Results for H1 FY22 reflect a consolidation of significant market share gains achieved over the past two years with Group revenue +73% versus H1 FY20. Near term impact on profitability resulting from COVID-driven distribution cost inflation, as well as key investment in building out the Group’s multi-brand proposition should not detract from the longer-term growth potential of the Group’s platform. A PE of 25.5x falling to 18.5x is at odds with the significant market opportunity that exists as m
Companies: boohoo group Plc
Publication of international factory list: Today’s publication of the Group’s international factory list meets its pledge for full supply chain transparency within 12 months of the Independent Review into its supply chain, published by Alison Levitt QC in September 2020. The list details c.1,100 factories following an extensive mapping and audition exercise that was begun in 2020. The Group has also announced its intention to sign the International Accord for Health and Safety. This is a legally
The publication of Boohoo Group’s Economic Impact Report, released yesterday, made clear its commitment to the UK, with plans to invest more than £500m over the next five years, creating 5,000 new UK jobs in the process. The report also detailed the Group’s material contribution to the UK economy, supporting more than 8,000 full time jobs and contributing more than £2bn to UK GDP since 2009. The investment signals both the quantum of the future growth opportunity and confidence in the Group’s pr
A new partnership with Alshaya Group in the Middle East, building on Debenhams established store presence in the region, the launch of a new local Debenhams eCommerce platform and providing a new route to market for the Group’s existing portfolio of brands.
boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).
boohoo Group has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA in the final months of the year. Profit generation has been robust, despite significant cost headwinds resulting from COVID and the impact of a number of dilutive acquisitions made over the year. The shares have traded sideways in recent months, despite the Group’s continued strong trading pe
Boohoo has announced an agreement to acquire the Dorothy Perkins, Wallis, and Burton brands from the Administrators of Arcadia. Total consideration of £25.2m equates to just 0.14x the ongoing online and wholesale revenue and represents an attractive price for these established UK brands. The deal executes on the Group’s strategy to further diversify its offer, with Dorothy Perkins and Wallis catering to a more mature demographic versus the Group’s core brands, and Burton extending its menswear p
Reverse Takeover by London Stock Exchange Group (LSEG.L) following the acquisition of Refinitiv in an all share transaction for a total enterprise value of approximately US$27 billion.
Companies: ADME ROCK ZPHR DKL VARE SMRT PTRO MHC BOO
The acquisition and planned relaunch of Debenhams online business is a transformational deal for the Group, establishing an ecommerce marketplace of immediate scale and high brand awareness. The deal expands boohoo’s target addressable market and opens the Group up to new product categories including beauty, sport and homeware. It is a significant step forwards in realising the Group’s ambition to operate the UK’s largest ecommerce marketplace, combining boohoo’s online capability and multi-bran
Boohoo has delivered strong results over the peak trading period for the four months ended 31 December 2020. Group revenue is +40% YOY, with robust growth seen across all brands and regions. The Agenda for Change programme is progressing at pace, demonstrating the Group’s commitment to setting a new standard for ethical supply chains in the fashion industry.
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Interims confirm substantial progress is being made at Sosandar, and validate the strategy which is design-led, data-driven, agile and benefiting from forensic forward planning. The results are clear, with revenue up 184%, actives +41% and gross margin up 420bps. Alongside cost management and scale economies, EBITDA losses reduced. Supply chain disruption has been minimal and, using some of the placing proceeds, stock intake has stepped up markedly for peak as planned. This has driven sales grow
Companies: Sosandar Plc
discoverIE has reported a strong set of H1 results with sales up +21% (+15% organic), operating margins up 0.8ppts and underlying EPS up +37%. The interim dividend has been raised by 6%, with the Board highlighting the strategy can fund sustainable dividend growth and a higher level of investment in acquisitions from internally generated resources. With a £50m inflow in H2 from the disposal of the distribution businesses, acquisition-led upgrades are highly likely to follow, in addition to the 4
Companies: discoverIE Group PLC
Victoria has announced the accretive acquisition of the highly complementary rugs and UK carpets divisions of Balta Group NV for a cash consideration of approximately £117m. The acquisition is subject to the conclusion of the carve out of the divisions from Balta and is expected to complete in April 2022. The rugs business is a well-established operation and is the No.1 producer in Europe and the No.2 globally. The carpets activities increase the scale of Victoria’s UK carpet business and add no
Companies: Victoria PLC
Companies: Frontier Developments Plc
FY results were ahead of expectations, with a strong closing month. It has seen a strong recovery in nearly all its end markets, with some internal efficiency benefits gained and exceeding some currency headwinds and supply chain challenges. No change to forecasts with recovery expected to continue, underwritten by a growing order book, and management is cautiously positive. Our price target remains 1450p, offering upside after its recent underperformance.
Companies: Gooch & Housego PLC
Victoria has reported results to March 2020, including a positive update on trading for the first quarter. Whilst Q1 FY2021E revenues were 64% of the Group’s pre-COVID budget, there has been a strong recovery across the period from 35% in April to 102% in June. Like-for-like organic revenue growth for FY2020 was 0.4% despite significant COVID impacts from late-February and the gross margin improved to 36.4% (2019 35.6%). £385m net debt at 30 June (excluding IFRS16) also compares favourably to th
Victoria has proved to be highly resilient in a challenging first half with revenues of £305.5m (H1 FY2020A £312.3m). The Group has seen 9.2% like for like revenue growth since the AprilMay lockdown and with the added benefit of operational actions and synergies the underlying EBITDA margin for the June-September period was ahead 300 bps LFL at 20.1% (H1 overall 17.2%). Net debt at 3rd October reduced by £5m from the year end to £364.4m, excluding IFRS 16 lease liabilities of £78.5m, with improv
Autins has reported full year results to the end of September that reflect a year of two distinct halves with H2 facing the unprecedented challenges of Covid and widespread disruption caused by OEM plant shutdowns, including at its largest customer. Full year revenues declined by 20% to £21.5m, split between H1 at £13.2m and H2 at £7.8m. Strong management action nevertheless saw gross margins maintained at c.28% through operational improvements, restructuring and tight cost control, and EBITDA (
Companies: Autins Group Plc
Ahead of next week’s results, we are publishing revised forecasts that capture the benefit of the recent acquisition of Cali Bamboo, a fast growing US distributor. With the benefit of Koch’s £75m preferred equity investment (‘PEI’), management has now invested over £160m in acquisitions in the current financial year to acquire c.£27m of EBITDA, whilst remaining in-line with its 3x senior debt/EBITDA policy. June’s trading update confirmed a robust organic growth outlook and management remains ke
Sosandar’s FY21 results have been well-trailed with revenue growth of 35% to £12.2m and a reduction in EBITDA losses to £2.9m (PY: £7.7m). The accelerated growth seen in Q4’21 has continued into Q1’22, with sales increasing 256% YoY and the gross margin expanding 200bps QoQ. With restrictions easing, we envisage a continuation of growth in FY22 coupled with a reduction in EBITDA losses (breakeven in H2). May’s £5.8m (gross) ABB has provided the working capital to support a significant increase i
Foot Locker has experienced outstanding second-quarter results in 2021, showing excellent signs of recovery as well as deep customer engagement and strong vendor partnerships. The company delivered a 6.9% comp gain on top of the 18.6% gain in the second quarter of 2020. The broad-based growth was driven by effective performances in kids' and women's footwear, coupled with strong demand across apparel and accessories. In addition, with further gains in their inventory productivity and meaningfull
Companies: Foot Locker (FL:NYSE)Foot Locker, Inc. (FL:NYS)
Surface Transforms has made significant strides to becoming a volume producer to global automakers. The Group has secured major multi-year orders, successfully raised funds for growth, refreshed its Board and wider management team, and announced a new more efficient manufacturing strategy. That said, as we discussed recently, 2021e is a transitional year and there is risk of delays to the drawdown of discs by OEMs. Surface has flagged that £2m of revenue, out of a £27.5m contract with OEM 8, may
Companies: Surface Transforms plc
Games Workshop’s (GAW’s) trading update indicates sales growth for Q122 (three months to 29 August 2021) is in line with management expectations. Management has highlighted pressure on freight costs and currency exchange rates given GAW’s high international exposure. The declared dividend of 25p per share brings the year-to-date total to 65p. Our forecasts for FY22 and FY23 are unchanged. Our DCF-based valuation remains £129 per share.
Companies: Games Workshop Group PLC
Excellent 1H21 results were flagged in the July update; double-digit revenue growth highlighting a rapid recovery from the COVID-blighted 2020 and demonstrating just how well Quixant has ridden the storm through both the Gaming Division and Densitron. The group’s efforts to maintain quality and support customers through last year is paying off in business retention and new prospects as its markets recover. That goodwill earned will also enable it to pass on price rises from the ongoing global co
Companies: Quixant Plc