financial assets | 0.1 | - |
| Deferred tax assets | 11.2 | 11.8 |
| 515.2 | 483.8 | |
| Current assets | ||
| Inventories | 254.6 | 257.8 |
| Trade and other receivables | 68.8 | 93.0 |
| Income tax assets | 1.2 | - |
| Derivatives and financial assets | 1.5 | 0.5 |
| Cash and cash equivalents | 111.1 | 157.5 |
| 437.2 | 508.8 | |
| Total assets | 952.4 | 992.6 |
| Current liabilities | ||
| Trade and other payables | (92.2) | (127.7) |
| Borrowings | (8.4) | (6.0) |
| Lease liabilities | (47.0) | (28.1) |
| Derivative financial liabilities | (0.1) | (1.3) |
| Income tax payable | (5.8) | (1.4) |
| (153.5) | (164.5) | |
| Non-current liabilities | ||
| Borrowings | (286.3) | (293.4) |
| Lease liabilities | (135.3) | (124.3) |
| Provisions | (6.3) | (4.4) |
| Deferred tax liabilities | (2.8) | (1.8) |
| (430.7) | (423.9) | |
| Total liabilities | (584.2) | (588.4) |
| Net assets/(liabilities) | 368.2 | 404.2 |
| Equity attributable to owners of the Parent | ||
| Share capital | 9.6 | 10.0 |
| Hedging reserve | 0.9 | (0.5) |
| Capital redemption reserve | 0.4 | - |
| Merger reserve | (1,400.0) | (1,400.0) |
| Foreign currency translation reserve | 9.7 | 12.5 |
| Retained earnings | 1,747.6 | 1,782.2 |
| Total equity | 368.2 | 404.2 |
| Year ended 31 March | ||
|---|---|---|
| £m 2024 |
£m 2023 |
|
| Cash flows from/(used in) operating activities | 167.9 | 72.7 |
| Cash used in investing activities | (25.5) | (50.6) |
| Cash flows used in financing activities | (185.9) | (94.9) |
| Net (decrease)/increase in cash and cash equivalents | (43.5) | (72.8) |
| Cash and cash equivalents at beginning of year | 157.5 | 228.0 |
| Effect of exchange on cash held | (2.9) | 2.3 |
| Cash and cash equivalents at end of year | 111.1 | 157.5 |
