|
|
FY18 H1
Underlying* |
FY18 H1
Exceptional items |
FY18 H1
Reported |
FY17 H1
Underlying |
FY17 H1
Exceptional items |
FY17 H1
Reported |
Year-on-year change
Underlying |
Year-on- year change
Reported |
|
Total revenues |
£545.4m |
|
£545.4m |
£460.5m |
|
£460.5m |
+18.4% |
+18.4% |
|
Like-for-like sales |
£469.3m |
|
£469.3m |
£442.6m |
|
£442.6m |
+6.0% |
+6.0% |
|
Gross margin |
48.6% |
|
48.6% |
50.4% |
|
50.4% |
-180bps |
-180bps |
|
EBITDA |
£79.1m |
-£2.7m |
£76.4m |
£80.7m |
-£9.3m |
£71.4m |
-2.0% |
7.0% |
|
Profit before tax |
£60.0m |
-£3.7m |
£56.3m |
£65.2m |
-£9.3m |
£55.9m |
-8.0% |
0.7% |
|
Free cash flow |
|
|
£27.8m |
|
|
£19.0m |
|
+46.0% |
|
Net debt |
|
|
-£134.3m |
|
|
-£103.8m |
|
-29.4% |
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
23.9p |
|
22.3p |
25.6p |
|
21.9p |
-6.6% |
+1.8% |
|
Fully diluted EPS |
23.8p |
|
22.2p |
25.6p |
|
21.8p |
-7.0% |
+1.8% |
|
Interim dividend |
|
|
7.0p |
|
|
6.5p |
|
+7.7% |
*Underlying numbers exclude exceptional items associated with the acquisition of Worldstores on 28 November 2016
Highlights
· Good sales growth; 6.0% like-for-like (LFL) sales growth, including store LFL sales growth of 3.5%, and 18.4% total growth.
· Continued market share gains in a broadly static homewares market.
· Good strategic online progress, with 36.8% LFL sales growth on Dunelm.com. Total online sales now at 18.5% of our total revenues, up from 11.7% last year.
· The integration of Worldstores is progressing well, with cost and efficiency programmes on track, and benefits to Dunelm.com sales proven. Revenue synergies dependent on a single, integrated, web platform.
· EBITDA of £79.1m (pre-exceptional items) down 2.0% year-on-year reflecting investment for growth and consolidation of Worldstores trading losses.
· EBTIDA (post exceptional items) of £76.4m up 7% year-on-year.
· PBT pre-exceptional items down 8.0% to £60.0m, and up 0.7% to £56.3m post-exceptional costs.
· Earnings per share up 1.8% to 22.2 pence (fully diluted, post-exceptional items), with core growth largely offset by acquired Worldstores losses year-on-year.
· Interim dividend increased by 7.7% to 7.0 pence per share (FY17: 6.5 pence per share).
Andy Harrison, Chairman, commented:
“The strength of our customer proposition has helped us to deliver a good sales performance in the first half, with like-for-like sales growth of 6.0% and total sales growth of 18.4%, boosted by the Worldstores acquisition. We have made good strategic progress, best highlighted by the 36.8% like-for-like growth in our online sales (including reserve and collect), which now account for 18.5% of our total sales, up from 11.7% last year.
“Our gross margin in the first half was lower due to the mix effect of acquired Worldstores sales and a higher proportion of end of season and seasonal products. We expect a more stable margin performance in the second half, which, together with reduced losses and increased integration benefits from the acquisition, should deliver good full year profit growth.
“The Board has increased the interim dividend by 7.7% to 7.0 pence per share, reflecting both Dunelm's future profit growth potential and our strong cash generating capability.
“We are very pleased to welcome Nick Wilkinson who took up the reins as our new Chief Executive on February 1st. We are confident that Nick's leadership skills and retail pedigree will help us to deliver our ambitious growth plans to build Dunelm as the leading multi-channel retailer in our space.”