Business
Interim Results
Interim Results.
About this update from Mothercare Plc
[{"type":"text","content":"\n\n \nMothercare plc\n \nInterim results announcement\n \nDriving the Mothercare brand globally\n \nMothercare plc (\"Mothercare\" \"the Company\" or \"the Group\"), the highly trusted British heritage international brand and franchise operator, that connects with the parents of newborn babies and children across multiple product categories throughout their early life as parents, today announces unaudited half year results for the 26-week period to 23 September 2023 (\"H1 FY24\"). The comparative period was a 26-week period to 24 September 2022 (\"H1 FY23\").\n \nKey Highlights\n \n· International retail sales by franchise partners of £137.2 million (2022: £162.1 million), a decrease of 15% on last year (13% down at constant currency). This reflects difficult trading conditions in the Middle East which is down 20% on last year, with continuing operations excluding the Middle East down 6% on last year at constant currency.\n· Adjusted EBITDA of £3.6 million (H1 FY23: £3.2 million) increased by 12%, reflecting tighter control of costs.\n· Group adjusted profit before taxation from operations increased 17% to £3.4 million (H1 FY23: £2.9 million).\n· Total Group profit before taxation of £2.0 million (H1 FY23: £0.8 million).\n· Net debt increased to £15.8 million (£11.6 million at 24 September 2022).\n· We continue to explore options to further mitigate the pension scheme current deficit of £35 million (at 31 March 2023) notwithstanding the reduction from £124.5 million since March 2020.\n \n \nOur Group \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n26 weeks to\n\n\n26 weeks to\n\n\n26 weeks to\n\n\n28 weeks to\n\n\n\n\n \n\n\n23 Sep 2023\n\n\n24 Sep 2022\n\n\n25 Sep 2021\n\n\n10 Oct 2020\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTurnover £m\n\n\n29.0\n\n\n38.5\n\n\n41.7\n\n\n44.4\n\n\n\n\nAdjusted EBITDA2 £m\n\n\n3.6\n\n\n3.2\n\n\n5.6\n\n\n(0.1)\n\n\n\n\nAdjusted profit from operations 2 £m\n\n\n3.4\n\n\n2.9\n\n\n5.2\n\n\n(1.3)\n\n\n\n\nAdjusted profit before taxation2 £m\n\n\n1.8\n\n\n1.7\n\n\n3.6\n\n\n(4.4)\n\n\n\n\nProfit for the period £m\n \n \n\n\n1.7\n\n\n0.4\n\n\n3.6\n\n\n(13.2)\n\n\n\n\n...