Following the May trading update, FY25 results were in line with revised expectations. Trading conditions remain challenging, with no sign of an imminent recovery. However, closing net bank debt of £3.7m is significantly better than we had originally expected. The JV deal with Reliance Brands and subsequent refinancing (announced on 17 October 2024) transformed Mothercare’s balance sheet, leaving it better positioned to navigate the tougher market conditions. Management can now turn to growth op ....
