Trading conditions in the Middle East remain challenging, with little sign of an imminent recovery. We have trimmed our FY25 EBITDA (Adj.) by £0.1m to match company guidance of £3.5m and rolled more cautious assumptions into future years. However, closing net bank debt of £3.7m is significantly better than we expected. The JV deal with Reliance and subsequent refinancing (announced 17 October 2024) has transformed Mothercare’s balance sheet, leaving it better positioned to navigate the tougher m ....
