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Annual Results

Poundland's FY pretax profit falls, dividend clipped

16 June 2016 07:23

Poundland has seen its FY pretax profit fall to £5.9m, from £36.2m, with revenue rising to £1.33bn, from £1.12bn. Total dividend was 3.65p a share, from 4.5p.

CEO Jim McCarthy said that after a of significant change, including an unprecedented integration programme at pace, Poundland now has a unified estate of over 900 stores.

"The retail environment remains challenging, but with our significantly enlarged store portfolio, greater scale and ability to focus fully on trading our stores, I believe we are well placed to make progress in the year ahead.

"I believe that under the leadership of my successor, Kevin O'Byrne, Poundland will return to growth. I wish Kevin, the leadership team, all of my colleagues and supplier partners every future success."

HIGHLIGHTS:

· Sales +9.7% on a constant currency basis

· Sales +9.3% to £1,214.8 million on an actual currency basis (2015: £1,111.5 million)

· Like-for-like sales -3.9% (2015: +2.4%) on a constant currency basis

· EBITDA -4.1% to £56.9 million (2015: £59.4 million)

· Comparable EBITDA (excluding converted 99p Stores) -9.4% to £53.8 million (2015: £59.4 million)

· Comparable pre-tax profits (excluding converted 99p Stores, brand amortisation and ineffective element of the hedge) -13.5% to £37.8 million (2015: £43.7 million)

· Diluted EPS -10.8% to 11.68p (2015: 13.10p) Story provided by StockMarketWire.com

Related Company: PLND

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