Results Centre

Reported profit before tax

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Results Highlights

  • Group revenue increased by 6.9%
    • Excluding acquisitions and on a currency neutral basis, revenue decreased by 12.6%
  • UK Sports Retail revenue increased by 0.7%, largely due to the GAME acquisition in the period
    • Excluding acquisitions, revenue decreased by 14.6%, largely caused by temporary store closures due to Covid-19
    • UK Sports Retail like-for-like gross contribution was down 6.6%
  • Premium Lifestyle revenue increased by 34.9%, largely due to new stores and acquisitions of Jack Wills & Sofa.com
    • Excluding acquisitions, revenue increased by 18.6%
    • Premium Lifestyle like-for-like gross contribution was up 21.8%
  • European Retail revenue increased by 16.3%, largely due to the GAME acquisition in the period
    • Excluding acquisitions and on a currency neutral basis, revenue decreased by 15.6%(5), largely caused by temporary store closures due to Covid-19
    • European Retail like-for-like gross contribution was down 12.7%
  • Group gross margin decreased to 42.0% from 42.8%, largely due to the GAME acquisition changing the product mix
  • Group reported EBITDA increased by 98.7% to £551.0m compared to £277.3m in the prior period, largely due to the change in reporting as a result of implementing IFRS 16
  • Group underlying EBITDA increased by 5.0% to £302.1m compared to £287.8m in the prior period
    • Excluding acquisitions and on a currency neutral basis, underlying EBITDA was in line with the prior period
  • Underlying free cash flow (pre-capex) decreased to £263.1m compared to £273.3m in the prior period
  • Reported profit before tax was £143.5m, down 19.9% from £179.2m
    • Excluding IFRS 16, reported profit before tax was £262.3m up 46.4% largely due to the gain on the sale and leaseback of the Shirebrook Distribution Centre totalling £84.9m.
  • Underlying profit before tax decreased by 18.1% to £117.4m from £143.3m
  • Reported basic earnings per share fell by 14.4% to 18.5p, from 21.6p
    • Underlying basic earnings per share decreased by 8.0% to 16.2p from 17.6p
  • Reported profit after tax was £101.0m down 12.9% from £116.0m
    • Net debt decreased to £366.0m (£378.5m at 28 April 2019)