Wow19 Jun 2018 08:23
Financial highlights
· Strong underlying performance in FY18
· Revenue up 33% to £194.8m, (FY17: £147.0m) with strong growth across all channels and product categories
o Online sales up 41%, now accounting for 30% of total revenue (FY17: 29%)
· Adjusted EBITDA up 12% to £12.5m (FY17: £11.2m)
o Adjusted EBITDA margin of 6.4% (FY17: 7.6%), down 120bps in FY18, due to lower gross margin and planned investments in central functions
· Adjusted profit before tax up 4% to £8.4m (FY17: £8.1m)
· Profit before tax of £1.9m (FY17: £8.1m), after exceptional items of £6.0m and the share-based payment charge of £0.4m (FY17: nil)
· Cash balances increased to £11.4m at year end, reflecting IPO proceeds and growth of the Company (25 February 2017: £2.8m)
Operational highlights
· Opened 10 new stores, refitted two stores and upsized seven stores
· Continued investment in the footasylum.com website and further investment in other online platforms with the launch of an own brand website, and apps for Footasylum, Kings Will Dream and SEVEN
· New wholesale channel creating opportunities for own brands
· Distribution space doubled to 278,000 sq ft, with the opening of a second warehouse facility in Rochdale
· Investment in a new in-house studio in Manchester for design, photography and videography
· Barry Bown, former CEO of JD Sports Fashion plc, joined the Company in a consulting role on 1 March 2018 and joined the Board as Executive Chairman on 1 June 2018
· Headcount grew by 21% to 2,270 employees at the year end (25 February 2017: 1,869)