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Annual Results

Moss Bros hikes FY profit

05 April 2016 07:22

Moss Bros has hiked its FY pretax profit to GBP5.8m, from GBP4.8m, with revenue up at GBP121.7m, from GBP114.7m. Final dividend was 3.75p a share, taking the total up 5.7% to 5.55p.

CEO Brian Brick said the company continued to make strong progress in the delivery of its strategic priorities.

"The modernisation of the store portfolio, which is nearing completion, is achieving the anticipated returns and we have well developed plans for the implementation of our multi-channel shopping environment.

"We have added to the strength of the management team and we are well placed to take advantage of these opportunities to accelerate our growth.

"The early response to the 2016 Spring/Summer retail range has been positive and retail like-for-like sales and gross margins are continuing to improve year on year.

"The broadening of our Hire offer to include lounge suits is underpinning a positive start to the 2016 hire season.

"The Group's trading performance continues positively, in line with the Board's expectations."

CURRENT TRADING

· Group like-for-like sales, including VAT, in the first 9 weeks of the new financial year are up 5.2% with growth seen across in-store retail, e-commerce and hire.

· Tailor Me, a more accessible bespoke offer, has now been launched and will be rolled out across all stores by September 2016

HIGHLIGHTS

Financial Highlights

· Group like-for-like sales of £119m, including VAT, up 8.2% (2014/15: up 5.5%):

- Like-for-like retail sales up 7.6% (2014/15: up 7.1%)

- Like-for-like hire sales, representing 14% of sales, up 11.7% (2014/15: down 3.6 %)

· E-commerce sales up 36.3%, now 10% of total sales.

· Underlying profit before tax up 23.1% at £5.9 m (2014/15: £4.8m). · EBITDA up 27.8% to £12.4m (2014/15: EBITDA £9.7m), driven by improved sales and tight control over costs.

· Gross margin improved in total for the year by 1.5% to 59.8% due to lower levels of discounting.

· Strong cash balance of £17.3m (31 January 2015: £19.6m) following ongoing investment in store refit programme. Cash generated from operating activities of £11.6m (2014/15: £5.2m).

· Basic earnings per share, on continuing operations before exceptional items, of 4.71 pence (2014/15 restated: 3.60 pence per share). Basic earnings per share, on continuing operations, after exceptional items, of 4.65 pence (2014/15 restated: 3.60 pence). EPS restated due to prior year tax charge adjustment.

Story provided by StockMarketWire.com

Related Company: MOSB

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