Brian Duffy
Chief Executive Officer
Replay available
Watches of Switzerland Group plc (WOSG) Q2 2024 Earnings Call
Watches of Switzerland Group plc (LSE: WOSG) Q2 2024 earnings conference call, held 2023-12-07. Replay captured from the company's public earnings webcast.
Hosted by
Featured presenters
Anders Romberg
Chief Financial Officer
Melania Grippo
Analyst, BNP Paribas
John Corks
Analyst, Kepler
Adrian Duverger
Analyst, Goldman Sachs
Peral Dodania
Analyst, RBC Capital Markets
Investor webinar replay
Watch the replay and follow the connected company analysis, news, and investor updates for Watches Of Switzerland Group Plc.
Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:04.377 Good morning, everyone. Thank you for joining our webcast and call on the results of 00:00:04.377 -- 00:00:07.441 the Watches of Switzerland group for the half year to October 23. 00:00:07.441 -- 00:00:12.809 We have previously reported Q2 and H1 revenues to the market, 00:00:12.809 -- 00:00:18.637 and we've presented the status of the company and plans for our group with our LRP. 00:00:18.637 -- 00:00:24.506 And therefore, this presentation is reasonably concise, allowing more time for Q&A. 00:00:24.506 -- 00:00:29.437 Our agenda this morning, I'll present an overview of the group's performance, Anders 00:00:29.437 -- 00:00:32.844 Romberg, our CFO, will then present the financials. 00:00:32.844 -- 00:00:37.914 Then we will present a summary of our LRP headlines and numbers 00:00:37.914 -- 00:00:41.742 together, following which we'll open the lines for Q&A. 00:00:41.742 -- 00:00:47.413 We are very pleased with our strong first half performance in the UK and the US, 00:00:47.413 -- 00:00:50.082 despite a challenging economic environment. 00:00:50.082 -- 00:00:55.231 Group revenue growth of 2% at constant currency, flat at reported rates. 00:00:55.231 -- 00:01:00.480 Strong US revenue growth of plus 11% at constant currency. 00:01:00.480 -- 00:01:05.709 Adjusted EBITDA of $94 million was 8% down at constant currency, 10% 00:01:05.709 -- 00:01:10.979 at reported rates. EBIT of 73 million, achieving a margin 00:01:10.979 -- 00:01:12.961 of 9.6%, 00:01:12.961 -- 00:01:15.764 which was down 170 bps versus 00:01:15.764 -- 00:01:20.850 last year, due predominantly to a reduction in net margin for product mix 00:01:20.850 -- 00:01:24.254 and interest-free credit costs. 00:01:24.254 -- 00:01:29.420 Net cash of 60 million compares to 26 milli...