25 November 2021
FULL YEAR RESULTS
(For the 52 weeks ended 25 September 2021)
Highlights
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A return to profitability and cash generation in the period since restrictions were lifted |
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FY 2021 like-for-like sales a declined by 9.6% impacted by Covid-19 related restrictions |
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Like-for-like sales a growth of 2.7% in last eight weeks since the end of the financial year with total sales in growth of 0.5% |
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Strengthened balance sheet through successful £351m equity raise and refinanced debt arrangements |
Reported results
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Trading results
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Balance sheet and cash flow
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Phil Urban, Chief Executive, commented:
“Despite the inevitable challenges faced by our business over the past year we are now well positioned to regain the momentum previously built as we come out of the pandemic.
The trading environment remains challenging and cost headwinds continue to put pressure on the sector. However, we have strengthened our balance sheet and returned to profitability and cash generation, allowing us to resume our capital plan and Ignite programme which will deliver sales and efficiency improvements to help combat these challenges. Demand for our well-loved brands has been demonstrated by an encouraging return to sustained like-for-like sales growth since restrictions have been lifted, and we are confident in our ability to continue our recovery as a market leading operator.”
Definitions
a – The Directors use a number of alternative performance measures (APMs) that are considered critical to aid the understanding of the Group's performance. APMs are explained later in this announcement.
All sales measures are compared to FY 2019, being the last full year pre-Covid-19.