Business
Watches of Switzerland Group plc Half Year Results
Watches of Switzerland Group plc Half Year Results.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \nRNS Number : 2787W Watches of Switzerland Group PLC 10 December 2019 \n\n10 December 2019\n \nWatches of Switzerland Group PLC - Interim Results for the Half Year ended 27th October 2019\n \n \nContinued Growth and Focused Operational Delivery\n \nFinancial highlights (on a continuing basis1 and excluding exceptional items and IFRS 162 adjustments).\n \n· Group revenue +17.3% to £428.7m (+15.9% on a constant currency basis3) with +10.3% like for like3 (\"LFL\") sales growth driven by higher luxury watch sales\n- UK revenue +10.6% to £317.6m and LFL +11.0% benefiting from strong demand, improved ASP3 together with strong growth in both showrooms (+10.4%) and online (+12.0%) growth\n- US revenue +42.1% to £111.1m boosted by contribution of new showrooms; LFL +7.5%\n- Luxury watch3 revenue +21.6% to £365.5m (85.3% of total revenue, +3.0 ppts)\n- Luxury jewellery3 revenue down -2.5% to £31.5m, but UK LFL +6.2%\n· Adjusted EBITDA3 up +23.5% to £41.2 million, representing an improved margin of 9.6% (+50 bps)\n· Adjusted Earnings Before Interest and Tax3 up +23.0% to £31.1m\n· Capital expenditure of £12.9m in the first half (compared to HY19 of £16.5m)\n· Net cash from operating activities of £49.6m up £12.2m\n· Adjusted profit before tax3 of £26.5m up 112.0% from £12.5m\n· Adjusted basic Earnings Per Share3 of 9.3p up 4.5p\n· Net debt4 at £92.1m compared with £234.9m in the prior year. EBITDA leverage3 of 1.1x\n \nStatutory financial measures\nThe Group implemented IFRS 16 'Leases' for the first time in FY20 using the modified retrospective approach. Comparatives have not been restated and therefore the statutory results are not comparable to the prior year. Further information on the implementation of IFRS 16 is included in the Appendix.\n· Revenue £428.7m (unchanged by IFRS 16)\n· Operating profit of £30.0m (£25.4m pre-IFRS 16)\n· ...