Half Yearly Report
Highlights
· Turnaround plan demonstrating evidence of success with overall revenue growth of 8.1%, an operating profit* of £0.5m versus loss in prior year of £0.6m and a reduction in the loss before tax* of £1.0m to £4.6m
o Sales growth trajectory maintained, led by Express Gifts with sales 18.1% ahead of prior year
o Kitbag and Education stabilised and recovering
· Overall net debt reduced whilst still maintaining investment in growth
· Current trading since period end continues to be broadly encouraging; 8 weeks to 23 November has seen sales 7.7% above prior year for the Group
o Express Gifts seeing continued growth with sales 9% ahead of strengthening
prior year comparator
o Kleeneze rate of sales decline versus prior year widened slightly to 9%
o Kitbag sales 20% ahead of prior year though Christmas trading will be key
o Education Supplies 2% behind prior year but core brands in growth
o Healthcare 20% ahead with recent Norfolk ICES win maintaining its strong position as market leader
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