DFS Furniture plc (DFS) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.239 Good morning, everyone, and welcome to the DFS Group 2026 Interim Results 00:00:05.239 -- 00:00:06.841 presentation. 00:00:06.841 -- 00:00:11.869 I'm Tim Stacey, Group CEO, and I'm here with Marie Wall, our Interim CFO, and together 00:00:11.869 -- 00:00:16.636 we will update you on our first-half performance, provide a strategic update, and also 00:00:16.636 -- 00:00:18.740 a future outlook. 00:00:18.740 -- 00:00:23.251 Now, there are three key themes that we'll bring out in the presentation today. 00:00:23.251 -- 00:00:27.575 Firstly, on the financials, Marie will talk to the good result we've achieved in half 00:00:27.575 -- 00:00:32.280 one and also update you on our FY26 outlook. 00:00:32.280 -- 00:00:36.284 Second, I'll talk about how we've delivered on our strategy, which has supported our 00:00:36.284 -- 00:00:41.509 improved performance and delivered on our plan to reduce our debt. 00:00:41.509 -- 00:00:46.074 And third, in terms of future growth, I see significant growth potential for the business 00:00:46.074 -- 00:00:51.039 across the medium term. That's revenue and profit growth, which will deliver high levels 00:00:51.039 -- 00:00:53.660 of free cash flow. 00:00:53.997 -- 00:00:59.123 So onto our half one performance. In what remains a broadly flat upholstery market, 00:00:59.123 -- 00:01:04.330 we grew group order intake by 2.3% year on year with both of our retail brands 00:01:04.330 -- 00:01:06.412 in growth. 00:01:06.412 -- 00:01:11.178 Gross margin progression continued up 110 basis points year on year, marking our fourth 00:01:11.178 -- 00:01:13.781 consecutive year of improvement. 00:01:13.781 -- 00:01:20.026 Combined with discipline cost control, this delivered a significant uplift in profitability. 00:01:20.7...