TIDMBWNG
RNS Number : 8507P
Brown (N.) Group PLC
12 October 2023
12 October 2023
HALF YEAR RESULTS FOR THE 26 WEEKSED 2 SEPTEMBER 2023
Further strategic progress and robust liquidity, H1 Adjusted
EBITDA in line with Board expectations
26 weeks to 26 weeks to % Change
GBPm 2 September 27 August 2022
2023 (H1 24) (H1 23)
Group revenue 297.0 331.5 (10.4)%
------------- --------------- ----------
Product revenue 187.5 211.2 (11.2)%
------------- --------------- ----------
Financial Services revenue 109.5 120.3 (9.0)%
------------- --------------- ----------
Adjusted EBITDA(1) 17.5 27.9 (37.3)%
------------- --------------- ----------
Adjusted EBITDA margin 5.9% 8.4% (2.5)ppts
------------- --------------- ----------
Adjusted profit before
tax(1) 0.1 4.3 (97.7)%
------------- --------------- ----------
Statutory (loss) / profit
before tax (4.1) 7.2 N/A
------------- --------------- ----------
Cash and cash equivalents 49.1 47.2 4.0%
------------- --------------- ----------
Adjusted net debt (1) (258.4) (243.5) (6.1)%
------------- --------------- ----------
Highlights
-- Revenue reflective of market conditions; progress on gross
margin
o Group revenue contracted 10.4%, reflecting the challenging
market conditions including unseasonable weather through Spring and
July to August:
-- Improvement in product revenue trend in Q2, with a decline of
11.2% for H1. Strategic brands down 7.4%, tracking ahead of the
online pureplay market(2)
-- Lower retail sales and opening debtor book, resulted in lower
FS revenue, down 9.0%
o Adjusted group gross profit margin increased 0.4ppts to
47.6%:
-- Product margin rate continued to improve, up 1.6ppts and
benefiting from normalised freight rates
-- FS margin rate broadly in line with normalised FY23, whilst
we have seen a lower underlying level of arrears
-- H1 Adjusted EBITDA in line with Board expectations
o Despite the continued macro-economic challenges that saw
softer trading and higher costs, H1 adjusted EBITDA performance was
in line with the Board's expectations, supported by disciplined
management of areas within the business' direct control
o Adjusted profit before tax of GBP0.1m. Following the
impairment of non-financial assets in FY23, depreciation and
amortisation has reduced by GBP7.2m against H1 last year
o Statutory loss before tax includes adjusting items of GBP4.5m
relating to restructuring activities to right-size the cost
base
-- Continued to deliver strategic and operational progress
o Successful launch of new mobile-first website for Jacamo, the
second of our three strategic brands to have transitioned to the
new platform, and a key transformational priority
o Good traction in Net Promoter Score (NPS), up 5pts against
full year FY23, benefitting from continued focus on operational
improvements including extension in order cut off for next day
delivery to 11pm
o Building on recent strategic progress, a clear set of
priorities is in train for the year ahead to set the business up
for 2024 peak trading
-- Cost inflation offset successfully through ongoing mitigating
actions
o Adjusted operating costs reduced by GBP4.7m, with
volume-related savings and management actions more than offsetting
c. GBP7m of inflationary pressures
o Cost base inflation increased in H2 23, and has flowed through
into FY24 as previously flagged. Combined with negative operational
leverage on fixed costs, this has resulted in an increase of
2.9ppts in adjusted operating costs as a percentage of group
revenue
-- Robust balance sheet and available liquidity
o Net cash generation of GBP13.6m in the period, after further
investment of c. GBP9m in the transformation of the business
o Proactive moderation of intake and clearance of older stock
items has driven a c. 20% reduction (GBP20m) in stock balances
compared to H1 23, improving working capital efficiency
o Strong balance sheet with significant cash and cash
equivalents, and total accessible liquidity of GBP133.1m. RCF and
overdraft remain undrawn with limits of GBP75m and GBP12.5m
respectively
-- Current trading, outlook and guidance
o FY24 Adjusted EBITDA expected to be in line with market
expectations(3)
o Trading during the first five weeks of Q3 reflects a further
improvement over the Q2 run rate
o Macro-economic challenges of a high inflationary environment
and low consumer confidence expected to persist throughout FY24
o Benefits from cost actions taken in H1, and planned for H2,
are expected to mitigate the impact of slightly moderated full year
revenue expectations, with H2 24 adjusted EBITDA margin expected to
be marginally higher than achieved in full year FY23
o FY24 year end adjusted net debt expected to be better than
FY23's closing position. Strategic investment will continue to be
self-funded through carefully managed cash flows
o Continued confidence in strategic direction and in the
benefits of the ongoing investment in our digital transformation,
with a focus on delivering sustainable profitable growth
Steve Johnson, Chief Executive, said:
"We expected external market conditions to remain soft and for
the first half of FY24 to be particularly challenging. In response,
we acted decisively to adapt to the trading environment and
maintain real focus and discipline in areas which we can directly
control, remaining on track to deliver full year adjusted EBITDA in
line with the Board's expectations.
"Alongside this, we're pleased with the delivery of our strategy
as we position the business for medium-term growth. Our investment
across JD Williams, Simply Be and Jacamo has led to new commercial
partnerships and technology upgrades to drive performance. We have
a clear set of transformational priorities in train and expect to
continue to deliver further progress during the second half of the
year.
"Good work by our teams, including more efficient stock
management, has helped generate cash and further improve our
liquidity position in the half, providing a solid base for the
continued investment in our priorities."
Webcast for analysts and investors:
A webcast presentation of these results will take place at 9am
on 12 October 2023 followed by a Q&A conference call for
analysts and investors. Please contact Nbrown@mhpgroup.com for
details.
For further information:
N Brown Group
David Fletcher, Head of Investor Relations +44 (0)7876 111 242
MHP
James McFarlane / Eleni Menikou / Charles +44 (0) 20 3128 8789
Hirst Nbrown@mhpgroup.com
Shore Capital - Nomad and Broker
Stephane Auton / Daniel Bush / Rachel Goldstein
Fiona Conroy (Corporate Broking) +44 (0) 20 7408 4090
About N Brown Group:
N Brown is a top 10 UK clothing & footwear digital retailer,
with a home proposition. Our retail brands include JD Williams,
Simply Be and Jacamo, and our financial services proposition allows
customers to spread the cost of shopping with us. We are
headquartered in Manchester where we design, source and create our
product offer and we employ over 1,700 people across the UK.
(1) A full reconciliation of statutory to adjusted measures is
included in the Financial Review.
(2) For the 26 weeks ended 2 September 2023, the online pureplay
market according to IMRG declined by 9%.
(3) The market consensus for FY24 Adjusted EBITDA was GBP44.7m
as at 11 October 2023.
PERFORMANCE REVIEW
As set out within our guidance at the start of the year, the
macro-economic challenges of a high inflationary environment and
low consumer confidence persisted in the first half of FY24.
Contraction in the online market, cautious consumer behaviour and
unseasonable weather conditions, are reflected in a lower level of
website sessions and orders for the period. However, our discipline
and focus on factors we can directly control means that we have
been able to deliver H1 Adjusted EBITDA in line with Board
expectations, leaving us on track to meet our full year
expectations.
Our strategy is predicated on five pillars and a short update on
progress made against each is set out below. Our five pillars are
underpinned by two key enablers: our people and talent, and a
sustainable and efficient operating model. We have continued to
invest in our strategic transformation, which aims to deliver value
faster, through a simpler and more focused business. We are pleased
to have launched our new Jacamo website, the second of our three
strategic brands to transition to the new platform and one of the
key transformational priorities outlined in FY23 results in June
2023.
In an unpredictable market, we are concentrating on elements we
can directly control as a business, ensuring we deliver value for
our customers in the most effective way possible. We expect the
macro-economic challenges of a high inflationary environment and
low consumer confidence to continue throughout the second half of
FY24, but our balance sheet liquidity ensures we are well
positioned for investing in the future. It provides a foundation
from which we can continue to execute our strategy, and the Board
remains confident in achieving the Group's medium-term objective of
delivering sustainable profitable growth.
Strategic update
We outlined within our FY23 results the five transformational
priorities which we would focus investment on to provide the
capabilities required to enable us to grow in more favourable
market conditions:
- New websites for all strategic brands - roll out our new
mobile-first website experience and continuously iterate site
launches with new features.
- A technology platform to support our Financial Services
proposition - the platform will enhance the ways in which customers
can choose to pay for the products they love and will be supported
by the launch of a new FS brand.
- Data culture - further empower our colleagues to engage with
data to identify and leverage analytical opportunities.
- A Product Information Management ('PIM') system - providing a
single place to collect, manage and enrich product data, to provide
a better experience for customers and a more efficient process for
colleagues.
- A fully embedded agile operating model - evolving our
organisational design so that all relevant colleagues will have
moved to an agile way of working.
The progress which has been made against these transformational
priorities is included within the following update against our
strategic pillars. We are confident in making further progress
during the second half of the year.
1. Build a Differentiated Brand Portfolio
Strategic objective: Build two multi brand and category
platforms, one for women (JD Williams) and one for men (Jacamo), as
well as one inclusive fashion brand for young women (Simply
Be).
Our differentiated brand portfolio has progressed on our
creative and marketing platforms, as we continue to concentrate on
our target brand positioning.
Simply Be embarked on a journey of empowerment, focusing on
fashionable fit with the introduction of the 'Serious about Shape'
campaign, with a core group of diverse affiliates (our 'fit muses')
to demonstrate 'Every body deserves fashion that fits'. This
message was further reaffirmed by the launch of a new podcast
hosted by the influential Fleur East. Our customers are more
engaged and feel emotionally connected to our brand position, which
is displayed through our Excellent rating on Trustpilot.
JD Williams set out to continue its transformative journey and
drive customer engagement. During September, JD Williams partnered
with ITV and Global as headline sponsor of My Mum Your Dad, a
prime-time TV show. This vision was brought to life by brand
ambassador Davina McCall, with the goal of driving greater brand
awareness as we lead up to JD Williams' peak period of trade.
Jacamo led a transformative partnership with LADbible and paved
the way for connection with where Jacamo's customers spend their
time. This approach allows us to engage with our customers, through
social media outlets, aligning with their passion points, and
increasing the ability of the brand to drive more loyalty and
retention. The outcome allows Jacamo to drive engagement and has
heightened the brand's unique visibility.
2. Elevate the fashion and fintech proposition
Strategic objective: Elevate the fashion assortment, integrate
the credit offer into the journey and create a credit brand.
Reflecting further progress within our own brand proposition,
Anthology, a JD Williams own premium line, designed with an
elevated approach to dressing which offers versatile quality
fabrics, was launched in early September.
Our commitment to providing propositions that are inclusive for
all, through diversity of choice, was demonstrated through the
continued onboarding of successful third party brands onto our
category platforms. Both the men's and women's branded offering
continues to grow, with a good performance from our latest brands
including FatFace and TALA, enriching our third-party offerings and
elevating our fashion assortment.
The selling of our clothing ranges via partnerships with other
retailers has also continued to gain momentum, providing additional
exposure for our product, with Simply Be's swimwear proposition now
a leading category in Next. The launch of Simply Be on Sainsbury's
online platform during the first half and selected stores in early
September, marked another significant milestone and provides
enhanced exposure to a variety of different customer segments.
We developed a new credit limit strategy to ensure we continue
to lend to our customers responsibly, minimising the impact of
write offs and arrears on the business. Simultaneously, our
innovative payment arrangement, providing extended reduced payment
periods for those in need, demonstrated its worth by enhancing
customer retention.
In line with the transformational priority set out previously,
our new FS platform has progressed as expected through H1,
proceeding through initial discovery phases. The platform is
anticipated to give us further product flexibility to provide our
customers with a choice of how they manage their payments.
3. Transform the customer experience
Strategic objective: Transform the customer experience, pre and
post purchase, and drive conversion at checkout through a
personalised experience.
We continue to make good progress in transforming the customer
experience, with the launch of our new mobile-first website for
Jacamo, the second of our three strategic brands to move to the new
platform. The build and rollout were executed in less than a third
of the time taken to deliver the new Simply Be website, the first
brand to transfer to the new platform. This was a testament to our
commitment to agile working and executing against our
transformational priorities. We have seen positive initial
performance of the Jacamo site, and each of the new Jacamo and
Simply Be sites are 20% faster than legacy sites and have doubled
Google lighthouse scores (an open-source measure of site
performance). In tandem with the iterative improvements of our
Jacamo and Simply Be sites' capability, we also intend to launch
the new JD Williams site in FY24.
A significant milestone was reached with the validation of our
Product Information Management (PIM) solution, another of our
transformational priorities, and we remain on track for the
integration of our first brand. The goal of the project is to
provide our customers with a consistent offering regarding products
sizing, fabric and specifications. It will elevate and ensure that
our pre-purchase communication with customers remains effective and
pertinent. Greater consistency in distributing enhanced content
across all channels is anticipated to reduce returns rates, leading
to a better customer experience.
4. Win with our Target Customer
Strategic objective: Grow our customer base through our existing
core customer, high value lapsed customers and a new, younger
generation.
To engage our target customer in an ever-challenging consumer
landscape, we continue to foster close collaboration with strategic
partners. By striking a balance between securing visibility to
build our brand awareness and facilitating conversion in driving
purchase, we have continued to integrate the capability of AI and
Machine Learning in our marketing campaigns. By leveraging the data
processing proficiency of AI systems, we ensure that campaigns are
targeted to consumers with a high probability of purchase, further
streamlining our customer proposition.
We continue to optimise our Customer Relationship Management
levers, with an emphasis on acknowledging and rewarding our valued
customers for their repeat purchases. With a focus on customer
engagement, we have seen an increase in the number of customers
opting into our loyalty programmes.
5. Establish Data as an Asset to Win
Strategic objective: Establish data as an asset to drive top
line and margin improvements.
We have leveraged data-driven insights from the analysis of
customer lifetime value models. We have used this to shape our
prediction models for customer behaviour, ensuring customer benefit
through a more personalised marketing approach and consistent
experience. We have also used this insight to send targeted onsite
messaging to customers who might benefit from using our credit
proposition.
We have expanded the application of PriceTagger, our in-house
tool which helps us optimally promote product using pricing
elasticity. PriceTagger has allowed for AI driven pricing, by
measuring how sensitive the demand and supply of products are to
price changes. We continue to advance our prediction models to
cater for seasonal trends in customer behaviour, and the impact
this has on rate of sale, ultimately increasing our agility of
price within the market space.
Key Enablers
The five pillars are underpinned by two enablers, the
foundations of our strategy: a sustainable and efficient operating
model, and our People and Talent.
The Financial Conduct Authority's Consumer Duty regulations have
been delivered, through the continuous evaluation of all our
products, services, policies and processes, ensuring all our
colleagues understand their role in protecting customers.
Our employees are vital enablers of our success. We continue to
nurture an inclusive culture celebrating diversity through our
Embrace Strategy. Colleague-led communities help to make change
happen within the business to further our inclusivity. To promote
this, we are delivering a week of events in line with national
inclusion week. Our commitment to progression is shown in our
Employee Net Promoter Score scores, over-indexing the UK retail
benchmark by 16 points in Q1 FY24, with one of our highest scoring
statements being 'People of all cultures and backgrounds are
respected and valued here'.
Our proud partnership with the Prince's Trust continues,
including integrating Prince's Trust programmes and connecting
those with disadvantages with real job opportunities.
Key Performance Indications ('KPIs')(1)
As a digital retailer committed to accelerating our strategy, we
continue to report various digital customer metrics, which provide
operational measures of how our strategy is progressing. The
following disclosure reflects our performance in the half.
26 weeks to 26 weeks to Change
2 Sep 2023 27 Aug 2022
(Restated)
------------------------ ------------- -------------- ----------
Total website sessions
(2) 95m 109m (12.8)%
Conversion (2) 3.6% 3.8% (0.2)ppts
Total Orders (3) 3.7m 4.5m (17.8)%
AOV GBP83.3 GBP78.7 5.8%
Items per order 2.8 2.9 (3.4)%
AIV GBP29.2 GBP27.5 6.2%
Total active customers 2.4m 2.8m (14.3)%
FS arrears (4) 9.8% 9.9% (0.1)ppts
NPS 62 59 3
------------------------ ------------- -------------- ----------
(1 KPIs are defined on page 21.)
(2 H1 23 website sessions and conversion restated to match
definition post roll-out of new Simply Be website. The restatement
is estimated based on brand specific metrics, with actuals using
the new session definition.)
(3 Total orders includes online and offline orders.)
(4 H1 23 now presented on comparable basis with H1 24, including
insolvency accounts now classified in arrears rather than
written-off.)
Consistent with the broader market, we have continued to see the
impact of macro-economic challenges and consumer behaviour,
including a rebalancing of spend between offline and online
channels.
This is reflected in broad trends in customers, sessions and
ordering continuing from FY23. The lower active customers trend
includes our Heritage portfolio of brands where our focus is on
stabilisation and value protection rather than growth.
The reduction in orders has been partially offset by an increase
in Average Item Value ('AIV') as we have seen a continuation of
more intentional behaviour from customers, which has included
buying into more premium ranges, and measured price increases
supported by data tools, which have, in turn, offset an element of
the inflationary impacts on our product costs. However, at the same
time, we also invested in opening price points to drive value for
money for our customers.
The Financial Services arrears rate is slightly lower than prior
year, reflecting the resilience of the customer base despite cost
of living pressures.
Our Net Promoter Score ('NPS') improved in the half and is
significantly ahead of FY23's full year score of 57. This has been
driven by a number of operational improvements including better
delivery timeliness, an extension in order cut off for next day
deliveries to 11pm, sharper opening price points, new "value"
ranges and the launch of the new mobile-first website for Jacamo
unlocking new features.
As we look forward, we are pleased with the strategic execution
demonstrated through an efficient and successful launch of our new
mobile-first website for Jacamo, with the initial site performance
being positive. We are confident that the combination of delivering
against our transformational priorities whilst seeking incremental
improvements in all areas of the business will move us towards
unlocking progress in our KPIs alongside an improvement in the
macro-economic environment.
Environment, Social and Governance
We have continued to embed our Environmental, Social and
Governance strategy into the business. Our sustainability plan,
SUSTAIN, fully aligns our ethical policies with our commercial
activities and our commitment to Our People and Our Planet.
A key pillar of SUSTAIN is our commitment to responsibly source
own-brand product, and we have reached 44% of own brand designed
Clothing and Home textile ranges with sustainable properties (from
0% in 2019) as we target growing this to 100% by FY30 in line with
our Textiles 2030 commitment. From understanding our Textiles 2030
reporting data and our commitment towards addressing climate
change, we have developed additional targets for each product
division to further enhance our approach. We have implemented
circular design workshops to educate internal teams on designing
for longevity, with a reduced environmental impact, and we are
developing a circular design handbook to illustrate the importance
of our 2030 commitments.
Alongside mapping our Tier 2 supply base (currently at 66%) we
have implemented our Supplier Sustainability Questionnaire for the
first time to enable further understanding of how our suppliers are
addressing the social and environmental impacts associated with
their business and the industry (now implemented by over 50% of
Tier 1 suppliers).
In continuing our commitment to increasing socioeconomic
diversity and making a difference in the communities we serve, we
engaged six colleagues with The Prince's Trust Mosaic Mentoring
programme. The programme aims to help students build employability
skills, raise their aspirations, and get excited about their
futures. The colleagues volunteered their time over eight weeks to
mentor groups of up to 30 Year 10 students across two schools
identified in lower socioeconomic areas in Greater Manchester.
Simply Be also released an International Women's Day edit, in
collaboration with The Prince's Trust, which raised GBP19,091 by
donating GBP1 from the sale of each item from the edit across an
eight week period.
As part of our DEI & B (Diversity, Equity, Inclusion &
Belonging) strategy, EMBRACE, we proudly sponsored Manchester Pride
in August, with colleagues taking part in the Pride parade. We have
also joined Manchester Pride's All Equals Charter. The All Equals
Charter is a programme to help businesses understand, recognise and
challenge any form of discrimination in the workplace.
Following the launch of our two new corporate charity partners,
the Retail Trust and FareShare Greater Manchester, colleagues have
so far raised over GBP30,000. Colleagues have also given over 500
hours of their time to charities through our Make A Difference Day
scheme which encourages every colleague to give back to a charity
close to their hearts.
FY24 Outlook
Trading during the first five weeks of Q3 reflects a further
improvement over the Q2 run rate.
We continue to expect the macro-economic challenges of a high
inflationary environment and low consumer confidence to persist
throughout FY24.
FY24 adjusted EBITDA is expected to be in line with market
expectations(1) , reflecting slightly moderated full year product
and Financial Services revenue expectations; offset by benefits in
H2 from:
1. cost actions undertaken in H1 and also planned for H2;
2. better operational leverage through normal seasonality
leading to greater weighting of sales towards H2;
3. year-on-year retail margin rate improvements, with H2 24
retail gross margin similar to that achieved in H1 24; and
4. improvement in FS margin rate driven by initiatives.
As a result, the H2 24 EBITDA margin rate is expected to be
marginally higher than achieved in full year FY23.
As reflected in H1, depreciation and amortisation reduced
following the GBP53m impairment of non-financial assets in FY23,
with a full year reduction of around GBP15m against FY23. H2 24
finance costs are expected to be broadly in line with H1 24.
The business continues to be well positioned to invest in and
deliver strategic change, with full year investment continuing at a
similar level to that seen in FY23, aligned to our transformational
priorities. We will continue to self-fund investment through
carefully managed cash flows including tight control of stock. At
the end of FY24, we expect adjusted net debt to be lower than
FY23's closing position. We remain confident in our strategic
direction and our digital transformation as we focus on driving
sustainable profitable growth.
(1) The market consensus for FY24 Adjusted EBITDA was GBP44.7m
as at 11 October 2023.
FINANCIAL REVIEW
Financial KPIs
Our non-financial KPIs are contained in the Performance Review.
We also use a number of financial KPIs to manage the business.
These are shown below and will continue to be reported going
forwards.
H1 24 H1 23 Change
------------------------------ ---------- ---------- ----------
Product revenue GBP187.5m GBP211.2m (11.2)%
Adjusted EBITDA GBP17.5m GBP27.9m (37.3)%
Adjusted EBITDA margin(1) 5.9% 8.4% (2.5)ppts
Adjusted operating
costs to Group revenue(1) 41.7% 38.8% (2.9)ppts
Cash and cash equivalents(2) GBP49.1m GBP47.2m 4.0%
Total Accessible
Liquidity(1,3) GBP133.1m GBP201.1m (33.8)%
Statutory (loss) GBP(4.1)m GBP7.2m N/A
/ profit before tax
Adjusted EPS(1) 0.15p 0.72p (79.2)%
------------------------------ ---------- ---------- ----------
1 A full glossary of Alternative Performance Measures and their
definitions is included on page 22.
2 During FY22 we agreed with our banks that the securitisation
facility does not need to be fully drawn and that surplus cash can
be used to repay drawings from time to time. The securitisation
facility was fully drawn at H1 24. H1 23 excludes accessible
amounts voluntarily undrawn against the securitisation facility of
GBP45.5m.
3 Reduction includes GBP49.5m settlement of Allianz litigation
in H2 23.
Reconciliation of Statutory financial results to adjusted
results
The reporting includes Alternative Performance Measures
('APMs'), which are not defined or specified under the requirements
of IFRS. These APMs are consistent with how the Group measures
performance internally and are also used in assessing performance
under the Group's incentive plans. Therefore, the Directors believe
that these APMs provide stakeholders with additional, useful
information on the Group's performance.
The adjusted figures are presented before the impact of
adjusting items. These are items of income and expenditure which
are one-off in nature and material to the current financial year,
or represent true ups to items presented as adjusting in prior
periods. These are detailed in note 5.
A full glossary of Alternative Performance Measures and their
definitions is included on page 22.
H1 24 H1 24 H1 24 H1 23 H1 23 H1 23
Adjusting Adjusting
GBPm Statutory items Adjusted Statutory items Adjusted
Group Revenue 297.0 297.0 331.5 331.5
Group cost of
sales (156.6) 1.0 (155.6) (175.0) (175.0)
Gross Profit 140.4 1.0 141.4 156.5 156.5
Gross profit margin 47.3% 47.6% 47.2% 47.2%
Operating costs (127.4) 3.5 (123.9) (128.6) - (128.6)
Adjusted operating
costs to Group
revenue ratio 41.7% 38.8%
Adjusted EBITDA 17.5 27.9
Adjusted EBITDA
margin 5.9% 8.4%
Depreciation &
amortisation (9.9) (9.9) (17.1) (17.1)
Operating profit 3.1 4.5 7.6 10.8 - 10.8
Finance costs (7.5) (7.5) (6.5) (6.5)
(Loss) / Profit
before taxation
and fair value
adjustment to
financial instruments (4.4) 4.5 0.1 4.3 - 4.3
---------- ---------- --------- ----------- ----------- ---------
Fair value adjustments
to financial instruments 0.3 0.3 2.9 - 2.9
(Loss) / Profit
before taxation (4.1) 4.5 0.4 7.2 - 7.2
---------- ---------- --------- ----------- ----------- ---------
Taxation credit
/ (charge) 1.6 (1.1) 0.5 (1.6) - (1.6)
(Loss) / Profit
for the year (2.5) 3.4 0.9 5.6 - 5.6
---------- ---------- --------- ----------- ----------- ---------
(Loss) / Earnings
per share (0.54)p 0.15p 1.22p 0.72p
---------- ---------- --------- ----------- ----------- ---------
Reconciliation of Cash and cash equivalents and Unsecured debt
and bank overdrafts to Unsecured Net Cash / (Debt) and Adjusted Net
Debt
GBPm H1 24 H1 23
------------------------------------------ -------- --------
Cash and cash equivalents 49.1 47.2
Unsecured debt and bank overdrafts - -
Unsecured Net Cash / (Debt) 49.1 47.2
------------------------------------------ -------- --------
Secured debt facility linked to eligible
receivables (307.5) (290.7)
------------------------------------------ -------- --------
Adjusted Net Debt (258.4) (243.5)
------------------------------------------ -------- --------
Reconciliation of Net movement in Cash and cash equivalents and
bank overdrafts to Net Cash generation / (utilisation)
GBPm H1 24 H1 23
----------------------------------------------- ------ -------
Net increase in cash and cash equivalents
and bank overdraft 13.6 4.1
Voluntary flexible drawdown of securitisation
loan - (14.6)
Net Cash generation / (utilisation) 13.6 (10.5)
----------------------------------------------- ------ -------
Overview
The first half of FY24 has seen both our customers and N Brown
continue to face a challenging environment, in part due to elevated
levels of inflation. We had anticipated and planned for conditions
during FY24 to remain challenging, particularly in H1, and our
Adjusted EBITDA of GBP17.5m and Adjusted Profit before Tax of
GBP0.1m leave us on track for our full year expectations.
The continued softer market dynamics and cautious customer
behaviour, combined with unseasonable weather conditions, led to
product revenue down 11.2% or GBP23.7m, with the ongoing impact on
the debtor book from lower product revenue leading to FS revenue
down 9.0%. Group gross margin progressed versus the prior year,
reflecting further growth in the retail gross margin rate driven by
freight rate normalisation, offset by slightly lower FS margin
rate, which remains broadly in line with normalised levels.
Adjusted operating costs were GBP4.7m lower than H1 23 with cost
inflation of c. GBP7m being offset by volume savings and management
actions. This has partially offset the impact of lower revenue. The
continuation of significant pressures on the cost base and lower
operational leverage resulted in an increase in the adjusted
operating cost to revenue ratio of 2.9ppts in H1. We have, and
continue to, put in place actions to mitigate these pressures.
Interest costs were GBP1.0m higher than prior year due to
greater utilisation of the securitisation facility. The interest
rate payable has benefitted from the interest rate hedge in place
and we also remain well hedged on foreign exchange. Depreciation
and amortisation reduced by GBP7.2m following the impairment of
non-financial assets in FY23.
We generated GBP13.6m of cash in H1 after investing a further
GBP8.9m in the transformation of the business. Given the softer
trading environment, proactive intake reductions and clearance of
older stock items has taken place, driving a reduction of c. 20%
(GBP20m) against the stock balance at the end of H1 23. Stock and
wider working capital efficiency will remain a key focus area,
freeing up cash and further improving the overall relevance and
quality of the stock package which we hold.
Cash and cash equivalents amounted to GBP49.1m with Total
Accessible Liquidity of GBP133.1m, which includes the fully undrawn
RCF of GBP75.0m and overdraft of GBP12.5m, net of a low level of
restricted cash. Our balance sheet remains strong, allowing us to
continue to take a measured and well-managed approach to capital
investment, with strategic progress made in the half including the
launch of the new mobile-first website for Jacamo.
Revenue
GBPm H1 24 H1 23 Change
---------------------------- ------ ------ --------
Revenue
---------------------------- ------ ------ --------
Strategic brands(1) 139.4 150.6 (7.4)%
Heritage brands(2) 48.1 60.6 (20.6)%
Total product revenue 187.5 211.2 (11.2)%
---------------------------- ------ ------ --------
Financial services revenue 109.5 120.3 (9.0)%
---------------------------- ------ ------ --------
Group revenue 297.0 331.5 (10.4)%
---------------------------- ------ ------ --------
(1 JD Williams, Simply Be, Jacamo.)
(2 Ambrose Wilson, Home Essentials, Fashion World, Marisota,
Oxendales and Premier Man.)
Group revenue declined 10.4% to GBP297.0m reflecting a 11.2%
decline in product revenue and a 9.0% decline in FS revenue.
The product revenue trend for H1 24 in total was in line with
that seen in H2 23 but includes an improvement in trajectory in Q2.
The H1 24 performance reflects the continued challenging market for
online pureplay retailers, which declined by 9%(1) , and
unseasonable weather conditions for selling summer ranges through
Spring and July to August. Against this market backdrop, our
strategic brands saw a decline of 7.4%. Our heritage brands, which
are managed for contribution as opposed to growth, saw product
revenue down 20.6%.
Looking ahead to H2, we continue to evolve our offering by
ensuring our own designed product delivers the versatility required
for our customers, both within our lead in price propositions as
well as our more premium offering such as Anthology. At the same
time we continue to evolve our 3rd party offer to complement the
uniqueness of product we design in-house, by launching new 3rd
party brands our customers are asking for such as Ted Baker, Fat
Face, TALA and others, alongside those already in place. We have
also strengthened transitional ranges between seasons and have an
elevated focus on layering of products. Campaigns in place across
our strategic brands reflect an increased focus on areas which
matter most to our customers, such as Christmas, and offer more
reasons to update their wardrobe.
The reduced level of product sales from this fiscal year and
prior years resulted in a smaller customer receivables loan book,
down 7.5% at the end of the half. This in turn drove lower FS
revenue, down 9.0%.
Our responsible and flexible credit offering remains an integral
part of our customer proposition, particularly in the current
macro-economic environment.
(1 IMRG view of online pureplay market.)
Adjusted Gross profit(1)
GBPm H1 24 H1 23 Change
Product gross profit 88.4 96.2 (8.1)%
Product gross margin % 47.1% 45.5% 1.6ppts
Financial services gross profit 53.0 60.3 (12.1)%
Financial services gross margin
% 48.4% 50.1% (1.7)ppts
------------------------------------ ------ ------ ----------
Adjusted Group gross profit(1) 141.4 156.5 (9.6)%
------------------------------------ ------ ------ ----------
Adjusted Group gross profit margin 47.6% 47.2% 0.4ppts
------------------------------------ ------ ------ ----------
(1) A reconciliation of statutory measures to adjusted measures
is included on page 12. A full glossary of Alternative Performance
Measures and their definitions is included on page 22.
Adjusted gross profit margin progressed over prior year to
47.6%, reflecting continued growth in retail margin, partially
offset by slightly lower FS margin.
Product gross margin improved 1.6ppts to 47.1% despite
unfavourable trading impacts including lower full price mix and
additional clearance activity of aged stock which adversely
impacted the gross margin rate by c. 0.4ppts. c. 1.3ppt of the
improvement came from normalisation of freight rates and c. 0.7ppt
reflected a benefit from higher VAT bad debt relief due to the
timing of debt sales(1) .
The FX contracts used to hedge US $ spend are described in Note
6 to the financial statements and we remain well hedged through the
remainder of FY24 with over 95% of the US $ cash spend hedged.
FS gross margin rate returned to more normal levels in FY23
(49.3%), with the rate broadly continuing into H1 24. H1 24 FS
gross margin was 1.7ppts lower than H1 23 largely reflective of
timing impacts between provisioning and write offs following the
change in payment arrangement ('PA') strategy in FY23, with a
stable level of PAs in H1 24 annualising against PAs building in H1
23.
(1) Included in product gross margin as they are only
recoverable as we are a combined retail and financial services
business, and they would not be recoverable as a standalone credit
business.
Adjusted operating costs(1)
GBPm H1 24 H1 23 Change
--------------------------------- --------- -------- --------
Warehouse & fulfilment costs (27.8) (31.7) 12.3%
Marketing & production costs(2) (32.7) (35.6) 8.1%
Admin & payroll costs(2) (63.4) (61.3) (3.4)%
--------------------------------- --------- -------- --------
Adjusted operating costs(1) (123.9) (128.6) 3.7%
--------------------------------- --------- -------- --------
Adjusted operating costs as a
% of Group Revenue 41.7% 38.8% 2.9ppts
--------------------------------- --------- -------- --------
(1) A reconciliation of statutory measures to adjusted measures
is included on page 12. A full glossary of Alternative Performance
Measures and their definitions is included on page 22.
(2) H1 23 FS statement costs re-presented from Marketing &
production into Admin & payroll costs, consistent with updated
classification used in H1 24.
Total operating costs excluding adjusting items reduced GBP4.7m
to GBP123.9m through a real focus and discipline in areas which the
business can directly control. This included a headwind of c. GBP7m
cost inflation being offset by volume savings and management
initiatives. The inflationary pressure had increased the cost base
in H2 23 against H1 23, for both supplier costs and internal pay
awards, and this has flowed through and annualised into FY24 as
previously flagged.
Adjusted operating costs as a percentage of Group revenue
increased 2.9ppts to 41.7% reflecting the negative operational
gearing on fixed costs. Although management actions have helped to
mitigate the increase, we expect further benefits from actions
taken in H1, and further actions planned in H2, to benefit the full
year position, along with greater operational leverage in H2 due to
sales seasonality.
Warehouse and fulfilment costs were GBP3.9m or 12.3% lower than
the prior year, benefiting from the flexible cost base, with c.
GBP6m of savings from lower core volumes. This was partially offset
by a headwind of c. GBP2m across fuel surcharges and inflationary
price impacts on carrier and resource costs.
Marketing and production costs were GBP2.9m or 8.1% lower than
prior year reflecting the continued benefit from lower order
volumes on performance marketing costs, more than offsetting cost
inflation of c. GBP2m.
Admin and payroll costs increased by GBP2.1m or 3.4%, driven
predominantly by the continuation of inflationary price increases,
totaling c. GBP3m, including utilities, technology contracts and
pay awards, as well as additional transformation investment of c.
GBP1m, partially offset by cost savings.
Statutory operating costs, including adjusting items reduced by
0.1%.
Depreciation and amortisation
Depreciation and amortisation of GBP9.9m, down GBP7.2m versus
GBP17.1m in the prior year. This was driven by the non-cash
impairment of GBP53.0m against non-financial assets which took
place in FY23.
Finance costs
Net finance costs of GBP7.5m, were higher than GBP6.5m in the
prior year reflecting higher utilisation of the securitisation
facility, with lower voluntarily undrawn amounts during the half
than prior year. The Group has limited its exposure to interest
rate movements through interest rate hedging which it continues to
have in place.
Adjusting items
The multi-year transformation of the business has continued
including the ongoing review of the operating model. A
restructuring programme of the Group's operational and head office
headcount to reflect the lower sales orders, was initiated at the
end of FY23 and continued through the half with total redundancy
costs of GBP1.3m incurred in the period.
During the period, the Board also approved the rationalisation
of the Group's warehousing facilities following a review of the
overall warehouse portfolio capacity, utilisation and associated
operational cost base resulting in a GBP3.3m charge across
provisioning and onerous lease impairment. Further details can be
found in note 5.
GBPm H1 24 H1 23
------------------------------- ------ ------
Strategic change 4.6 -
Other (0.1) -
Items charged to profit before 4.5 -
tax
------------------------------- ------ ------
Profit and earnings per share
Driven by the trading environment remaining challenging and
lower retail volumes, as anticipated, Adjusted EBITDA decreased by
GBP10.4m to GBP17.5m and Adjusted EBITDA margin decreased by
2.5ppts to 5.9%.
Statutory operating profit decreased by GBP7.7m against the
prior year, to GBP3.1m, reflecting the reduction in Adjusted EBITDA
and GBP4.5m of Adjusting items, partially offset by lower
depreciation and amortisation.
Statutory loss before tax of GBP(4.1)m, down GBP(11.3)m year on
year (H1 23: profit before tax of GBP7.2m), reflecting the
reduction in statutory operating profit, higher interest costs, and
a lower fair value gain on financial instruments as a result of the
movement in the US dollar driving lower foreign exchange mark to
market gains.
The taxation credit for the year is based on the underlying
estimated effective tax rate for the full year of 39.0%, and
reflects movement in deferred tax in the year and prior year
adjustments. Further tax analysis is contained in note 7.
Statutory earnings per share decreased to a loss of (0.54)p (H1
23: 1.22p). Adjusted earnings per share decreased to 0.15p (H1 23:
0.72p).
Financial services customer receivables and impairment charge on
customer receivables
Gross customer trade receivables at H1 24 reduced by 7.5%
against H1 23 to GBP528.9m, driven by the reduced level of product
sales in the prior year and H1 of this year.
Arrears rates reduced by 0.1%pts against prior year to 9.8%,
based on H1 23 being presented on a comparable basis, including
insolvency accounts now classified in arrears rather than
written-off. Macro conditions have resulted in pressure on
customers, which is being carefully monitored and support is
provided where required. Our customers have proved resilient to the
conditions with book performance better than expected. Our
macro-economic overlay held at FY23 year-end has reduced from
GBP2.5m to GBP1.1m to reflect this.
The change in the payment arrangements debt sale strategy at the
end of FY23 has meant that we have maintained a higher stock of
customers who are on forbearance measures. The change in debt sale
strategy is the main driver behind the expected credit loss ('ECL')
provision ratio increasing to 14.3% from 13.9% in H1 23 as these
payment arrangement balances are provided for at a higher rate than
the receivables not on a payment arrangement. However, provisions
on the normal book are lower at 11.6% compared to 11.8% in H1 23,
reflecting improved book performance.
GBPm H1 24 H1 23 Change
------------------------------ ------- ------- ----------
Gross customer loan balances 528.9 571.7 (7.5)%
ECL provision (75.8) (79.7) (4.9)%
Normal account provisions (54.3) (62.5) 0.7ppts
Payment arrangement
provisions (20.4) (17.1) (0.9)ppts
Inflationary impacts (1.1) - (0.2)ppts
ECL provision ratio 14.3% 13.9% (0.4)ppts
------------------------------ ------- ------- ----------
Net customer loan balances 453.1 492.0 (7.9)%
------------------------------ ------- ------- ----------
The profit and loss net impairment charge on customer
receivables for H1 24 was GBP56.1m, GBP3.2m lower than last year,
driven by lower write-offs, fraud and macro-economic releases.
GBPm
----------------------------------------------------- ------
H1 23 impairment charge on customer receivables 59.3
Lower write-offs due to book size (2.6)
Macro-economic releases (1.4)
Lower fraud (1.4)
Lower recoveries and timing of sales 1.2
Payment arrangement strategy 1.0
H1 24 net impairment charge on customer receivables 56.1
----------------------------------------------------- ------
Funding and total accessible liquidity ('TAL')
The Group has the following arrangements in place:
-- A GBP400m securitisation facility (H1 23: GBP400m) committed
until December 2024, drawings on which are linked to prevailing
levels of eligible receivables but with flexibility around the
level which the Group chooses to draw. As previously disclosed, in
February 2023 the Group chose to proactively reduce the lender
commitment from GBP400m to GBP340m to reflect the accessible
funding level and reduce ongoing fees;
-- A RCF of GBP75m, and an overdraft facility of GBP12.5m, both
fully undrawn at 2 September 2023. As previously disclosed, these
facilities were refinanced following the FY23 year end to a maximum
limit of GBP75m and GBP12.5m respectively, and are both committed
to December 2026;
-- At 2 September 2023 Group TAL was GBP133.1m, comprising cash
of GBP49.1m including restricted cash of GBP3.5m, the fully undrawn
RCF of GBP75.0m and overdraft of GBP12.5m.
Net Cash Generation / (Utilisation)
GBPm H1 24 H1 23
---------------------------------------- ------- -------
Adjusted EBITDA 17.5 27.9
Inventory working capital movement 11.6 (15.6)
Other working capital, operating
cash flows and provision movement 2.3 19.8
---------------------------------------- ------- -------
Cash flow adjusted for working capital 31.4 32.1
---------------------------------------- ------- -------
Adjusting items (3.1) (3.3)
Capital investing activities (8.9) (11.2)
Non-operating tax & treasury 1.4 (0.6)
Interest paid (8.1) (6.5)
Non-operational cash outflows (18.7) (21.6)
---------------------------------------- ------- -------
Gross customer loan book repayment 26.3 5.4
Decrease in securitisation debt in
line with customer loan book(1) (25.4) (26.4)
---------------------------------------- ------- -------
Net cash inflow from the customer
loan book(1) 0.9 (21.0)
---------------------------------------- ------- -------
Net cash generation / (utilisation) 13.6 (10.5)
---------------------------------------- ------- -------
(1) H1 23 excludes voluntary flexible drawdown of the
securitisation facility of GBP14.6m. The net movement in Cash and
cash equivalents, including the voluntary flexible drawdown, is
shown on page 13.
The business generated cash of GBP13.6m in the half, closing
with GBP49.1m net unsecured cash. The inflow was driven by positive
EBITDA generation and work undertaken to right-size the stock
balance.
Capital expenditure of GBP8.9m (H1 23: GBP11.2m) has continued
to be self-funded as we invest in delivering the ongoing digital
transformation of the business. We expect higher capital investment
in H2 than H1 as part of the continued transformation of the
business, with full year investment expected to be broadly in line
with FY23.
Net inventory levels at the end of the half were down 19.8%, at
GBP82.6m (H1 23: GBP103.0m), driving a net improvement in working
capital. We have been executing against our previously flagged
plans to carefully manage inventory intake and reduce stock
holding, with units at the end of the half nearly 1m below H1
23.
The net inflow from the customer loan book reflects the
reduction in the customer loan book, partially offset by associated
lower securitisation borrowings.
Adjusted net debt
Unsecured net cash / (debt), which is defined as the amount
drawn on the Group's unsecured borrowing facilities less cash
balances, closed the half in a positive position with unsecured net
cash of GBP49.1m (H1 23: unsecured net cash GBP47.2m plus an
additional GBP45.5m which was voluntarily underdrawn on the
securitisation funding facility to optimise interest costs).
Adjusted net debt reduced by GBP39.0m in the half against FY23
year end, to GBP258.4m (FY23: GBP297.4m; H1 23: GBP243.5m). This is
the net amount of GBP49.1m of unsecured net cash and GBP307.5m of
debt drawn against the securitisation funding facility which is
backed by eligible customer receivables. The GBP453.1m net customer
loan book significantly exceeds this adjusted net debt figure. The
reduction in net debt in the half reflects the net cash generation
described above and lower securitised borrowings.
Dividend and capital allocation
As previously announced in the Group's FY23 results and in light
of the macro-economic environment, our clear set of investment
plans and the number of competing demands on our cash resources,
the Board decided not to re-introduce a dividend in FY23 or
FY24.
Pension scheme
The Group's defined benefit pension scheme had a surplus of
GBP20.0m at the end of the half, which has reduced over the prior
year (H1 23: GBP31.4m surplus) driven by lower returns on the
scheme assets, offset partly by the increase in corporate yields
and reduced long-term inflation expectations, remaining in line
with the FY23 year end position.
KPI DEFINITIONS
Measure Definition
Total website sessions Total number of sessions across N Brown apps,
mobile and desktop websites in the 12 month
period
Total active customers Customers who placed an accepted order in the
12 month period to reporting date
Total orders Total accepted orders placed in the 12 month
period. Includes online and offline orders.
AOV Average order value based on accepted demand(1)
AIV Average item value based on accepted demand(1)
Items per order Average number of items per accepted order
Orders per customer Average number of orders placed per ordering
customer
Conversion % of app/web sessions that result in an accepted
order
NPS Customers asked to rate likelihood to "recommend
the brand to a friend or colleague" on a 0-10
scale (10 most likely). NPS is (% of 9-10) minus
(% of 0-6). NPS is recorded on JD Williams,
Simply Be, Jacamo and Ambrose Wilson
FS Arrears Arrears are stated including both customer debts
with two or more missed payments, or customer
debts on a payment hold
----------------------- --------------------------------------------------
(1) Accepted demand is defined as the value of Orders from
customers (including VAT) that we accept, i.e. after our credit
assessment processes.
APM GLOSSARY
The Preliminary Results statement includes alternative
performance measures ('APMs'), which are not defined or specified
under the requirements of IFRS. These APMs are consistent with how
the Group measures performance internally and are also used in
assessing performance under the Group's incentive plans. Therefore,
the Directors believe that these APMs provide stakeholders with
additional, useful information on the Group's performance.
Alternative Performance Definition
Measure
Adjusted gross profit Gross profit excluding adjusting items.
------------------------------------------------
Adjusted gross profit margin Adjusted gross profit as a percentage
of Group Revenue.
------------------------------------------------
Adjusted EBITDA Operating profit, excluding adjusting
items, with depreciation and amortisation
added back.
------------------------------------------------
Adjusted EBITDA margin Adjusted EBITDA as a percentage of Group
Revenue.
------------------------------------------------
Adjusted profit before tax Profit before tax, excluding adjusting
items and fair value movement on financial
instruments.
------------------------------------------------
Adjusted profit before tax Profit before tax, excluding adjusting
margin items and fair value movement on financial
instruments expressed as a percentage
of Group Revenue.
------------------------------------------------
Net Cash generation Net cash generated from the Group's
underlying operating activities.
------------------------------------------------
Adjusted Operating costs Operating costs less depreciation, amortisation
and adjusting items.
------------------------------------------------
Adjusted Operating costs Operating costs less depreciation, amortisation
to revenue ratio and adjusting items as a percentage
of Group revenue.
------------------------------------------------
Adjusted Net debt Total liabilities from financing activities
less cash, excluding lease liabilities.
------------------------------------------------
Net debt Total liabilities from financing activities
less cash.
------------------------------------------------
Unsecured net cash / (debt) Amount drawn on the Group's unsecured
debt facilities less cash balances.
This measure is used to calculate the
Group's leverage ratio, a key debt covenant
measure.
------------------------------------------------
Total Accessible Liquidity Total cash and cash equivalents, less
restricted amounts, and available headroom
on secured and unsecured debt facilities.
------------------------------------------------
Adjusted Earnings per share Adjusted earnings per share based on
earnings before adjusting items and
fair value adjustments, which are those
items that do not form part of the recurring
operational activities of the Group.
------------------------------------------------
The reconciliation of the statutory measures to adjusted
measures is included in the Financial Review on page 12.
Unaudited Condensed consolidated income statement
for the 26 weeks ended 2 September 2023
26 weeks 26 weeks 26 weeks 26 weeks 26 weeks 26 weeks
to to to to 27 to to 27
2 September 2 September 2 September August 27 August August
2023 2023 2023 2022 2022 2022
Before Adjusting Total Before Adjusting Total
adjusting items adjusting items
items (Note items (Note
5) 5)
Note GBPm GBPm GBPm GBPm GBPm GBPm
-------------------------- ----- ------------- ------------- ------------- ----------- ----------- ---------
Revenue 197.1 - 197.1 222.1 - 222.1
Credit account
interest 4 99.9 - 99.9 109.4 - 109.4
-------------------------- ----- ------------- ------------- ------------- ----------- ----------- ---------
Total revenue 4 297.0 - 297.0 331.5 - 331.5
Cost of sales (99.5) (1.0) (100.5) (115.7) - (115.7)
Impairment losses
on customer receivables 4 (56.1) - (56.1) (59.3) - (59.3)
Gross profit 4 141.4 (1.0) 140.4 156.5 - 156.5
Operating profit 4 7.6 (4.5) 3.1 10.8 - 10.8
Finance costs (7.5) - (7.5) (6.5) - (6.5)
-------------------------- ----- ------------- ------------- ------------- ----------- ----------- ---------
Profit/(Loss) before
taxation and fair
value adjustments
to financial instruments 0.1 (4.5) (4.4) 4.3 - 4.3
Fair value adjustments
to financial
instruments 6 0.3 - 0.3 2.9 - 2.9
-------------------------- ----- ------------- ------------- ------------- ----------- ----------- ---------
Profit/(Loss)
before taxation 0.4 (4.5) (4.1) 7.2 - 7.2
Taxation 7 0.5 1.1 1.6 (1.6) - (1.6)
-------------------------- ----- ------------- ------------- ------------- ----------- ----------- ---------
Profit/(Loss)
for the period 0.9 (3.4) (2.5) 5.6 5.6
-------------------------- ----- ------------- ------------- ------------- ----------- ----------- ---------
(Loss)/Earnings per share
from continuing operations
Basic 8 (0.54)p 1.22p
Diluted 8 N/A 1.21p
Unaudited condensed consolidated statement of comprehensive
income
for the 26 weeks ended 2 September 2023
26 weeks 26 weeks to
to 2 September 27
2023 August 2022
GBPm GBPm
------------------------------------------------ ---------------- -------------
(Loss)/Profit for the period (2.5) 5.6
Items that will not be classified subsequently
to profit or loss:
Actuarial losses on defined benefit pension
schemes (0.8) (6.8)
Tax relating to items not reclassified 0.3 2.5
------------------------------------------------ ---------------- -------------
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations (0.6) 0.1
Fair value movements of cash flow hedges 0.7 27.3
Reclassified from OCI to profit & loss (5.0) (0.2)
Tax relating to these items 1.0 (5.7)
------------------------------------------------ ---------------- -------------
Other comprehensive (loss)/income for
the period (4.4) 17.2
------------------------------------------------ ---------------- -------------
Total comprehensive (loss)/income for
the period attributable to equity holders
of the parent (6.9) 22.8
------------------------------------------------ ---------------- -------------
Condensed consolidated balance sheet
As at 2 September 2023
As at 27 As at 4
As at 2 September August 2022 March 2023
2023 (unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
Non-current assets
Property, plant & equipment 10 50.8 58.6 50.9
Intangible assets 9 58.4 108.3 58.3
Right-of-use assets 1.2 0.7 0.5
Retirement benefit surplus 20.0 31.4 20.0
Derivative financial instruments 6 3.2 10.3 7.6
Deferred tax assets 29.2 11.5 29.2
---------------------------------- ----- ------------------ ------------- ------------
162.8 220.8 166.5
---------------------------------- ----- ------------------ ------------- ------------
Current assets
Inventories 82.6 103.0 94.1
Trade and other receivables 11 477.8 516.3 504.7
Derivative financial instruments 6 16.5 21.1 19.1
Current tax asset 1.8 0.4 0.1
Cash and cash equivalents 13 49.1 47.2 35.5
---------------------------------- ----- ------------------ ------------- ------------
627.8 688.0 653.5
---------------------------------- ----- ------------------ ------------- ------------
Total assets 790.6 908.8 820.0
---------------------------------- ----- ------------------ ------------- ------------
Current liabilities
Trade and other payables 12 (75.1) (103.8) (72.5)
Lease liability (0.6) (0.6) (0.3)
Provisions 16 (10.8) (27.6) (10.1)
Derivative financial instruments 6 (0.4) - (0.1)
(86.9) (132.0) (83.0)
---------------------------------- ----- ------------------ ------------- ------------
Net current assets 540.9 556.0 570.5
Non-current liabilities
Bank loans 14 (307.5) (290.7) (332.9)
Lease liability (0.5) (0.2) (0.2)
Provisions (0.3) - -
Derivative financial instruments 6 (0.1) - -
Deferred tax liabilities (11.5) (24.0) (13.2)
---------------------------------- ----- ------------------ ------------- ------------
(319.9) (314.9) (346.3)
---------------------------------- ----- ------------------ ------------- ------------
Total liabilities (406.8) (446.9) (429.3)
---------------------------------- ----- ------------------ ------------- ------------
Net assets 383.8 461.9 390.7
---------------------------------- ----- ------------------ ------------- ------------
Equity
Share capital 51.2 50.9 50.9
Share premium 85.7 85.0 85.7
Own shares (0.1) - (0.2)
Cash flow hedge reserve 11.5 22.7 15.7
Foreign currency translation
reserve 1.2 1.1 1.8
Retained earnings 234.3 302.2 236.8
---------------------------------- ----- ------------------ ------------- ------------
Total equity 383.8 461.9 390.7
---------------------------------- ----- ------------------ ------------- ------------
Condensed consolidated cash flow statement
For the 26 weeks ended 2 September 2023
26 weeks 26 weeks 53 weeks
to 2 September to 27 August to 4 March
2023 (unaudited) 2022 (unaudited) 2023 (audited)
GBPm GBPm GBPm
Net cash inflow from operating activities 52.6 34.3 5.8
Investing activities
Purchase of property, plant and equipment (1.2) (1.9) (5.8)
Expenditure on intangible assets (7.7) (9.3) (19.8)
-------------------------------------------- ------------------ ------------------ ----------------
Net cash used in investing activities (8.9) (11.2) (25.6)
-------------------------------------------- ------------------ ------------------ ----------------
Financing activities
Interest paid (8.1) (6.5) (15.0)
(Decrease)/Increase in bank loans (25.4) (11.8) 30.4
Principal elements of lease payments (0.5) (0.5) (1.0)
Proceeds from foreign exchange contracts 3.4 0.8 (1.2)
Proceeds on issue of share capital 0.3 - -
Purchase of shares by ESOT (0.3) - -
Net cash (outflow)/inflow from financing
activities (30.6) (18.0) 13.2
-------------------------------------------- ------------------ ------------------ ----------------
Net foreign exchange difference 0.5 (1.0) (1.0)
-------------------------------------------- ------------------ ------------------ ----------------
Net increase/(decrease) in cash and
cash equivalents and bank overdraft 13.6 4.1 (7.6)
-------------------------------------------- ------------------ ------------------ ----------------
Cash and cash equivalents and bank
overdraft at beginning of period 35.5 43.1 43.1
-------------------------------------------- ------------------ ------------------ ----------------
Cash and cash equivalents and bank
overdraft at end of period 49.1 47.2 35.5
-------------------------------------------- ------------------ ------------------ ----------------
Reconciliation of operating profit to net cash from operating
activities
53 weeks
to
26 weeks
to 4 March
2 September 2023
26 weeks
to 27 August
2023 (unaudited) 2022 (unaudited) (audited)
GBPm GBPm GBPm
(Loss)/Profit for the period (2.5) 5.6 (51.4)
Adjustments for:
Taxation (credit)/charge (1.6) 1.6 (19.7)
Fair value adjustments to financial
instruments (0.3) (2.9) (8.9)
Net foreign exchange (loss) /gain (0.5) 1.0 1.0
Finance costs 7.5 6.5 14.1
Depreciation of right-of-use assets 0.4 0.4 0.8
Depreciation of property, plant
and equipment 1.2 2.1 4.3
Loss on disposal of intangible
assets - - 0.8
Impairment of non-financial assets - - 53.0
Amortisation of intangible assets 8.3 14.6 30.6
Share option charge 0.9 1.1 1.5
---------------------------------------------- ------------------- ------------------ ------------
Operating cash flows before movements
in working capital 13.4 30.0 26.1
Decrease / (Increase) in inventories 11.6 (15.6) (6.7)
Decrease in trade and other receivables 26.7 16.3 28.3
Increase /(decrease) in trade and
other payables 1.6 8.2 (22.3)
Increase / (decrease) in provisions 1.1 (3.3) (20.9)
Pension obligation adjustment (0.4) (0.3) (1.0)
---------------------------------------------- ------------------- ------------------ ------------
Cash generated by operations 54.0 35.3 3.5
Taxation (paid) / received (1.4) (1.0) 2.3
Net cash inflow from operating
activities 52.6 34.3 5.8
---------------------------------------------- ------------------- ------------------ ------------
Changes in liabilities from financing 53 weeks
activities to
26 weeks
to 4 March
2 September 2023
26 weeks
to 27 August
2023 (unaudited) 2022 (unaudited) (audited)
GBPm GBPm GBPm
----------------------------------------- --- ------------------- ------------------ ------------
Loans and borrowings balance brought
forward 333.4 303.8 303.8
Changes from financing cashflows
Net repayment on loans and borrowings
(1) (25.4) (11.8) 30.4
New leases entered in the year 1.1 - -
Lease payments in the period (0.5) (0.5) (0.8)
Increase/(Decrease) in loans and
borrowings (24.8) (12.3) 29.6
---------------------------------------------- ------------------- ------------------ ------------
Loans and borrowings balance carried
forward 308.6 291.5 333.4
---------------------------------------------- ------------------- ------------------ ------------
(1) Repayments relating to the Group's securitisation facility
are represented net of cash receipts in respect of the customer
book collections. The Directors consider that the net
representation more accurately reflects the way the securitisation
cashflows are managed.
Unaudited consolidated statement of changes in equity
Cash Foreign
Flow currency
Share Share Own Hedge translation Retained
Capital premium shares Reserve Reserve earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Balance at 26 February
2022 50.9 85.0 (0.2) 5.5 1.0 300.1 442.3
Total comprehensive income
for the period
Profit for the period - - - - - 5.6 5.6
Other items of comprehensive
income /(loss) for the period - - - 21.4 0.1 (4.3) 17.2
------------------------------------
Total comprehensive income
for the period - - - 21.4 0.1 1.3 22.8
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Hedging gains & losses transferred
to the cost of inventory - - - (4.2) - - (4.2)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Transactions with owners
recorded directly in equity
Issue of own shares by ESOT - - 0.2 - - (0.3) (0.1)
Share option charge - - - - - 1.1 1.1
--------- --------- -------- --------- ------------- ---------- -------
Total contributions by
and distributions to the
owners - - 0.2 - - 0.8 1.0
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Balance at 27 August 2022 50.9 85.0 - 22.7 1.1 302.2 461.9
Total comprehensive income
for the period
Loss for the period - - - - - (57.1) (57.1)
Other items of comprehensive
income/(loss) for the period - - - (3.5) 0.7 (8.3) (11.1)
------------------------------------
Total comprehensive (loss)/income
for the period - - - (3.5) 0.7 (65.4) (68.2)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Hedging gains and losses
transferred to the cost
of inventory - - - (3.5) - - (3.5)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Transactions with owners
recorded directly in equity
Issue of own shares by ESOT - - 0.1 - - 0.3 0.4
Share option charge - - - - - 0.4 0.4
Historic adjustment to equity
for share payments - 0.7 (0.3) - - (0.4) -
Adjustment to equity for
share payments - - - - - (0.3) (0.3)
Total contributions by
and distributions to the
owners - 0.7 (0.2) (3.5) - - (3.0)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Balance at 4 March 2023 50.9 85.7 (0.2) 15.7 1.8 236.8 390.7
Total comprehensive income
for the period
Loss for the period - - - - - (2.5) (2.5)
Other items of comprehensive
loss for the period - - - (3.3) (0.6) (0.5) (4.4)
Total comprehensive loss
for the period - - - (3.3) (0.6) (3.0) (6.9)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Hedging gains and losses
transferred to the cost
of inventory - - - (0.9) - - (0.9)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Transactions with owners
recorded directly in equity
Issue of shares 0.3 - - - - - 0.3
Issue of own shares by ESOT - - 0.1 - - - 0.1
Share option charge - - - - - 0.9 0.9
Adjustment to equity for
share payments - - - - - (0.4) (0.4)
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Total contributions by
and distributions to the
owners 0.3 - 0.1 - - 0.5 0.9
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Balance at 2 September
2023 51.2 85.7 (0.1) 11.5 1.2 234.3 383.8
------------------------------------ --------- --------- -------- --------- ------------- ---------- -------
Notes to the unaudited consolidated financial statements
For the 26 weeks ended 2 September 2023
1. Basis of preparation
This condensed set of consolidated interim financial statements
has been prepared in accordance with IAS 34 Interim Financial
Reporting in conformity with the requirements of the Companies Act
2006. They do not include all the information required for full
annual financial statements and should be read in conjunction with
the consolidated financial statements of the Group as at and for
the 53 weeks ended 4 March 2023. The annual financial statements of
the Group are prepared in accordance with International Financial
Reporting Standards (IFRSs) in conformity with the requirements of
the Companies Act 2006.
The comparative figures for the 53 weeks ended 4 March 2023 are
extracted from the Company's statutory accounts for that financial
year. Those accounts have been reported on by the Company's auditor
and delivered to the Registrar of Companies. The report of the
auditor was (i) unqualified, (ii) did not include a reference to
any matters to which the auditor drew attention by way of emphasis
of matter, and (iii) did not contain a statement under section 498
(2) or (3) of the Companies Act 2006.
After making appropriate enquiries, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in the
preparation of these financial statements. This is explained in
further detail in note 3.
The accounting policies and presentation adopted in the
preparation of these consolidated interim financial statements are
consistent with those disclosed in the published annual report and
accounts for the 53 weeks ended 4 March 2023.
At the date of issue of these interim financial statements the
following standards and interpretations became effective in the
current financial year, and have been applied for the first time in
these financial statements:
Definition of Accounting Estimates (Amendments to IAS 8)
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS
Practice Statement 2)
Deferred Tax related to Assets and Liabilities arising from a
Single Transaction (Amendments to IAS 12)
IFRS 17 Insurance Contracts
None of these new standards and interpretations have had any
material impact on these financial statements.
Critical judgements and key sources of estimation
uncertainty
In preparing the condensed interim financial statements, the
areas of critical judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty related to the same areas as those applied to the
consolidated financial statements for the 53 weeks ended 4 March
2023.
The key areas of significant judgements made by management in
applying the Group's accounting policies during the period were as
follows:
-- Impairment of customer receivables (critical judgement and estimation uncertainty)
-- Software and development costs (critical judgement and estimation uncertainty)
-- Impairment of non-financial assets (critical judgement and estimation uncertainty)
-- Other litigation (critical judgement and estimation uncertainty)
-- Defined benefit plan (estimation uncertainty)
2. Key risks and uncertainties
The Group continues to enhance and embed risk management
practices in support of the N Brown Enterprise Risk Management
Framework ("RMF"). The RMF enables the Group to maintain robust
governance and oversight of risk management activities across the
business to underpin a standardised approach to managing risks and
to consider the commercial and regulatory impacts of internal and
external risk events.
Principal risk categories with the potential to impact on
performance and the delivery of the strategic roadmap in year or
through the planning cycle are defined in the RMF as:
1. Customer and Conduct 6. Strategic
2. Credit Risk 7. Financial
3. Financial Crime 8. Business Resilience
4. People 9. Legal and Regulatory Compliance
5. Supplier and Outsourcing 10. Information, Technology
and Cybersecurity
The Group Risk Profile remains challenging, principally due to
the moving and uncertain UK economy and related volatilities.
Significant activity to manage the impacts has been established and
continues to be delivered across the Group.
Although recently less severe, significant increases in energy
prices, general price increases and interest rate increases over
the period has put pressure on household budgets and adversely
impacting consumer confidence and, consequently, on spending on
non-essential items.
The Group continues to manage currency and interest rate
fluctuations through hedging in the near term. Currency
arrangements expire on a rolling basis with reducing hedging levels
up to 24 months. We continue to monitor rates to identify the most
appropriate hedging strategy going forward.
The cost pressures noted above may create affordability
challenges for our credit customers. Leading indicators are tracked
to enable the Group to react to changes in the lending market. We
also ensure that appropriate forbearance options are in place to
ensure good customer outcomes for those impacted by these
issues.
The Board maintains a continuous process for identifying,
evaluating and managing risk as part of its overall responsibility
for maintaining internal controls and the RMF. This process is
intended to provide reasonable assurance regarding compliance with
laws and regulations as well as commercial and operational
risks.
Specific review and identification of existing and emerging
risks is facilitated by routine Board-level risk assessment cycles
completed during the year, as informed by a routine of regular risk
assessments at business unit level. Outputs are reported to the
Audit and Risk Committee.
In setting strategy, the Board considers Environmental, Social
and Governance ("ESG") factors, drivers and impacts on the health
and sustainability of the business. Furthermore, in general terms
the strategy is designed to deliver long term sustainable business
success. The RMF has been established to provide an overview of
strategic risk and as such incorporates assessments of risks that
have the potential to create ESG exposures. During the period ESG
risks have been further considered and their potential impacts on
the broader Group Risk environment are being assessed.
ESG and related risks will be embedded in the RMF and will be
evaluated and reported as part of the existing Governance routines
and managed accordingly.
In spite of increased risk in the external environment of many
of our principal risks, enhancements to the internal control
environment are successfully mitigating many of the threats. This
is resulting in a broadly stable net risk position and has created
a positive risk outlook for when the economic conditions improve.
Control enhancements are identified routinely and we continue to
implement Control Development Plans. On a continuous basis as we
test controls, review operational issues and perform assurance
activities.
The Group recognises that no system of controls can provide
absolute assurance against material misstatement, loss or failure
to meet its business objectives.
3. Going Concern
After reviewing the Group's forecasts and risk assessments,
including assumptions around capital and operating expenditure and
their impact on cash flows, the Directors have formed a judgement
at the time of approving the interim financial statements, that
there is a reasonable expectation that the Group has adequate
resources to continue in operational existence for the 12 months
from the date of signing these financial statements.
In reaching their conclusions, the Directors have considered the
Group's cashflow and revenue projections for the 12 months
following the date of signing these results, which have been borne
out of extensive scenario testing, based on a variety of end market
assumptions, while taking account of appropriate mitigating actions
within the direct control of the Group. The Directors have had
regard to the implications of ongoing market movements, and in
particular, the effect of the rising interest rates on consumer
confidence and the health of its debtor book which affects its
ability to draw down on the securitisation facility and the impact
of severe but plausible downside scenarios on the cash flows. Under
the severe but plausible downside scenario, the Group continues to
be in compliance with all relevant covenants associated with its
available facilities.
For this reason, the Directors continue to adopt the going
concern basis in preparing the financial statements.
As at 2 September 2023, the Group had cash of GBP45.6m, net of
restricted cash of GBP3.5m. In addition, the Group had GBP87.5m of
accessible unsecured facilities that were not drawn. This gives
rise to total accessible liquidity ("TAL") of GBP133.1m (FY23 year
end at GBP143.9m and GBP112.0m following refinancing on 14 April
2023).
4. Business Segments
The Group has identified two operating segments in accordance
with IFRS 8 - Operating segments, Product Revenue and Financial
Services ("FS"). The Board receives monthly financial information
at this level and uses this information to monitor the performance
of the Group, allocate resources and make operational decisions.
Internal reporting focuses and tracks revenue, cost of sales and
gross margin performance across these two segments separately.
However, it does not track operating costs or any other income
statement items by segment.
Revenues and costs associated with the product segment relate to
the sale of goods through various brands. The Product cost of sales
is inclusive of VAT bad debt relief claimed of GBP9.8m (H1 23:
GBP9.0m) as a consequence of customer debt write off, with the
write off presented in Financial Services cost of sales. The
revenue and costs associated with the Financial Services segment
relate to the income from provision of credit terms for customer
purchases, and the costs to the business of providing such funding.
To increase transparency, the Group has included additional
voluntary disclosure analysing product revenue within the relevant
operating segment, by strategic and other brand categorisation.
26 weeks to 26 weeks
2 September to 27 August
2023 2022
GBPm GBPm
-------------------------------------------- ------------- --------------
Analysis of revenue:
Sale of goods 178.3 200.7
Postage and packaging 9.2 10.5
--------------------------------------------- ------------- --------------
Product - total revenue 187.5 211.2
--------------------------------------------- ------------- --------------
Other financial services revenue 9.6 10.9
Credit account interest 99.9 109.4
--------------------------------------------- ------------- --------------
Financial Services - total revenue 109.5 120.3
--------------------------------------------- ------------- --------------
Total Group Revenue 297.0 331.5
--------------------------------------------- ------------- --------------
Analysis of cost of sales:
-------------------------------------------- ------------- --------------
Product - total cost of sales (99.1) (115.0)
--------------------------------------------- ------------- --------------
Impairment losses on customer receivables (56.1) (59.3)
Other financial services cost of sales (0.4) (0.7)
--------------------------------------------- ------------- --------------
Financial Services - total cost of
sales (56.5) (60.0)
--------------------------------------------- ------------- --------------
Cost of sales before adjusting items (155.6) (175.0)
--------------------------------------------- ------------- --------------
Adjusted Gross profit(1) 141.4 156.5
Adjusted Gross profit margin (1) 47.6% 47.2%
Adjusted Gross margin - Product (1) 47.1% 45.5%
Adjusted Gross margin - Financial Services
(1) 48.4% 50.1%
Warehouse and fulfilment (27.8) (31.7)
Marketing and production(2) (32.7) (35.6)
Other administration and payroll(2) (63.4) (61.3)
--------------------------------------------- ------------- --------------
Adjusted operating costs(1) (123.9) (128.6)
--------------------------------------------- ------------- --------------
Adjusted EBITDA (1) 17.5 27.9
--------------------------------------------- ------------- --------------
Adjusted EBITDA margin(1) 5.9% 8.4%
--------------------------------------------- ------------- --------------
Depreciation and amortisation (9.9) (17.1)
Adjusting items charged to operating
profit (note 5) (4.5) -
-------------------------------------------- ------------- --------------
Operating profit 3.1 10.8
--------------------------------------------- ------------- --------------
Finance costs (7.5) (6.5)
Fair value adjustments to financial
instruments 0.3 2.9
--------------------------------------------- ------------- --------------
Profit before taxation (4.1) 7.2
--------------------------------------------- ------------- --------------
(1) A reconciliation of statutory measures to adjusted measures
is included on page 12. A full glossary of Alternative Performance
Measures and their definitions is included on page 22.
(2) Financial Services statement costs have been re-presented from
marketing and production and into Other admin and payroll for both
the current and prior periods
26 weeks to 26 weeks
2 September to 27 August
2023 2022
GBPm GBPm
-------------------------------------------- ------------- --------------
Analysis of Product revenue:
Strategic brands (1) 139.4 150.6
Heritage brands (2) 48.1 60.6
--------------------------------------------- ------------- --------------
Total Product revenue 187.5 211.2
Financial Services revenue 109.5 120.3
--------------------------------------------- ------------- --------------
Total Group revenue 297.0 331.5
--------------------------------------------- ------------- --------------
(1) Strategic brands include JD Williams, Simply Be and
Jacamo.
(2) Heritage brands include Ambrose Wilson, Home Essentials,
Fashion World, Marisota, Oxendales and Premier Man.
The Group has one significant geographical segment, which is the
United Kingdom. Revenue derived from Ireland amounted to GBP7.8m
(H1 23: GBP8.6m). Operating results from international markets
amounted to GBP0.5m profit (H1 23, GBP0.8m profit). All segment
assets are located in the UK and Ireland. All non-current assets
are located in the UK.
For the purposes of monitoring segment performance, assets and
liabilities are not measured separately for the two reportable
segments of the Group. Impairments of tangible and intangible
assets in the current period were GBPnil (H1 23: GBPnil).
5. Adjusting items
26 weeks to 2 September 26 weeks to 27 August
2023 2022
GBPm GBPm
--------------------- --------------------------- -------------------------
Allianz litigation (0.1) -
Strategic change 4.6 -
Total adjusted items 4.5 -
--------------------- --------------------------- -------------------------
ALLIANZ LITIGATION
As previously reported, the Group was involved in a legal
dispute with Allianz Insurance Plc ('Allianz'). The matter related
to a claim issued against JD Williams & Company Limited
('JDW'), a subsidiary of the Group, by the Insurer in January 2020
(claim number CL-2020-000004) and JDW's counterclaims in that
litigation (the 'Dispute'). The Dispute related to significant
amounts of redress previously paid to customers by JDW and the
Insurer in respect of certain historic insurance products,
including payment protection insurance.
In January 2023 the Board agreed to the Settlement. Under the
Settlement, which is a negotiated settlement and made without
admission of liability, JDW paid the Insurer a sum of GBP49.5m in
full and final settlement of the Dispute, below the sums claimed by
the Insurer (which exceeded GBP70m inclusive of interest and
costs). The Dispute has been brought to an end and this removes a
significant element of uncertainty for all stakeholders and allows
the Group to focus on creating shareholder value through its core
business activities as it continues its transformation.
The provision outstanding at 2 September 2023 was GBP0.2m,
relating to amounts payable to Allianz following closure of the
joint redress account. The release of GBP0.1m in the period relates
to amounts previously provided in respect of legal costs that are
no longer required.
STRATEGIC CHANGE
During the current year, the Group continued the multi-year
transformation of the business and the ongoing review of the
operating model. Specifically, a restructuring program of the
Group's operational and head office headcount to reflect the lower
sales orders, was initiated at the end of FY23 and continued
through the half year period. Total redundancy costs of GBP1.3m
were incurred in the period. A provision of GBP0.5m was outstanding
at 2 September 2023 relating to payments made in the months
following the period end.
During the period, the Board also approved the rationalisation
of the Group's warehousing facilities following a review of the
overall warehouse portfolio capacity, utilisation and associated
operational cost base. Accordingly a provision of GBP3.2m was
booked at half year end relating to GBP2.2m of incremental costs
associated with staff exits, onerous contracts and the expected
dual running of warehouses, and GBP1.0m of incremental stock
provision arising from the rationalisation of terminal stock due to
reduced storage capacity across the warehouse portfolios. The
remaining GBP0.1m charge in the period relates to the onerous
impairment in respect of one of the Group's leased warehouses.
6. Derivative financial instruments
At the balance sheet date, details of outstanding forward
foreign exchange contracts that the Group has committed to are as
follows:
2 September 27 August
2023 2022
GBPm GBPm
------------------------------------------- ------------ ----------
Notional amount - Sterling contract value
(designated cash flow hedges - Interest
rate swap) 250.0 250.0
Notional amount - Sterling contract value
(designated cash flow hedges - Foreign
exchange forwards) 80.6 120.9
Notional amount - Sterling contract value
(FVPL) 160.0 15.0
------------------------------------------- ------------ ----------
Total notional amount 490.6 385.9
The Group has fair value amounts held for derivative financial
liabilities in the following line items on the Balance Sheet:
2 September 27 August
2023 2022
Current Assets GBPm GBPm
------------------------------------------------- ------------ ----------
Interest rate swap - cash flow hedges 11.8 7.7
Interest rate caps - non designated instruments 2.2 -
at FVPL
Foreign currency forwards - cash flow hedges 2.2 11.8
Foreign currency forwards - non designated
instruments at FVPL 0.3 1.6
Total 16.5 21.1
2 September 27 August
2023 2022
Non-current Assets GBPm GBPm
------------------------------------------------- ------------ ----------
Interest rate swap - cash flow hedges 2.7 7.3
Interest rate caps - non designated instruments 0.4 -
at FVPL
Foreign currency forwards - cash flow hedges 0.1 3.0
Total 3.2 10.3
2 September 27 August
2023 2022
Current liabilities GBPm GBPm
--------------------------------------------- ------------ ----------
Foreign currency forwards - cash flow hedges (0.3) -
Foreign currency forwards - non designated (0.1) -
instruments at FVPL
--------------------------------------------- ------------ ----------
Total (0.4) -
2 September 27 August
2023 2022
Non-current liabilities GBPm GBPm
--------------------------------------------- ------------ ----------
Foreign currency forwards - cash flow hedges (0.1) -
--------------------------------------------- ------------ ----------
Total (0.1) -
--------------------------------------------- ------------ ----------
The fair value of foreign currency and interest rate derivative
contracts is the market value of the instruments as at the balance
sheet date. Market values are calculated with reference to the
duration of the derivative instrument together with the observable
market data such as spot and forward interest rates, foreign
exchange rates and market volatility at the balance sheet date.
Changes in the fair value of derivatives not designated for
hedge accounting amounted to a gain of GBP0.5m (H1 23: GBP2.9m),
recognised through the Income statement in the period.
Changes in the fair value of derivatives designated for hedging
purposes amounted to a gain of GBP0.7m (H1 23: GBP27.3m) recognised
through the cash flow hedge reserve.
Fair value movements previously held within the hedge reserve
were released as the hedged future cash flows were no longer
expected to occur. This resulted in one off fair value losses of
GBP0.2m (H1 23: GBPnil) recognised in the income statement within
the fair value adjustments to financial instruments line and also
included within amounts reclassified from other comprehensive
income to profit and loss line in the statement of other
comprehensive income.
There are no balances remaining within the closing hedge reserve
balance in respect of previous hedge relationships where hedge
accounting is no longer applied. There were no amounts recognised
in the income statement in the period (H1 23: GBPnil) for hedge
ineffectiveness on either foreign exchange or interest rate
hedges.
Financial instruments that are measured subsequent to initial
recognition at fair value are all grouped into Level 2 (H1 23:
Level 2).
Level 2 fair value measurements are those derived from inputs
other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
There were no transfers between Level 1 and Level 2 during the
current or prior period.
7. Taxation
The underlying effective tax rate for the full year is estimated
to be 39% (FY 23 27.7%) and this rate has been applied to the loss
for the 26 weeks ended 2nd September 2023. In the Spring Budget on
15 March 2023, it was confirmed that the UK tax rate would increase
from 19% to 25% from 1 April 2023, so the effective tax rate has
been calculated based on the enacted UK rate of 25% (other than 35%
on the retirement benefit scheme) and taxation for other
jurisdictions at the rates prevailing in those jurisdictions.
The current period effective tax rate is higher than the
statutory UK tax rate of 25% due to the impact of prior year
adjustments on deferred tax charge in the half year following
agreement of FY22 tax returns and the deferred tax charge resulting
from the continued unwinding of the deferred tax asset recognised
on adoption of IFRS 9 in FY2019 and spread over 10 years. Without
the impact of these factors the underlying effective tax rate would
be below 25%.
As previously reported, the Group continues to provide a total
of GBP0.7m (2023: GBP0.7m) for potential future corporation tax
charges based upon the Group's best estimate and the outcome from
discussions with HMRC. In the prior year, HMRC notified the Group
of a previously unidentified and unpaid historic tax balance,
relating to years 2010-2015, which HMRC had stood over awaiting
resolution of other historic tax matters. The matter related to tax
liabilities in Ambrose Wilson Limited and Oxendales & Company
Limited from transfer pricing adjustments calculated on
intercompany balances with JD Williams & Company Limited for
the years in question. The Group believed the tax had previously
been paid, however, following a detailed internal investigation, it
was agreed with HMRC in May 2023 that this balance was outstanding.
Accordingly, a tax provision of GBP0.7m was included as a prior
year adjustment in the 2023 tax calculation, with a provision
for related interest estimated at GBP0.3m included in finance
charges. In September 2023 the steps to settle this liability and
potential interest were agreed with HMRC, and the principal
liability of GBP0.7m has now been fully settled.
8. (Loss) / earnings per share
The calculation of earnings per ordinary share is based on
earnings after tax and the weighted average number of ordinary
shares in issue during the period.
The adjusted earnings per share figures have also been
calculated based on adjusted earnings, after adjusting for those
items of income and expenditure which are one-off in nature and
material to the current financial year, and for which the Directors
believe that they require separate disclosure to avoid distortion
of underlying performance (see note 5), and fair value adjustments
to derivative instruments. These have been calculated to allow the
shareholders to gain an understanding of the underlying trading
performance of the Group. For diluted earnings per share, the
weighted average number of ordinary shares in issue is adjusted to
assume conversion of all dilutive potential ordinary shares.
Earnings per share for the current year have not been diluted
following the loss after tax in the period.
(Loss) /earnings for the purposes of basic 26 weeks 26 weeks
and diluted earnings per share: to to
2 September 27 August
2023 2022
GBPm GBPm
------------------------------------------------ ------------- -------------
Total net (loss)/profit attributable to equity
holders of the parent (2.5) 5.6
Fair value adjustment to financial instruments
(net of tax) (0.2) (2.3)
Adjusting items (net of tax) 3.4 -
------------------------------------------------ ------------- -------------
Adjusted profit for the period as used in
headline earnings per share 0.7 3.3
------------------------------------------------ ------------- -------------
Number of shares for the purposes of basic 26 weeks 26 weeks
and diluted earnings per share: to to
2 September 27 August
2023 2022
m m
------------------------------------------------ ------------- -------------
Weighted average number of shares in issue
- basic 459.9 459.3
Dilutive effect of share options 4.5 2.6
------------------------------------------------
Weighted average number of shares in issue
- diluted 464.4 461.9
------------------------------------------------ ------------- -------------
(Loss)/earnings per share
Basic (0.54) 1.22
Diluted N/A 1.21
Adjusted earnings per share
Basic 0.15 0.72
Diluted N/A 0.71
9. Intangible assets
Brands Software Customer Total
database
GBPm GBPm GBPm GBPm
------------------------ ------- --------- ---------- ------
Cost
As at 26 February 2022 16.9 373.3 1.9 392.1
Additions - 9.9 - 9.9
As at 27 August 2022 16.9 383.2 1.9 402.0
Additions - 10.2 - 10.2
Disposals - (0.9) - (0.9)
------------------------ ------- --------- ---------- ------
As at 4 March 2023 16.9 392.5 1.9 411.3
Additions - 8.5 - 8.5
Disposals - (0.1) - (0.1)
------------------------ ------- --------- ---------- ------
As at 2 September 2023 16.9 400.9 1.9 419.7
------------------------ ------- --------- ---------- ------
Amortisation
As at 26 February 2022 16.9 260.3 1.9 279.1
Charge for the period - 14.6 - 14.6
As at 27 August 2022 16.9 274.9 1.9 293.7
Charge for the period - 16.0 - 16.0
Impairment - 43.4 - 43.4
Disposals - (0.1) - (0.1)
------------------------ -------
As at 4 March 2023 16.9 334.2 1.9 353.0
Charge for the period - 8.3 - 8.3
As at 2 September 2023 16.9 342.5 1.9 361.3
------------------------ -------
Carrying amounts
As at 2 September 2023 - 58.4 - 58.4
------------------------ ------- --------- ---------- ------
As at 4 March 2023 - 58.3 - 58.3
------------------------ ------- --------- ---------- ------
As at 27 August 2022 - 108.3 - 108.3
------------------------ ------- --------- ---------- ------
As at 26 February 2022 - 113.0 - 113.0
------------------------ ------- --------- ---------- ------
Assets in the course of development included in intangible
assets at the period end total GBP9.3m (H1 23: GBP8.8m). No
amortisation is charged on these assets.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At the end of the last financial year (53 weeks ended 4 March
2023), the Group recognised a GBP53m impairment loss against its
intangible and tangible assets, following an assessment of the
discounted value of the Group's latest financial forecasts using a
value in use model ("VIU") against the carrying value of the
Group's net assets.
At half year end, the Group has performed a review in line with
the requirements of IAS 36 Impairment of Assets and IAS 34 Interim
Financial Reporting, for any new indications of a significant
increase or reversal of the impairment loss previously recognised.
The assessment took into consideration both internal and external
factors as guided by IAS 36, and has concluded that there have been
no significant changes in any of the factors that would indicate
the requirement of a full reassessment of the VIU model at half
year end. Management considers that the impairment loss of GBP53m
recognised at the previous financial year end continues to
represent a reasonable estimate of the impairment to the Group's
net assets.
10. Property, plant and equipment
Additions to tangible fixed assets during the period of GBP1.1m
(H1 23: GBP2.1m) primarily relate to warehousing improvement
projects. Depreciation of GBP1.2m (H1 23: GBP2.0m) was charged
during the period. Additionally, depreciation relating to IFRS 16
right of use assets amounted to GBP0.4m (H1 23: GBP0.4m) during the
period.
Assets in the course of construction included in fixtures and
equipment at the period end total GBP 1.5m (H1 23: GBP1.3m), and in
land and buildings total GBPnil (H1 23: GBPnil). No depreciation is
charged on these assets until they are available for commercial
use.
11. Trade and other receivables
2 September 27 August 4 March
2023 2022 2023
GBPm GBPm GBPm
-------------------------------------- ------------ ---------- --------
Amounts receivable for the sale of
goods and services 528.9 571.7 555.2
Allowance for expected credit losses (75.8) (79.7) (74.6)
-------------------------------------- ------------ ---------- --------
Net trade receivables 453.1 492.0 480.6
Other receivables and prepayments 24.7 24.3 24.1
-------------------------------------- ------------ ---------- --------
Trade and other receivables 477.8 516.3 504.7
-------------------------------------- ------------ ---------- --------
Income statement impairment charge
-------------------------------------- ------------ ---------- --------
Provision movements 1.2 11.0 5.9
-------------------------------------- ------------ ---------- --------
Gross write-offs 55.8 52.7 131.2
-------------------------------------- ------------ ---------- --------
Recoveries (5.6) (7.1) (21.0)
-------------------------------------- ------------ ---------- --------
Other items 4.7 2.7 6.2
-------------------------------------- ------------ ---------- --------
Net impairment charge 56.1 59.3 122.3
-------------------------------------- ------------ ---------- --------
Other receivables and prepayments include a balance of GBP1.2m
(H1 23: GBP0.8m) relating to amounts due from wholesale
partners.
Trade receivables are measured at amortised cost.
As at 2 September 2023
----------------------------------------------------------------------
Stage 1 Stage 2 Stage 3 Total
Gross trade receivables 351.7 88.5 88.7 528.9
Allowance for ECL (14.9) (20.0) (40.9) (75.8)
-------------------------- ------------ -------- -------- --------
Net trade receivables 336.8 68.5 47.8 453.1
-------------------------- ------------ -------- -------- --------
ECL % (4.2%) (22.6%) (46.1%) (14.3%)
-------------------------- ------------ -------- -------- --------
As at 27 August 2022
----------------------------------------------------------------------
Stage
1 Stage 2 Stage 3 Total
Gross trade receivables 388.1 99.7 83.9 571.7
Allowance for ECL (7.6) (25.2) (46.9) (79.7)
Net trade receivables 380.5 74.5 37.0 492.0
-------------------------- -------- -------- -------- --------
ECL % (2.0%) (25.2%) (55.9%) (13.9%)
-------------------------- -------- -------- -------- --------
12. Trade and other payables
2 September 27 August 4 March 2023
2023 2022
GBPm GBPm GBPm
------------------------------- ------------ ---------- -------------
Trade payables 40.3 61.6 40.2
Other payables 5.2 6.4 3.6
Accruals and deferred income 29.6 35.8 28.7
------------------------------- ------------
Trade and other payables 75.1 103.8 72.5
------------------------------- ------------ ---------- -------------
Trade payables and accruals principally comprise amounts
outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases, based on invoice date, at
H1 24 is 48 days (H1 23: 50 days).
The Group has financial risk management policies in place to
ensure that all payables are paid within agreed credit terms.
The Group continues to have a supplier financing arrangement
which is facilitated by HSBC. The principal purpose of this
arrangement is to enable the supplier, if it so wishes, to sell its
receivables due from the Group to a third party bank prior to their
due date, thus providing earlier access to liquidity. From the
Group's perspective, the invoice payment due date remains unaltered
and the payment terms of suppliers participating in the programme
are similar to those suppliers that are not participating.
The maximum facility limit as at 2 September 2023 was GBP15m (H1
23: GBP15m). At 2 September 2023, total of GBP6.8m (H1 23:
GBP11.9m) had been funded under the programme. The scheme is based
around the principle of reverse factoring whereby the bank
purchases from the suppliers approved trade debts owed by the
Group. Access to the supplier finance scheme is by mutual agreement
between the bank and supplier, where the supplier wishes to be paid
faster than standard Group payment terms; the Group is not party to
this contract. The scheme has no cost to the Group as the fees are
paid by the supplier directly to the bank. The bank has no special
seniority of claim to the Group upon liquidation and would be
treated the same as any other trade payable. As the scheme does not
change the characteristics of the trade payable, and the Group's
obligation is not legally extinguished until the bank is repaid,
the Group continues to recognise these liabilities within trade
payables and all cash flows associated with the arrangements are
included within operating cash flow as they continue to be part of
the normal operating cycle of the Group. There is no fixed expiry
date on this facility.
13. Cash and cash equivalents
Cash and cash equivalents (which are presented as a single class
of assets on the face of the balance sheet) comprise cash at bank
and other short-term highly liquid investments with a maturity of
three months or less. Included in the amount below is GBP1.0m (H1
23: GBP1.0m) of restricted cash which is held in respect of the
Group's customer redress programmes and GBP2.5m (H1 23: GBP3.0m) in
respect of our securitisation reserve account. This cash is
available to access by the Group for restricted purposes.
A breakdown of significant cash and cash equivalent balances by
currency is as follows:
2 September 27 August 4 March 2023
2023 2022
GBPm GBPm GBPm
------------------------------------ ----------------------------- ------------- ----------------
Sterling 26.9 19.6 24.9
Euro 4.1 10.8 2.9
US dollar 18.1 16.8 7.7
------------------------------------ ----------------------------- ------------- ----------------
Net cash and cash equivalents and
bank overdrafts 49.1 47.2 35.5
------------------------------------ ----------------------------- ------------- ----------------
Made up of:
------------------------------------ ----------------------------- ------------- ----------------
Cash and cash equivalents 49.1 47.2 35.5
------------------------------------ ----------------------------- ------------- ----------------
Bank overdrafts - - -
==================================== ============================= ============= ================
The Group operates a notional pooling and net overdraft facility
whereby cash and overdraft balances held with the same bank have a
legal right of offset. In line with the requirements of IAS 32,
gross balance sheet presentation is required where there is no
intention to settle any amounts net. The balance has therefore been
separated between overdrafts and cash balances.
14. Bank Borrowings
2 September 27 August 2022 4 March 2023
2023
GBPm GBPm GBPm
--------------------------------------- --------------- ------------------ ----------------
Bank loans (307.5) (290.7) (332.9)
Repayable as follows:
- --
* Within one year
* In the second year (307.5) - (332.9)
* In the third to fifth year - (290.7)-
--------------------------------------- --------------- ------------------ ---------------
Amounts due for settlement after
12 months (307.5) (290.7) (332.9)
2 September 27 August 2022 4 March 2023
2023
% %%
--------------------------------------- --------------- ------------------ ---------------
The weighted average interest rates
were as follows:
Net overdraft facility 6.1 1.7 3.5
Bank loans 6.1 2.9 3.6
All borrowings are held in sterling.
The principal features of the Group's borrowings are as
follows:
During April 2023, the Group completed the refinancing of its
unsecured Revolving Credit Facility ('RCF'). The new RCF facility
has a maximum limit of GBP75m (H1 23: GBP100m) and an overdraft
facility of GBP12.5m (H1 23: GBP25m) both respectively committed to
December 2026. The full GBP87.5m was accessible but undrawn at 2
September 2023 (H1 23: GBPnil).
The key covenants in respect of the new RCF continue to be as
follows:
(a) Leverage less than 1.5 - representing the ratio of unsecured
net cash/(debt)(1) , over Adjusted EBITDA(1) after the deduction of
Securitisation interest; and
(b) Interest cover greater than 4.0 - representing the ratio of
Adjusted EBITDA(1) over finance costs after excluding
Securitisation interest and adding back pension interest
credit.
Throughout the reporting period all covenants have been complied
with.
The Group has a bank loan of GBP307.5m (H1 23: GBP290.7m)
secured by a charge over certain "eligible" trade debtors (current
and 0-28 days past due) of the Group and is without recourse to any
of the Group's other assets. The facility has a current limit of
GBP400m and is committed to December 2024. In February 2023, whilst
not reducing the GBP400m facility limit, the Group pro-actively
reduced the lenders' commitment to GBP340m from GBP400m to reflect
the smaller customer receivables book and subsequent reduction in
the accessible funding level, so optimising funding costs by
reducing non-utilisation costs. This has not changed the Group's
total accessible funding levels. The securitisation facility allows
the Group to draw down cash, based on set criteria linked to
eligible customer receivables which move flexibly in line with
business volumes. Accordingly, the net cashflows of the facility
are treated within working capital rather than financing cashflows.
Unamortised fees relating to this facility of GBP1.2m are offset
against the carrying amount of the loan.
The key covenants applicable to the securitisation facility
include three month average default, return and collection ratios,
and a net interest margin ratio on the total and eligible pool.
Through the reporting period all covenants have been complied
with.
There is no material difference between the fair value and
carrying amount of the Group's borrowings.
(1) A full glossary of Alternative Performance Measures and
their definitions is included on page 22. A reconciliation of
statutory measures to adjusted measures is included on page 12.
15. Dividends
No dividends were paid or proposed in either the current period
or prior period.
16. Provisions
Other Strategic Allianz Other Total
Litigation Change Litigation
GBPm GBPm GBPm GBPm GBPm
-------------------------------- ------------ ---------- ------------ ------ ------
Balance as at 4 March 2023 6.9 2.2 0.3 0.7 10.1
Provisions made/(reversed)
during the period 0.1 4.0 (0.1) - 4.0
Provisions used during the
period (0.1) (2.5) - (0.4) (3.0)
Balance as at 2 September 2023 6.9 3.7 0.2 0.3 11.1
-------------------------------- ------------ ---------- ------------ ------ ------
Non-current - 0.3 - - 0.3
Current 6.9 3.4 0.2 0.3 10.8
-------------------------------- ------------ ---------- ------------ ------ ------
Balance as at 2 September
2023 6.9 3.7 0.2 0.3 11.1
-------------------------------- ------------ ---------- ------------ ------ ------
ALLIANZ LITIGATION
During the prior year, the Group reached full and final
settlement in respect of the legal dispute with Allianz Insurance
plc. Further detail provided in note 5 and in the FY23 Annual
Report and accounts. The provision outstanding at 2 September 2023
was GBP0.2m, relating to amounts payable to Allianz following
closure of the joint redress account. The release of GBP0.1m in the
period relates to amounts previously provided in respect of legal
costs that are no longer required.
OTHER LITIGATION
During the prior year, the Group made a provision of GBP5.5m, as
an estimate of litigation costs. This is principally committed
external legal costs associated with legacy customer claims. This
is not a new exposure and in prior years the Group has handled such
claims on a case by case basis and the costs incurred have not been
material. The Group will continue to defend such claims of unfair
relationships and the Board supports a strategy to robustly defend
any past and future claims. The Group has engaged external counsel
which is reflected in the provision recorded. GBP0.1m of the
provision has been utilised in respect of legal costs incurred in
the period. The remaining provision of GBP5.4m is expected to be
paid in the next 12 months.
The provision outstanding at 2 September 2023 of GBP6.9m also
includes a provision of GBP1.5m recognised in prior periods in
relation to certain PPI related customer redress complaints which
are expected to be paid in the next 12 months.
STRATEGIC CHANGE
During the prior year, the Group commenced a restructuring
exercise to 'right size' its headcount and payroll overhead,
following the contraction in revenues and profitability during the
Covid-19 pandemic and the more recent downturn in retail market
performance as a result of the cost-of-living crisis. The Group has
continued with this exercise in the current period, resulting in
additional provision of GBP0.8m booked in the period. A provision
of GBP0.5m relating to restructuring costs was outstanding at 2
September which is expected to be fully paid in the months
following the period end.
During the period, the Board also approved the rationalisation
of the Group's warehousing facilities following a review of the
overall warehouse portfolio capacity, utilisation and associated
operational cost base. Accordingly a provision of GBP3.2m was
booked at half year end relating to GBP2.2m of incremental costs
associated with staff exits, onerous contracts and the expected
dual running of warehouses, GBP1.0m of incremental stock provision
arising from the rationalisation of terminal stock due to reduced
storage capacity across the warehouse portfolios.
OTHER
The provision held at 2 September 2023 of GBP0.3m relates to
costs and interest in relation to matters under discussion with
HMRC relating to prior years. Agreement on this matter is still
pending with HMRC as of the date of this financial report. The
utilisation of GBP0.4m in the period relates to the settlement of a
legal claim that existed at FY23 year end.
Responsibility statement of the directors in respect of the
half-yearly financial report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted
with the requirements of the Companies Act 2006
This report was approved by the Board of Directors on 12 October
2023
Stephen Johnson Dominic Appleton
Chief Executive Chief Financial Officer
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