(For the 52 weeks ended 25 September 2021)
Highlights
- A return to profitability and cash generation in the period since restrictions were lifted
- FY 2021 like-for-like salesa declined by 9.6% impacted by Covid-19 related restrictions
- Like-for-like salesa growth of 2.7% in last eight weeks since the end of the financial year with total sales in growth of 0.5%
- Strengthened balance sheet through successful £351m equity raise and refinanced debt arrangements
Reported results
- Total revenue of £1,065m (FY 2020 £1,475m)
- Operating profit of £81m (FY 2020 £8m)
- Loss before tax of £(42)m (FY 2020 £(123)m)
- Basic loss per share of (11.5)p (FY 2020 (23.6)p)
Trading results
- Adjusted operating profita £29m (FY 2020 £99m)
- Second half sales of £846m (H2 FY 2020 £436m) demonstrating strong recovery on re-opening, full year revenue of £1,065m (FY 2020 £1,475m)
- Adjusted second half operating profita £153m (H2 FY 2020 £(9)m)
Balance sheet and cash flow
- Unsecured committed financing facilities of £150m to February 2024
- Extended covenant waivers and amendments in place for the securitisation until Q4 2022
- Cash inflow after bond amortisation of £70m (FY 2020 inflow £24m), including gross equity proceeds of £351m
- Cash balances on hand of £227m at year end with liquidity facility fully repaid
- Net debta reduced to £1,270m (FY 2020 £1,563m), excluding £513m of IFRS 16 lease liabilities (FY 2020 £541m)
Phil Urban, Chief Executive, commented:
"Despite the inevitable challenges faced by our business over the past year we are now well positioned to regain the momentum previously built as we come out of the pandemic.
The trading environment remains challenging and cost headwinds continue to put pressure on the sector. However, we have strengthened our balance sheet and returned to profitability and cash generation, allowing us to resume our capital plan and Ignite programme which will deliver sales and efficiency improvements to help combat these challenges. Demand for our well-loved brands has been demonstrated by an encouraging return to sustained like-for-like sales growth since restrictions have been lifted, and we are confident in our ability to continue our recovery as a market leading operator."