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Annual Results

Moss Bros FY profit up 9%

25 March 2015 07:33

Moss Bros has reported a FY pretax profit up 9% to £4.8m, from £4.4m. Revenue was £114.7m, from £109.1m. Its final dividend was 3.55p, taking the total to 5.25p, up 5%.

CEO Brian Brick said:

"We continue to make good progress in the delivery of our strategic priorities. The modernisation of the store portfolio is achieving the anticipated returns and we have exciting plans for the implementation of our multi-channel shopping environment.

"The adoption of the master brand "Moss Bros" and launch of our sub brands in Autumn 2014 have improved the resonance the brand has with current and potential customers of all age groups.

"The early response to the 2015 Spring/Summer retail range is positive, and retail like-for-like* sales are continuing to improve year on year. Hire is showing signs of recovery and we are well placed to maximise revenues in 2015 following a difficult two years for wedding related hire.

"Although the external market continues to be fragile, the business is on track to achieve market expectations in 2015/16."

Financial Highlights:

- Group like-for-like sales of £126m, including VAT, up 5.5% (2013/14: up 4.2%): Like-for-like retail sales up 7.1% (2013/14: up 6.4%); Like-for-like hire sales, representing 14% of sales, down 3.6%

- E-commerce sales up 58.9%, now 7.8% of total sales.

- EBITDA up 5.4% to £9.7m (2013/14:EBITDA £9.2m), driven by improved sales and tight control over costs.

- Gross margin fell in total for the year by 70 basis points to 58.3% due to a lower participation of the higher margin hire business in the overall sales mix.

- Strong cash balance of £19.6m (2013/14: £28.3m) following ongoing investment in store refit programme and earlier intake of new season's stock. Cash generated from operating activities of £5.2m (2013/14: £9.5m)

- Basic earnings per share, on continuing operations, of 4.02 pence (2013/14: 3.76 pence per share).

Story provided by StockMarketWire.com

Related Company: MOSB

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