RE: ...say cheese...4 Aug 2025 16:27
Too many on here with an agenda to help with their short positions. Just a lot of FUD and lies!!!!
FYI.....Following the refinancing and payments from cash reserves for Term Loan A and B with maturity extended to December 2029, ( remaining loan A balance of £35m to be paid off in cash Oct 2025) leaves net debt of circa £370 million Term loan B.
· As previously indicated, capital expenditure will reduce to c.£20m p.a., with cash lease payments reducing to c.£22m pa. Cash adjusting items will be temporarily elevated at c.£15m incorporating costs relating to the demerger.
Significant reduction in capital expenditure, Post-demerger was £21.1m (pre-demerger £101.3m) and finance cost and lease repayments were £57.4m (pre-demerger £83.2m) leading to neutral free cash generation (£0.4m).
As a result of the proposed refinancing, net total leverage (excl. leases) decreases from 3.2x to 2.2x pre deal fees based on FY 2024 continuing Adjusted EBITDA (excluding Ingenuity) of £92m. THG is a fundamentally cash generative business and the refinancing underlines the Company's target to progress towards a neutral net cash / net debt position.
It's all in the Annual Results Presentation!!! DYOR!!!!