Business
FY23 Preliminary Results
FY23 Preliminary Results.
About this update from Dfs Furniture Plc
[{"type":"text","content":"\n\n21 September 2023\n \nImmediate release\n\n\n\n \nDFS Furniture plc (\"DFS\" and the \"Group\")\n \nPreliminary Results\n \nRecord market share c38% and FY23 PBT within previously guided range\n \nSolid start to FY24, in line with expectations\n \n \nDFS Furniture plc (the \"Group\"), the market leading retailer of living room and upholstered furniture in the United Kingdom, today announces its preliminary results for the 52 weeks ended 25 June 2023 (prior year comparative period is the 52 weeks ended 26 June 2022).\n \n\n\n\n\n£m\n\n\nFY23\n\n\nFY22\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue from continuing operations¹\n\n\n1,088.9\n\n\n1,149.8\n\n\n(5.3%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGross margin¹\n\n\n54.4%\n\n\n52.7%\n\n\n1.7%pt\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUnderlying PBTa from continuing operations1,2\n\n\n30.6\n\n\n60.3\n\n\n(49.3%)\n\n\n\n\nReported PBT\n\n\n29.7\n\n\n58.5\n\n\n(49.2%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic underlying EPS from continuing operations1,2\n\n\n9.6p\n\n\n17.5p\n\n\n(45.1%)\n\n\n\n\nReported EPS\n\n\n11.1p\n\n\n12.3p\n\n\n(9.8%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow excluding working capital normalisation1,2\n\n\n29.4\n\n\n37.2\n\n\n(21.0%)\n\n\n\n\nFree cash flow2\n\n\n(7.0)\n\n\n(5.0)\n\n\n(40.0%)\n\n\n\n\nCash returned to shareholders3\n\n\n43.0\n\n\n58.2\n\n\n(26.1%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet bank debt2\n\n\n140.3\n\n\n90.0\n\n\n55.9%\n\n\n\n\nLeverage2\n\n\n1.9x\n\n\n1.0x\n\n\n(0.9x)\n\n\n\n\n \n1 Excludes the discontinued Netherlands and Spain businesses\n2 Definitions and reconciliations of KPIs including Alternative Performance Measures (\"APMs\") are provided at the end of this statement in Note 14 to the condensed consolidated financial statements.\n3 Ordinary dividends, special dividends and share buy backs paid in the period\n \n\n\n \nStrategic and operational highlights:\n● Continuing to win share in a very tough market, extending our market leadership with 2%pts share gain to a record 38% of the UK upholstery market.\n● Operationally in the strongest position since the pandemic, reflected in customer experience scores, with supply chains, order banks and customer lead times all back to normal.\n● Brands con...