Balance?4 Jan 2021 11:06
Highlights
? Revenue £816.5 million, up 45% (44% CER(7)
)
? Strong revenue growth across all geographies and brands (UK: +37%; international: +55%, including US
+83%). International now 47% of group revenue (2019: 44%)
? New customer acquisition in Q1 driven by pandemic’s impact on consumer behaviour
? Healthy customer KPIs with a continued improvement in share of wallet
? Acquisition of the remaining 34% minority shareholding in PrettyLittleThing
? Acquisition and integration of the Oasis and Warehouse brands, complementary additions to the group’s
scalable, multi-brand platform
? Robust balance sheet with net cash of £344.9 million (2019: £207.3 million), healthy operating cash flow
of £147.2 million (2019: £55.9 million) and net cash flow of £99.5 million (2019: £15.5 million)
? Non-participation in UK Government’s financial support schemes to support jobs and businesses
? Successful £198 million share placing to support future acquisitions
? Independent Review (“Independent Review") of working conditions of supply chain in Leicester
published. All recommendations accepted, improvements in supply chain governance to be robustly
implemented in full
Rest of Europe
Performance in the Rest of Europe was pleasing, despite the disruption to distribution caused by the restriction of
movement, which impacted on carriers in a number of countries. Revenue growth of 41% to £123.7 million was
good across all brands and all major countries, with exceptional growth rates from boohooMAN and NastyGal,
particularly in Q1, resulting from the effectiveness of increased marketing and consumers’ shift to online shopping
during lockdown. Return rates have been significantly lower than in the previous half-year, although they have
been gradually returning to normal levels as time progressed during Q2. Gross margin declined slightly from 57.9%
to 57.8%.
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