Key financial highlights for the year
Revenue
£1,000.3m
FY23
Up 10%
FY22: £908.3m
FY21: £773.0m
EBITDA
£245.0m
FY23
Down 7%
FY22: £263.0m1
FY21: £222.9m1, 2
PBT
£159.4m
FY23
Down 26%
FY22: £214.3m1
FY21: £69.7m1, 2
EBITDA margin
24.5%
FY23
Down 4.5pts
FY22: 29.0%1
FY21: 28.8%1, 2
Operating cash flow
£48.4m
FY23
20% cash conversion
FY22: £208.1m1
FY21: £234.1m1
Basic diluted EPS
12.9p
FY23
FY22: 18.1p
FY21: 3.5p2
Underlying EPS
12.9p
FY23
FY22: 17.4p3
FY21: 14.4p2, 3
1 Before exceptional items
2 Retrospectively restated in relation to a change in IAS 38 for the treatment of cloud-based software
3 Before exceptional items, preference share interest and prior year tax deduction
| Year ended 31 March | ||
|---|---|---|
| £m 2023 |
£m 2022 |
|
| Revenue | 1,000.3 | 908.3 |
| Cost of sales | (382.2) | (329.5) |
| Gross profit | 618.1 | 578.8 |
| Selling and administrative expenses | (441.9) | (349.5) |
| Finance expense2 | (16.8) | (15.0) |
| Profit before tax | 159.4 | 214.3 |
| EBITDA | 245.0 | 263.0 |
| Exceptional items | - | - |
| EBITDA (post-exceptional items) | 245.0 | 263.0 |
| Depreciation and amortisation1 | (54.2) | (36.7) |
| Impairment | (3.9) | (0.2) |
| Exchange (losses)/gains1 | (10.7) | 3.2 |
| Finance expense | (16.8) | (15.0) |
| Profit before income tax | 159.4 | 214.3 |
| Tax expense | (30.5) | (33.1) |
| Profit for the year | 128.9 | 181.2 |
.1 Exchange (losses)/gains were combined with depreciation and amortisation in FY22.
| As at 31 March | ||
|---|---|---|
| £m 2023 |
£m 2022 |
|
| Non-current assets | ||
| Intangible assets | 265.6 | 262.1 |
| Property, plant and equipment | 61.3 | 38.3 |
| Right-of-use assets | 144.1 | 105.5 |
| Investments | 1.0 | - |
| Deferred tax assets | 11.8 | 9.6 |
| 483.8 | 415.5 | |
| Current assets | ||
| Inventories | 257.8 | 123.0 |
| Trade and other receivables | 93.0 | 85.6 |
| Income tax assets | - | 6.1 |
| Derivatives and financial assets | 0.5 | 0.9 |
| Cash and cash equivalents | 157.5 | 228.0 |
| 508.8 | 443.6 | |
| Total assets | 992.6 | 859.1 |
| Current liabilities | ||
| Trade and other payables1 | (127.7) | (133.9) |
| Bank interest1 | (6.0) | (0.8) |
| Lease liabilities | (28.1) | (19.8) |
| Derivative financial liabilities | (1.3) | (0.5) |
| Income tax payable | (1.4) | - |
| (164.5) | (155.0) | |
| Non-current liabilities | ||
| Borrowings2 | (293.4) | (280.9) |
| Lease liabilities | (124.3) | (93.1) |
| Provisions | (4.4) | (1.9) |
| Deferred tax liabilities | (1.8) | - |
| (423.9) | (375.9) | |
| Total liabilities | (588.4) | (530.9) |
| Net assets/(liabilities) | 404.2 | 328.2 |
| Equity attributable to owners of the Parent | ||
| Share capital | 10.0 | 10.0 |
| Hedging reserve | (0.5) | (0.1) |
| Capital reserve - own shares | - | - |
| Capital redemption reserve | - | - |
| Merger reserve | (1,400.0) | (1,400.0) |
| Non-UK translation reserve | 12.5 | 7.0 |
| Retained earnings | 1,782.2 | 1,711.3 |
| Total equity | 404.2 | 328.2 |
1 Bank interest was previously included within trade and other payables.
2 Included in band debt is £4.7m (FY21: £4.7m) of unamortised bank fees.
| Year ended 31 March | ||
|---|---|---|
| £m 2023 |
£m 2022 |
|
| Cash flows from/(used in) operating activities | 77.3 | 184.4 |
| Cash used in investing activities | (50.6) | (25.0) |
| Cash flows used in financing activities | (99.5) | (47.0) |
| Net (decrease)/increase in cash and cash equivalents | (72.8) | 112.4 |
| Cash and cash equivalents at beginning of year | 228.0 | 113.6 |
| Effect of exchange on cash held | 2.3 | 2.0 |
| Cash and cash equivalents at end of year | 157.5 | 228.0 |
