FY25 PBT came in £0.3m below prior guidance at £0.2m, albeit EBITDA was still up £1m YoY on sales that declined 20% driven by the enhanced margin stack. After 2 years of declines since becoming a full-price brand in 2023, own website sales are now back in growth (Q1 +15%). However, a much-awaited profitable growth phase is hampered by M&S, and low conversion rates/losses in 2 stores. This has led to further downgrades. Cash remains strong though, and the medium-term ambition is unchanged, so scope for outsize returns has not evaporated.
