RE: Director Buys19 May 2023 16:07
Getting back to growth
· Significant market share gains over the last 3 years, with sales +43%, and the UK +61%
· Successful delivery of automation in Sheffield, driving best-in-class operational performance and significant savings
· Substantial progress made ahead of phased launch of US distribution centre later this year, driving a step change in customer proposition
· Leaner, lighter, faster inventory position, with stock down 36% year on year
· Strong cash generation with net £30.2 million Free Cash Flow after £91.2 million of capital expenditure supporting growth ambitions, and £330.9 million of liquidity headroom
· Reinvesting margin improvements from supply chain deflation into speed and price to reinforce test and repeat proposition
· Medium term adjusted EBITDA margin expectation of 6% to 8%, and getting back to double digit revenue growth through scale, unlocking cost deflation, and overhead efficiencies