Business
H1 FY22 Results
H1 FY22 Results.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0455V\n Watches of Switzerland Group PLC\n 09 December 2021\n \n \n \n \n \n \n \n \n \n \n Watches of Switzerland Group PLC\n \n \n H1 FY22 Results\n \n \n for the 26 weeks to 31 October 2021 (H1 FY22)\n \n \n \n \n \n Strong performance underpinning recently upgraded guidance \n \n \n US expansion strategy advanced with acquisitions of five stores now completed\n \n \n \n \n \n Watches of Switzerland Group PLC ('the Group') today provides the following financial results relating to the 26 weeks ending 31 October 2021.\n \n \n \n \n \n Strong, broad-based sales performance resulting in significant growth in H1 FY22 profit\n \n \n ·\n Group revenue £586.2 million (H1 FY21: £414.3 million), +44.6% vs H1 FY21 and +40.8% vs H1 FY20 (both in constant currency2)\n \n \n o \n Continued strong demand for luxury watches and jewellery, with growth led by a significant increase in volumes of non-supply constrained brands\n \n \n o \n Each individual brand showed positive average selling price (ASP) growth\n \n \n o \n Group ecommerce sales1 grew +28.7% on last year\n \n \n · \n Adjusted EBITDA2 +58.8% to £82.8 million (H1 FY21: £52.2 million)\n \n \n o \n Adjusted EBITDA margin2 of 14.1% (H1 FY21: 12.6%)\n \n \n · \n Adjusted EBIT2 +62.7% to £67.5 million (H1 FY21: £41.5 million)\n \n \n · \n Statutory operating profit +58.6% to £72.3 million (H1 FY21: £45.6 million)\n \n \n · \n Statutory profit before tax £64.7 million (H1 FY21: £36.2 million)\n \n \n ·\n Expansionary capital expenditure3\n \n of £19.1 million (H1 FY21: £9.1 million) with eight new stores opened, two stores acquired, three stores expanded, and five stores refurbished\n \n \n · \n Free cashflow2 of £102.3 million (H1 FY21: £116.1 million) with conversion of 123.6%\n \n \n · \n Return on capital employed2 increased to 23.1% (H1 FY21: 17.2%)\n \n \n · \n Net cash2 of £30.0 million as at 31 October 2021 (25 October 2020: net debt2 of £22.7 million)\n \n \n \n \n \n Operating highlights\n \n \n · \n Growth achieved through consistent investment in marketing, stores, systems and people\n \n \n ·\n Following a period of destocking during Q1 FY22, in Q2 FY22 the Group actively re-built store stock for Rolex in the US and the UK to enhance brand representation\n \n \n o&...