TIDMVCP
RNS Number : 2096U
Victoria PLC
22 November 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Victoria PLC
('Victoria' or the 'Company', or the 'Group')
Half-year Report
for the six months ended 30 September 2023
EBITDA margin improvement despite softer market demand
Victoria PLC (LSE: VCP), the international designers,
manufacturers and distributors of innovative flooring, announces
its half year-report for the six months ended 30 September 2023,
delivering a H1 FY24 performance in line with management
expectations.
The Company is delivering against its strategy of margin
enhancement. Underlying EBITDA margin improved 100bps to 14.9%,
compared to the prior six-month period (H2 FY23), resulting in an
increase of 0.7% in Underlying EBITDA (in constant currency) to
GBP95.8 million, whilst Underlying Revenue fell by 4.1% (in
constant currency) to GBP643.4 million compared with the same prior
six-month period.
A key contributing factor to H1 FY24 margin improvement, was the
relocation of significant manufacturing to Victoria's modernised UK
factories, delivering much-enhanced productivity, lower logistics
costs and improved customer service.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Continuing operations H1 FY24 H1 FY23
Underlying Revenue(1) GBP643.4m GBP771.5m
----------- ----------
Underlying EBITDA(1) GBP95.8m GBP100.1m
----------- ----------
Underlying operating GBP54.3m GBP61.1m
profit(1)
----------- ----------
Operating profit GBP33.0m GBP82.0m
----------- ----------
(Loss)/profit before GBP(19.2)m GBP53.1m
tax
----------- ----------
Net debt(2) GBP670.6m GBP651.4m
----------- ----------
Net debt / EBITDA(3) 3.8x 3.4x
----------- ----------
(Loss)/earnings per
share:
----------- ----------
- Diluted (19.61)p 36.69p
----------- ----------
- Diluted adjusted(1) 13.48p 17.87p
----------- ----------
(1) Underlying performance is stated before exceptional and
non-underlying items. In addition, underlying profit before tax and
adjusted EPS are also stated before non-underlying items within
finance costs
(2) Net debt shown before right-of-use lease liabilities,
preferred equity, bond issue premia and the deduction of prepaid
finance costs
(3) Leverage shown consistent with the measure used by our
lending banks
-- Higher margins driven by reorganisation programme, offset softer demand in the period
-- Relocation of manufacturing to modernised UK factories a key
contributor to margin improvement
-- EBITDA margin improvement broadly across all divisions
o UK and Europe Soft Flooring operating margin increased 500bps
on H2 FY23
o Low margin SKUs removed from product range
-- Weak demand in ceramic tiles, yet delivering EBITDA margin
improvement versus same period last year
-- North America remains resilient with operational excellence driving margin expansion
-- Strong liquidity and cash balance and undrawn credit lines totalling c. GBP250m
-- Debt financing provided by long-dated Senior Notes not due to 2026
Outlook
-- Delivery against strategy of margin enhancement is expected to continue
-- Challenging outlook given increasing costs and lower demand
-- Business well-positioned to tackle anticipated near-term headwinds
-- Long-term sector fundamentals remain strong
Geoff Wilding, Executive Chairman of Victoria PLC commented:
"Our H1 performance was in line with management expectations with
softer demand offset by higher margins beginning to come through
from the reorganisation programme started 18 months ago.
"A key contributing factor to this margin improvement, and as
described in the Reorganisation projects, was the relocation of
significant manufacturing to our modernised UK factories,
delivering much-enhanced productivity, lower logistics costs and
improved customer service.
"The remainder of the year continues to look more challenging
with ongoing lower demand maintaining pressure on top line sales,
alongside inflation edging up raw material input costs.
Accordingly, the Board now expects the resulting impact of these
headwinds to slightly more than offset the c. GBP20m EBITDA benefit
from the previously announced reorganisation programme.
Nevertheless, thanks to the extensive reorganisation Victoria has
undertaken over the last 24 months, the business is far better
prepared to meet these challenges."
Investor presentation
Geoff Wilding, Executive Chairman, Philippe Hamers, Group Chief
Executive and Brian Morgan, Group Chief Financial Officer intends
to provide a live presentation relating to the half-year report via
the Investor Meet Company platform on Thursday 23 November 2023 at
13:00 GMT.
The presentation is open to all existing and potential
shareholders. Investors can sign up to Investor Meet Company for
free and add to meet Victoria PLC here .
Investors who already follow Victoria PLC on the Investor Meet
Company platform will automatically be invited.
The results presentation will be made available on the Company's
website on the day of results here .
The person responsible for arranging the release of this
announcement on behalf of the Company is Brian Morgan, Chief
Financial Officer.
For more information contact:
Victoria PLC www.victoriaplc.com/investors-welcome
Geoff Wilding, Executive Chairman Via Walbrook PR
Philippe Hamers, Group Chief Executive
Brian Morgan, Chief Financial Officer
Singer Capital Markets (Nominated Adviser
and Joint Broker)
Rick Thompson, Phil Davies, James Fischer +44 (0)20 7496 3095
Berenberg (Joint Broker)
Ben Wright, Richard Bootle +44 (0)20 3207 7800
Peel Hunt (Joint Broker)
Adrian Trimmings, Andrew Clark +44 (0)20 7418 8900
Walbrook PR (Media & Investor Relations) +44 (0)20 7933 8780 or victoria@walbrookpr.com
Paul McManus, Louis Ashe-Jepson +44 (0)7980 541 893 / +44 (0)7747 515
Alice Woodings, Charlotte Edgar 393 /
+44 (0) 7407 804 654 / +44 (0)7884
664 686
About Victoria PLC ( www.victoriaplc.com )
Established in 1895 and listed since 1963 and on AIM since 2013
(VCP.L), Victoria PLC, is an international manufacturer and
distributor of innovative flooring products. The Company, which is
headquartered in Worcester, UK, designs, manufactures and
distributes a range of carpet, flooring underlay, ceramic tiles,
LVT (luxury vinyl tile), artificial grass and flooring
accessories.
Victoria has operations in the UK, Spain, Italy, Belgium, the
Netherlands, Germany, Turkey, the USA, and Australia and employs
approximately 6,750 people across more than 30 sites. Victoria is
Europe's largest carpet manufacturer and the second largest in
Australia, as well as the largest manufacturer of underlay in both
regions.
The Company's strategy is designed to create value for its
shareholders and is focused on consistently increasing earnings and
cash flow per share via acquisitions and sustainable organic
growth.
CHAIRMAN & CHIEF EXECUTIVE'S LETTER TO SHAREHOLDERS
Our H1 performance was in line with management expectations with
softer demand offset by higher margins beginning to come through
from the reorganisation programme started 18 months ago.
Underlying EBITDA margin improved 100bps to 14.9%, compared to
the prior six-month period (H2 FY23), resulting in an increase of
0.7% in Underlying EBITDA (in constant currency) to GBP95.8
million, whilst Underlying Revenue fell by 4.1% (in constant
currency) to GBP643.4 million compared with the same prior
six-month period. The extent of the margin expansion is
particularly noteworthy given the inevitable operational leverage
impact of lower volumes. A key contributing factor to this margin
improvement, and as described below in the Reorganisation projects,
was the relocation of significant manufacturing to our modernised
UK factories, delivering much-enhanced productivity, lower
logistics costs and improved customer service.
The remainder of the year continues to look more challenging
with ongoing lower demand maintaining pressure on top line sales,
alongside inflation edging up raw material input costs.
Accordingly, the Board now expects the resulting impact of these
headwinds to slightly more than offset the c. GBP20m EBITDA benefit
from the previously announced reorganisation programme.
Nevertheless, thanks to the extensive reorganisation Victoria has
undertaken over the last 24 months, the business is far better
prepared to meet these challenges.
H1, Financial
Year 2024 2023 2022 2021 2020
Underlying Revenue GBP643.4m GBP771.5m GBP489.0m GBP305.5m GBP312.9m
---------- ---------- ---------- ---------- ----------
Underlying EBITDA GBP95.8 GBP100.1 GBP84.5m GBP52.4m GBP58.5m
m m
---------- ---------- ---------- ---------- ----------
EBITDA margin 14.9% 13.0% 17.3% 17.2% 18.7%
---------- ---------- ---------- ---------- ----------
OPERATIONAL REPORT BY DIVISION
UK & Europe Soft Flooring - operating margin +360bps
H1 FY24 H2 FY23 H1 FY23
Revenue GBP318.6m GBP346.8m GBP372.0m
---------- ---------- ----------
EBITDA GBP43.2m GBP29.7m GBP37.2m
---------- ---------- ----------
EBITDA margin 13.6% 8.6% 10.0%
---------- ---------- ----------
Margin variance +360bps
%*
---------- ---------- ----------
* margin variance measured against H1 FY23. It is +500bps when
measured against the previous six-month period.
The UK & Europe Soft Flooring division increased its
operating margin by a very pleasing 360bps and absolute EBITDA by
16.1% (both compared with H1 FY2023) despite lower volumes.
Critically, the operating margin increased by 500bps and absolute
EBITDA by 45.5% compared with the previous six-month period (H2
FY23) when trading conditions were most similar.
There were a number of factors at play contributing to this very
pleasing outcome:
(i) Volumes for Victoria's Soft Flooring division declined 13%
due primarily to soft market conditions driven by the
macro-economic environment. The Board believe this decline to be
materially less than the market as a whole (we believe the impact
on VCP is being moderated by our mid-high end product positioning),
but nonetheless the lower volumes created negative manufacturing
variances due to operational leverage. Despite this, the EBITDA
margin increased 500bps from 8.6% achieved in the previous
six-month period (H2 FY23) to 13.6%
(ii) Volumes were also impacted by 'bottom slicing'; the
decision by operational management to remove low margin SKU's from
the product range. As part of the reorganisation projects the Group
has had underway over the last 18 months, management have been
rigorously reviewing each SKU to ensure an adequate margin is made
on each one. In cases where the margin is insufficient and a price
increase is unsustainable, the product has been discontinued.
Although this impacts headline revenue, it leads to improved cash
flow and a higher return on working capital.
(iii) Selling prices have been selectively reduced to ensure we
continue to treat our customers fairly as input costs (primarily
raw materials and energy) have eased.
(iv) The first of the benefits of the reorganisation projects
began to be seen. Although this remained, as previously advised to
shareholders, very much a work-in-progress during H1, margins
steadily increased as costs were actively removed throughout the
period from the business. A summary of these projects is set out
below.
Reorganisation projects
Given the largely completed reorganisation of the soft flooring
division, we thought it might be helpful to recap what the projects
entailed and the anticipated impact on future earnings and cash
flow.
(i) Carpet
a. Following the reorganisation of Victoria's UK manufacturing
footprint in 2019/20 and the investment made in modernising the
factories at the time, the Group had significant spare broadloom
carpet capacity. Taken together with the fact that nearly all
Balta's broadloom carpet output of 14 million sqm was being
exported to the UK (Europe's largest carpet market), this surplus
capacity made it possible to relocate Balta's carpet production to
the UK, without significant capex.
b. The cost of this project consisted of relocating certain
carpet tufting machines and raw materials to the UK as well as
redundancies in Belgium, totalling c.GBP19 million.
c. The much-enhanced productivity, lower logistics costs, and
improved customer service achieved by manufacturing in the UK.
(ii) Rugs
a. A substantial extension to the rug factory in Turkey was
constructed in 5 months to allow for the transfer of weaving and
extrusion capacity from Belgium to Turkey, which is a much lower
cost operating environment. Relocation of the yarn finishing plant
from the now closed Avelgem factory into the Sint Baafs Vivje plant
in Belgium for a more integrated, and lower cost, manufacturing
process.
b. The costs associated with this project predominantly entailed
construction of the additional building in Turkey, extensive
relocation of plant and machinery both within Belgium and to
Turkey, and redundancies in Belgium. Together, these costs were
GBP31m.
c. The outcome is primarily lower production costs, which will
increase the international competitiveness of Balta's rugs and the
Board anticipates top line growth as a result.
UK & Europe Ceramic Tiles - very weak market conditions
H1 FY24 H2 FY23 H1 FY23
Revenue GBP185.3 million GBP198.9 million GBP254.4 million
----------------- ----------------- -----------------
EBITDA GBP39.1 million GBP54.9 million GBP51.0 million
----------------- ----------------- -----------------
EBITDA margin 21.1% 27.6% 20.0%
----------------- ----------------- -----------------
Margin variance +110bps
%
----------------- ----------------- -----------------
In the face of very weak demand (YTD market volume -30.2% in
Spain and -19.3% in Italy. Source: Intrastat ) similar to that
experienced during the 2008 Global Financial Crisis, Victoria's
ceramics management team faced the decision of whether to maintain
price or volume. Price, once discounted by a premium brand, is
extremely difficult to recover as customers understandably resist
subsequent increases. Therefore, due to the flexibility of our
operations, we decided to shed volume as consumers traded down to
lower quality products rather than risk the premium brand position
by dropping prices. This decision has led to volume declines in
line with the broader market, although the Group's margins remain
very materially above (>2x) known competitors.
Australia - Stable margins in a softer market
H1 FY24 H2 FY23 H1 FY23
Revenue GBP54.0 million GBP56.7 million GBP64.2 million
---------------- ---------------- ----------------
EBITDA GBP6.9 million GBP7.1 million GBP8.2 million
---------------- ---------------- ----------------
EBITDA margin 12.8% 12.5% 12.8%
---------------- ---------------- ----------------
Margin variance 0bps
%
---------------- ---------------- ----------------
Following exceptional LFL organic revenue growth of more than
20% in H1 FY2023, our Australian business experienced softer demand
in H1 FY2024 with margins broadly flat.
North America - operational excellence projects driving margin
expansion
H1 FY24 H2 FY23 H1 FY23
Revenue GBP85.5 million GBP87.5 million GBP80.9 million
---------------- ---------------- ----------------
EBITDA GBP9.6 million GBP4.4 million GBP4.9 million
---------------- ---------------- ----------------
EBITDA margin 11.2% 5.1% 6.0%
---------------- ---------------- ----------------
Margin variance +520bps
%
---------------- ---------------- ----------------
North America continues to be a resilient market for Victoria.
Due to the careful selection of the businesses we have acquired in
the US, much of our revenue derives from geographic markets such as
Florida and Texas, where economic growth continues.
During H1 revenue was temporarily impacted by the Uyghur Forced
Labor Prevention Act, which required importers to provide
documentary evidence that goods manufactured in Xinjiang are not
made with forced labour. The inspection process led to significant
delays in container traffic crossing the US ports and held up some
deliveries to customers. We have responded by increasing the
percentage of product manufactured for us outside of China and
delays have correspondingly reduced. Consequently, management
expects continued revenue growth in H2.
Margin gains are expected to continue as integration
proceeds:
(i) Access to Victoria's supply chain lowering cost of goods sold.
(ii) Integration into Victoria's US logistics platform,
improving delivery times and reducing costs.
(iii) Commercial excellence projects focussed on restructuring
salesforce incentives to encourage maximising margins rather than
volume, minimising claim and product return related expenses,
renegotiating services contracts, and optimising workforce
productivity.
CASHFLOW & LIQUIDITY
Net operating cash flow was in line with management
expectations.
Restructuring payments consisting primarily of redundancy
payments and plant and machinery relocation totalling GBP20.5
million were made during the period. The redundancy expenses were
already fully provided for in FY2023.
As previously indicated to shareholders, capex costs reverted to
normal levels of GBP28.7 million for the period. This compares with
GBP41.3 million invested in H1 FY2023 (and GBP99.6 million for the
full year FY2023) and reflects the completion of the major
reorganisation projects.
We are not satisfied with the progress being made with our
management of working capital, although, to be fair to the
management team, there was a material impact on inventory levels
due to the US port backlogs caused by the Uyghur Forced Labor
Prevention Act (described in the section covering Victoria's US
division) resulted in some 2.5 months excess inventory in our US
business. Nevertheless, this source of cash remains a key area of
focus with incentives in place for delivery of defined targets.
Victoria continued to maintain a strong liquidity position and
the Group finished the period with cash and undrawn credit lines in
excess of GBP 250 million. Furthermore, almost all Victoria's debt
financing takes the form of long-dated Senior Notes ("bonds")
which, in themselves, have no financial maintenance covenants, with
the earliest tranche not due for repayment until mid- 2026 .
FY 23 AUDIT
The Board appreciates the support and patience exhibited by
shareholders with the overwhelming votes in favour of the various
resolutions (re-election of directors, adoption of the annual
accounts, and re-appointment of Grant Thornton as auditor, amongst
others) presented at the recent shareholder meetings.
Shareholders can be assured that the Board immediately moved to
comprehensively address the items set out in the audit report and
have allocated additional experienced finance resources to the
small (1.25% of Group revenue) subsidiary that has been the focus
of all the attention and audit qualification. Further controls have
been put in place to ensure the subsidiary's accounting records and
internal controls are being maintained to the high levels we have
solidly embedded across the rest of the Group.
OUTLOOK
Operations:
Across the globe, demand for flooring has been at levels not
seen since the 2008 financial crisis, with a number of correlations
previously observed over a long period of time not holding in
current conditions. More Victoria-specific impacts include the
current situation in the Middle-East - Israel is an important
export market for our ceramic tile division and the current war has
temporarily impacted order flow from that country.
Fortunately, the Group benefits from experienced operational
management who have a number of levers available to further lower
costs and improve productivity (particularly in ceramics) and, of
course, the full benefit of the soft flooring division
reorganisation was not seen in H1 whilst the projects were still
being finalised.
Whilst one swallow does not a summer make, recent positive daily
news flow appears to be resetting market expectations for mortgage
interest rates in 2024 in certain key markets which, when
translated into consumer confidence will drive increased spending
on flooring.
Acquisitions:
Whilst we actively continue to maintain relationships with
potential acquisitions, our focus remains firmly on the optimising
the integration projects and reducing leverage.
There are two main reasons for this decision:
(i) The cost of capital is high at present which makes achieving
an acceptable return on an acquisition for shareholders
challenging.
(ii) Although Victoria has become a permanent home of choice for
flooring companies in Europe and the US - particularly family-owned
businesses - private company owners typically take time to adjust
their valuation expectations to levels reflecting the new
reality.
Nonetheless, acquisitions remain a core part of Victoria's
long-term growth strategy and therefore, at the right time and
within our leverage policy, we will continue to deploy capital to
build scale, expand distribution, broaden our product range, and
widen the economic moat around our business as we have successfully
done over the previous 10 years.
CONCLUSION
The long-term sector fundamentals remain strong as, whilst
consumer spending on flooring may be subdued during difficult
macro-economic conditions, unless people wish to return to walking
on mud floors, demand always recovers. The current lower demand is
a result of purchase decisions deferred, not purchases forgone:
carpet continues to age, stains don't magically disappear with the
passing of time, ceramic tiles continue to chip or crack, style and
fashion move on. Therefore, as consumer confidence and
discretionary spending rebounds Victoria will, of course, benefit
from significant pent-up demand - just as it always has done in the
past.
We cannot predict precisely when the rebound will occur although
we are (clearly) continually closer to that point. Nevertheless, we
view the second half of FY2024 with caution, with increased
geopolitical uncertainty and continuing high mortgage rates
impacting consumer confidence and discretionary spending.
Consequently, we are managing the business to optimise results,
market share, and cash flow until the inevitable recovery in
demand.
Geoff Wilding
Executive Chairman
Philippe Hamers
Group Chief Executive
Condensed Consolidated Income Statement
For the 26 weeks ended 30 September 2023 (unaudited)
26 weeks ended 30 September 26 weeks ended 1 October 52 weeks ended 1 April
2023 2022 2023
(audited)
Non- Non- Non-
Underlying underlying Reported Underlying underlying Reported Underlying underlying Reported
performance items numbers performance items numbers performance items numbers
Notes GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- --------- ------ ------------ ------------ --------- ------------ ----------- --------- ------------ ----------- ----------
Revenue 3 643.4 5.1 648.5 771.5 4.6 776.1 1,461.4 18.8 1,480.2
Cost of sales (416.3) (16.8) (433.1) (541.5) (12.6) (554.0) (986.6) (58.9) (1,045.5)
Gross profit 227.1 (11.7) 215.3 230.0 (8.0) 222.0 474.8 (40.1) 434.7
Distribution
and administrative
expenses (176.1) (9.6) (185.7) (171.5) (32.6) (204.2) (360.4) (193.4) (553.8)
Negative goodwill
arising on acquisition - - - - 61.5 61.5 - 90.5 90.5
Other operating
income 3.3 - 3.3 2.6 - 2.6 4.4 0.1 4.5
Operating profit
/ (loss) 54.3 (21.3) 33.0 61.1 20.9 82.0 118.8 (142.9) (24.1)
Comprising:
Operating profit before
non-underlying and
exceptional items 54.3 - 54.3 61.1 - 61.1 118.8 - 118.8
Amortisation
of acquired intangibles 4 - (20.4) (20.4) - (21.0) (21.0) - (41.5) (41.5)
Other non-underlying
items 4 - 7.1 7.1 - (13.4) (13.4) - (16.0) (16.0)
Exceptional goodwill
impairment 4 - - - - - - - (80.0) (80.0)
Other exceptional
items 4 - (8.0) (8.0) - 55.3 55.3 - (5.4) (5.4)
--------------------------- ------ ------------ ------------ --------- ------------ ----------- --------- ------------ ----------- ----------
Finance costs 5 (22.6) (29.6) (52.2) (21.3) (7.6) (28.9) (41.9) (44.6) (86.5)
Comprising:
Interest on loans
and notes 5 (17.9) - (17.9) (17.7) - (17.7) (33.6) - (33.6)
Amortisation
of prepaid finance
costs and accrued
interest 5 (1.3) - (1.3) (1.5) - (1.5) (2.8) - (2.8)
Unwinding of
discount on right-of-use
lease liabilities 5 (3.3) - (3.3) (2.0) - (2.0) (5.4) - (5.4)
Preferred equity
items 5 - (14.0) (14.0) - (14.3) (14.3) - (26.9) (26.9)
Other finance
items 5 (0.1) (15.6) (15.7) (0.1) 6.7 6.6 (0.1) (17.7) (17.8)
--------------------------- ------ ------------ ------------ --------- ------------ ----------- --------- ------------ ----------- ----------
Profit / (loss)
before tax 31.7 (50.9) (19.2) 39.8 13.3 53.1 76.9 (187.5) (110.6)
Taxation (charge)
/ credit 6 (9.0) 5.7 (3.3) (9.7) 4.1 (5.6) (17.3) 36.1 18.8
Profit / (loss)
for the period 22.7 (45.2) (22.5) 30.1 17.4 47.5 59.6 (151.4) (91.9)
(Loss) /
earnings
per share -
pence basic 7 (19.61) 40.76 (79.35)
diluted 7 (19.61) 36.69 (79.35)
-------------------------- ------ ------------ ------------ --------- ------------ ----------- --------- ------------ ----------- ----------
Condensed Consolidated Statement of
Comprehensive
Income
For the 26 weeks ended 30 September 2023
(unaudited)
26 weeks 26 weeks 52 weeks
ended ended ended
30 September 1 October 1 April
2023 2022 2023
(audited)
GBPm GBPm GBPm
----------------------------------------------- --------------------------------------- ----------- ----------
(Loss) / profit for the period (22.5) 47.5 (91.8)
------------------------------------------------ --------------------------------------- ----------- ----------
Other comprehensive (expense) / income
Items that will not be reclassified to
profit or loss:
Actuarial (loss) / gain on defined benefit
pension scheme (0.7) 0.9 (2.0)
Items that will not be reclassified to
profit or loss (0.7) 0.9 (2.0)
------------------------------------------------ --------------------------------------- ----------- ----------
Items that may be reclassified subsequently
to profit or loss:
Hyperinflation adjustments 9.9 32.1 16.5
Retranslation of overseas subsidiaries (24.1) 16.6 (2.1)
Items that may be reclassified subsequently
to profit or loss (14.2) 48.7 14.4
------------------------------------------------ --------------------------------------- ----------- ----------
Other comprehensive (loss) / income (14.9) 49.6 12.4
------------------------------------------------ --------------------------------------- ----------- ----------
Total comprehensive (expense) / income
for the period attributable to the owners
of the parent (37.4) 97.1 (79.4)
------------------------------------------------ --------------------------------------- ----------- ----------
Condensed Consolidated
Balance Sheet
As at 30 September 2023 (unaudited)
30 September 1 October 1 April
2023 2022 2023
(audited)
GBPm GBPm GBPm
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Non-current assets
Goodwill 172.5 258.8 173.6
Intangible assets other than goodwill 281.4 335.1 305.5
Property, plant and equipment 456.2 433.7 462.6
Right-of-use lease assets 152.8 169.0 162.0
Investment property 0.2 0.2 0.2
Deferred tax assets 2.0 23.5 1.7
Total non-current assets 1,065.1 1,220.3 1,105.6
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Current assets
Inventories 368.5 415.7 351.2
Trade and other receivables 252.7 315.9 276.3
Current tax assets 10.6 - 14.7
Cash and cash equivalents 92.7 78.4 93.3
Assets classified as held for sale 25.8 - 25.8
Total current assets 750.3 810.0 761.3
----------------------------------------- ---------- ------------
Total assets 1,815.4 2,030.3 1,866.9
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Current liabilities
Trade and other current payables 359.1 427.3 369.8
Current tax liabilities 11.2 8.5 6.9
Obligations under right-of-use leases
- current 27.2 23.3 27.6
Other financial liabilities 62.4 42.2 65.2
Provisions 9.4 - 19.0
Total current liabilities 469.3 501.2 488.5
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Non-current liabilities
Trade and other non-current payables 7.4 11.5 14.1
Obligations under right-of-use leases
- non-current 136.5 132.7 144.6
Other non-current financial liabilities 716.0 683.5 706.2
Preferred equity 269.2 222.2 255.2
Preferred equity - contractually-linked
warrants 26.0 46.4 26.0
Deferred tax liabilities 84.1 132.6 89.3
Retirement benefit obligations 8.1 5.5 8.0
Provisions 16.0 - 16.0
Total non-current liabilities 1,263.3 1,234.4 1,259.4
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Total liabilities 1,732.6 1,735.6 1,747.9
----------------------------------------- ---------- ------------
Net Assets 82.8 294.7 119.0
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Equity
Share capital 6.3 6.3 6.3
Retained earnings 62.5 229.5 85.7
Foreign exchange reserve (23.1) 19.7 1.0
Hyperinflation reserve 26.4 32.1 16.5
Other reserves 10.7 7.1 9.5
Total equity 82.8 294.7 119.0
---------------------------------------------- --- ----------------------------------------- ---------- ------------
Condensed Consolidated Statement of Changes in Equity
For the 26 weeks ended 30 September 2023
(unaudited)
Foreign
Share Retained exchange Hyperinflation Other Total
capital earnings reserve reserve reserves equity
GBPm GBPm GBPm GBPm GBPm GBPm
At 2 April 2022 6.3 187.3 3.1 - 5.9 202.6
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Loss for the
period to 1
April 2023 - (91.8) - - - (91.8)
Other
comprehensive
expense
for the period - (2.0) - - - (2.0)
Retranslation of
overseas
subsidiaries - - (2.1) 16.5 - 14.4
Total
comprehensive
loss - (93.8) (2.1) 16.5 - (79.4)
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Buy back of
ordinary shares - (7.8) - - - (7.8)
Share-based
payment charge - - - - 3.6 3.6
Transactions
with owners - (7.8) - - 3.6 (4.2)
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
At 1 April 2023 6.3 85.7 1.0 16.5 9.5 119.0
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Loss for the
period to 30
September 2023 - (22.5) - - - (22.5)
Other
comprehensive
expense
for the period - (0.7) - - - (0.7)
Retranslation of
overseas
subsidiaries - - (24.1) 9.9 - (14.2)
Total
comprehensive
loss - (23.2) (24.1) 9.9 - (37.4)
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Share-based
payment charge - - - - 1.2 1.2
Transactions
with owners - - - - 1.2 1.2
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
At 30 September
2023 6.3 62.5 (23.2) 26.4 10.7 82.8
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
At 2 April 2022 6.3 187.3 3.1 - 5.9 202.6
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Profit for the
period to
1 October 2022 - 47.5 - - - 47.5
Other
comprehensive
income
for the period - 0.9 - - - 0.9
Retranslation of
overseas
subsidiaries - - 16.6 32.1 - 48.7
Total
comprehensive
income - 48.4 16.6 32.1 - 97.1
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Buy back of
ordinary shares - (6.2) - - - (6.2)
Share-based
payment charge - - - - 1.2 1.2
Transactions
with owners - (6.2) - - 1.2 (5.0)
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
At 1 October
2022 6.3 229.5 19.7 32.1 7.1 294.7
----------------- ---------------------------- -------------------------- --------------------------- -------------------------- -------------------------- -----------------------------------
Condensed Consolidated Statement
of Cash Flows
For the 26 weeks ended 30 September
2023 (unaudited)
26 weeks 52 weeks 52 weeks
ended ended ended
30 September 1 October
2023 2022 1 April 2023
(audited)
GBPm GBPm GBPm
------------------------------------------------ ------------- ---------- -------------
Cash flows from operating activities
Operating profit / (loss) 33.0 82.0 (24.1)
Adjustments For:
Depreciation and amortisation of
IT software 46.4 39.6 90.5
Amortisation of acquired intangibles 20.4 21.0 41.5
Hyperinflation impact (18.5) - (22.0)
Negative goodwill arising on acquisition - (61.5) (90.5)
Goodwill impairment - - 80.0
Acquisition-related performance plan
charge 5.3 4.0 10.3
Amortisation of government grants (0.4) (0.4) (1.3)
Profit on disposal of property, plant
and equipment (0.7) (1.1) (1.8)
Fixed asset impairment - - 47.5
Loss on disposal of leased assets - - 1.5
Share incentive plan charge 1.2 1.2 3.6
Defined benefit pension (0.7) - (2.5)
Net cash flow from operating activities
before movements in working capital,
tax and interest payments 86.0 84.8 132.7
Change in inventories (26.5) (7.8) 62.8
Change in trade and other receivables 14.8 (32.5) 40.6
Change in trade and other payables (15.9) (23.8) (114.5)
Change in provisions (9.8) - 19.1
Cash generated by continuing operations
before tax and interest payments 48.6 20.7 140.7
Interest paid on loans and notes (14.3) (20.4) (34.8)
Interest relating to right-of-use
lease assets (3.3) (2.0) (5.4)
Income taxes received / (paid) 0.8 (7.3) (11.4)
Net cash inflow / (outflow) from
operating activities 31.8 (9.0) 89.1
------------------------------------------------- ------------- ---------- -------------
Investing activities
Purchases of property, plant and
equipment (27.6) (40.8) (96.4)
Purchases of intangible assets (1.2) (0.5) (3.2)
Proceeds on disposal of property,
plant and equipment 2.0 2.4 5.3
Deferred consideration and acquisition-related
performance plan payments (10.5) (3.5) (4.6)
Acquisition of subsidiaries net of
cash acquired - (108.6) (119.7)
Net cash used in investing activities (37.3) (151.0) (218.6)
------------------------------------------------- ------------- ---------- -------------
Financing activities
Proceeds from debt 45.2 25.1 66.0
Repayment of debt (24.4) (34.5) (75.4)
Buy back of ordinary shares - (6.2) (7.8)
Payments under right-of-use lease
obligations (13.1) (11.5) (23.9)
Net cash generated / (used) in financing
activities 7.7 (27.1) (41.1)
------------------------------------------------- ------------- ---------- -------------
Net increase / (decrease) in cash
and cash equivalents 2.2 (187.2) (170.6)
Cash and cash equivalents at beginning
of period 90.4 258.0 258.0
Effect of foreign exchange rate changes (1.3) 2.7 3.0
Cash and cash equivalents at end
of period 91.3 73.5 90.4
------------------------------------------------- ------------- ---------- -------------
Comprising:
Cash and cash equivalents 92.7 78.4 93.3
Bank overdrafts (1.4) (4.9) (2.9)
91.3 73.5 90.4
------------------------------------------------ ------------- ---------- -------------
Notes
1. General information
These condensed consolidated financial statements for the 26
weeks ended 30 September 2023 have not been audited or reviewed by
the Auditor. They were approved by the Board of Directors on 21
November 2023.
The information for the 52 weeks ended 1 April 2023 does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The audited
financial statements incorporated a qualified audit report which
concludes that except for the effects of the matter which gave rise
to the qualification, the financial statements give a true and fair
view of the state of the Group's and of the parent company's
affairs as at 1 April 2023 and of the Group's loss for the period
then ended. The qualification notes that due to a
management-imposed limitation of scope in relation to a
non-significant component, that the auditor is unable to conclude
on this non-significant component. Management imposed this
limitation due to the Board's view that procedures proposed by the
auditor were unlikely to generate further or better-quality audit
evidence. The Auditor's report on the financial statements did not
draw attention to any further matters by way of emphasis and, other
than solely in respect of receiving all the information and
explanations from a nonsignificant component which, to the best of
the Auditor's knowledge and belief, were necessary for the purposes
of the audit, did not contain statements under S498(2) or (3)
Companies Act 2006.
2. Basis of preparation and accounting policies
These condensed consolidated financial statements should be read
in conjunction with the Group's financial statements for the 52
weeks ended 1 April 2023, which were prepared in accordance with
IFRSs as adopted by the European Union.
These interim financial statements have been prepared on a
consistent basis and in accordance with the accounting policies set
out in the Group's Annual Report and Financial Statements for the
52 weeks ended 1 April 2023.
Having reviewed the Group's projections and taking account of
reasonably possible changes in trading performance, the Directors
believe they have reasonable grounds for stating that the Group has
adequate resources to continue in operational existence for the
foreseeable future.
Accordingly, the Directors continue to adopt the going concern
basis in preparing the financial statements of the Group.
Hyperinflation accounting
The inflation rate used by the Group is the official rate
published by the Turkish Statistical Institute, TurkStat. The
movement in the publicly available official price index for the
half year ended 30 September 2023 was 33% (half year ended 1
October 2022: 24%).
Non-underlying items
Non-underlying items are material non-trading income and costs
and non-underlying finance costs as defined by the Directors. In
line with IAS 1 para 85, the non-underlying items are disclosed
separately in the Consolidated Income Statement given, in the
opinion of the Directors, such presentation is relevant to an
understanding of the Group's financial performance.
3. Segmental information
The Group is organised into four operating segments: soft
flooring products in UK & Europe; ceramic tiles in UK &
Europe; flooring products in Australia; and flooring products in
North America. The Executive Board (which is collectively the Chief
Operating Decision Maker) regularly reviews financial information
for each of these operating segments in order to assess their
performance and make decisions around strategy and resource
allocation at this level.
The UK & Europe Soft Flooring segment comprises legal
entities primarily in the UK, Republic of Ireland, the Netherlands
and Belgium (including manufacturing entities in Turkey and a
distribution entity in North America), whose operations involve the
manufacture and distribution of carpets, rugs, flooring underlay,
artificial grass, LVT, and associated accessories. The UK &
Europe Ceramic Tiles segment comprises legal entities primarily in
Spain, Turkey and Italy, whose operations involve the manufacture
and distribution of wall and floor ceramic tiles. The Australia
segment comprises legal entities in Australia, whose operations
involve the manufacture and distribution of carpets, flooring
underlay and LVT. The North America segment comprises legal
entities in the USA, whose operations involve the distribution of
hard flooring, LVT and tiles.
Whilst additional information has been provided in the
operational review on sub-segment activities, discrete financial
information on these activities is not regularly reported to the
CODM for assessing performance or allocating resources.
No operating segments have been aggregated into reportable
segments.
Both underlying operating profit and reported operating profit
are reported to the Executive Board on a segmental basis.
Transactions between the reportable segments are made on an arm
length's basis. The reportable segments exclude the results of non
revenue generating holding companies, including Victoria PLC. These
entities' results have been included as unallocated central
expenses in the tables below.
Income
statement
26 weeks ended 30 September 2023 26 weeks ended 1 October 2022
UK & UK & UK & UK &
Europe Europe Unallocated Europe Europe Unallocated
Soft Ceramic North central Soft Ceramic North central
Flooring Tiles Australia America expenses Total Flooring Tiles Australia America expenses Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
Income
statement
Revenue 320.2 188.8 54.0 85.5 - 648.5 373.7 257.4 64.2 80.9 - 776.1
Underlying
operating
profit /
(loss) 20.7 25.3 4.4 7.2 (3.3) 54.3 15.7 37.5 5.6 3.7 (1.3) 61.1
Non-underlying
operating
items (7.1) 0.2 (0.8) (3.9) (1.7) (13.3) (17.8) (12.0) (0.9) (2.5) (1.2) (34.4)
Exceptional
operating
items (6.8) (0.1) - (0.3) (0.8) (8.0) 57.1 (1.0) (0.1) (0.6) (0.2) 55.3
Operating
profit /
(loss) 6.8 25.4 3.6 3.0 (5.8) 33.0 55.1 24.5 4.7 0.6 (2.7) 82.0
Underlying net
finance
costs (22.8) (21.3)
Non-underlying
finance
costs (29.6) (7.6)
(Loss) / profit
before
tax (19.4) 53.1
Tax credit (3.3) (5.6)
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
(Loss) / profit
for the
period (22.5) 47.5
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
26 weeks ended 30 September 2023 26 weeks ended 1 October 2022
UK & UK & UK & UK &
Europe Europe Unallocated Europe Europe Unallocated
Soft Ceramic North central Soft Ceramic North central
Flooring Tiles Australia America expenses Total Flooring Tiles Australia America expenses Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
Depreciation of
tangible
fixed assets
and IT
software
amortisation 17.1 11.7 1.5 1.2 - 31.5 15.4 11.2 1.5 0.8 0.1 29.0
Depreciation of
right-of-use
lease assets 9.6 2.9 1.1 1.1 0.2 14.9 6.1 2.9 1.1 0.3 0.2 10.6
Amortisation of
acquired
intangibles 5.7 11.4 0.9 2.4 - 20.4 7.1 11.1 0.9 1.9 - 21.0
32.4 26.0 3.5 4.7 0.2 66.8 28.6 25.2 3.5 3.0 0.3 60.6
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
26 weeks ended 30 September 2023 26 weeks ended 1 October 2022
UK & UK & UK & UK &
Europe Europe Europe Europe
Soft Ceramic North Soft Ceramic North
Flooring Tiles Australia America Central Total Flooring Tiles Australia America Central Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
Total capital
expenditure
(cashflow) 19.6 4.3 1.4 2.2 0.1 27.6 16.7 17.2 2.0 3.0 - 38.9
---------------- --------- -------- ---------- -------- ------------ ------- --------- -------- ---------- -------- ------------ -------
4. Exceptional and non-underlying items
26 weeks ended 26 weeks ended
30 September 1 October 2022
2023
GBPm GBPm
-------------------------------------------- --------------- ----------------
Exceptional items
(a) Acquisition related costs (0.7) (1.9)
(b) Reorganisation costs (7.3) (4.3)
(c) Negative goodwill arising on
acquisition - 61.5
(8.0) 55.3
-------------------------------------------- --------------- ----------------
Non-underlying operating items
(d) Acquisition-related performance
plans (5.3) (4.0)
(e) Non-cash share incentive plan
charge (1.2) (1.2)
(f) Amortisation of acquired intangibles
(excluding hyperinflation) (19.9) (21.0)
(g) Unwind of fair value uplift to
acquisition opening inventory - (9.5)
(h) Depreciation of fair value uplift
to acquisition property, plant and
machinery (2.7) (0.2)
(i) Hyperinflation depreciation adjustment (2.1) (0.5)
(j) Hyperinflation amortisation adjustment (0.6) -
(k) Hyperinflation monetary gain 26.1 1.9
(l) Other hyperinflation adjustments
(excluding depreciation and monetary
gain) (7.6) -
(13.3) (34.4)
-------------------------------------------- --------------- ----------------
Total (21.3) 20.9
--------------------------------------------- --------------- ----------------
(a) One-off third-party professional fees in connection with
M&A prospecting activities during the period.
(b) One-off reorganisation costs relating to a number of
efficiency projects during the period and prior period, mainly
Balta restructuring.
(c) Negative goodwill of GBP61.5m arose in the prior period on
the consolidation of Balta, Ragolle, all acquired during the prior
period. As the purchase price allocation was concluded over FY23
the final negative goodwill for Balta and Ragolle totalled
GBP85.5m. The increase was mainly due to the fair value uplift of
property.
(d) Charge relating to the accrual of expected liability under
acquisition-related performance plans.
(e) Non-cash, IFRS2 share-based payment charge in relation to
the long-term management incentive plans.
(f) Amortisation of intangible assets, primarily brands and customer relationships, recognised on consolidation as a result of business combinations.
(g) One-off cost of sales charge reflecting the IFRS 3 fair
value adjustment on inventory acquired on new business
acquisitions, given this is not representative of the underlying
performance of those businesses.
(h) Cost of sales depreciation charge reflecting the IFRS 3 fair
value adjustment on buildings and plant and machinery acquired on
new business acquisitions, given this is not representative of the
underlying performance of those businesses.
(i,j,k,l) Impact of hyperinflation indexation in the period, see
accounting policies.
5. Finance costs
26 weeks 26 weeks
ended 30 ended 1 October
September 2022
2023
GBPm GBPm
-------------------------------------------------- ----------- -----------------
Underlying finance items
Interest on bank facilities and notes 17.9 17.0
Amortisation of prepaid finance costs on loans
and notes 1.3 1.5
Unwinding of discount on right-of-use lease
liabilities 3.3 2.7
Net interest expense on defined benefit pensions 0.1 0.1
22.6 21.3
-------------------------------------------------- ----------- -----------------
Non-underlying finance items
(a) Finance items related to preferred equity 14.0 14.3
--------------------------------------------------- ----------- -----------------
Preferred equity related 14.0 14.3
(b) Unwinding of present value of deferred
and contingent earn-out liabilities 0.3 -
Acquisitions related 0.3 -
(c) Fair value adjustment to notes redemption
option (0.6) 2.7
(d) Mark to market adjustments and gains on
foreign exchange forward contracts (1.4) (5.0)
(e) Translation difference on foreign currency
loans and cash 13.2 (3.0)
(f) Hyperinflation - finance portion 4.1 (1.4)
--------------------------------------------------- ----------- -----------------
Other non-underlying 15.3 (6.7)
29.6 7.6
-------------------------------------------------- ----------- -----------------
(a) The net impact of items relating to preferred equity issued
to Koch Equity Development during the current and prior
periods.
(b) Current period non-cash costs relating to the unwind of
present value discounts applied to deferred consideration and
contingent earn-outs on historical business acquisitions. Deferred
consideration is measured at amortised cost, while contingent
consideration is measured under IFRS 3 at fair value. Both are
discounted for the time value of money.
(c) Fair value adjustment to embedded derivative representing
the early redemption option within the terms of the senior secured
notes.
(d) Non-cash fair value adjustments on foreign exchange forward
contracts.
(e) Net impact of exchange rate movements on third party and
intercompany loans.
(f) Other finance cost/income impact of hyperinflation.
6. Taxation
26 weeks 26 weeks
ended 30 ended 1
September October
2023 2022
GBPm GBPm
---------------------------- ----------- ---------
Current tax
- Current year UK 0.9 -
- Current year overseas 6.7 8.8
- Adjustments in respect
of prior years -
7.6 8.8
---------------------------- ----------- ---------
Deferred tax
- Credit recognised in the
current year (4.4) (3.2)
- Adjustments in respect
of prior years -
- Effect of rate change -
(4.4) (3.2)
---------------------------- ----------- ---------
Total tax charge 3.3 5.6
------------------------------- ----------- ---------
Corporation tax is calculated at the applicable percentage of
the estimated assessable profit for the year in each respective
geography. The overall effective corporation tax rate on underlying
profit is 28.6% (FY22: 24.5%), representing the best estimate of
the weighted average annual corporation tax rate expected for the
full financial year.
7. Earnings per share
The calculation of the basic, adjusted and diluted earnings /
loss per share is based on the following data:
26 weeks ended 30 September 26 weeks ended 1
2023 October 2022
Basic Adjusted Basic Adjusted
GBPm GBPm GBPm GBPm
-------------------------------- --------------- ------------- --------- -----------
(Loss) / profit attributable
to ordinary equity holders
of the parent entity (22.5) (22.5) 47.5 47.5
Exceptional and non-underlying
items:
Income statement impact
of preferred equity - 14.0 - 14.3
Amortisation of acquired
intangibles - 19.9 - 21.0
Other non-underlying items - 9.2 - 11.9
Other exceptional items - 8.0 - (55.3)
Interest on short -term
draw of Group revolving
credit facility - - - -
Amortisation of prepaid
finance costs - - - -
Fair value adjustment to
notes redemption option - (0.6) - 2.7
Translation difference on
foreign currency loans - 13.2 - (3.0)
Other non-underlying finance
items - (1.1) - (7.8)
Tax effect on adjusted items
where applicable - (5.7) - (4.1)
Hyperinflation - (11.7) - 2.9
(Loss) / earnings for the
purpose of basic and adjusted
earnings per share (22.5) 22.7 47.5 30.1
------------------------------------ --------------- ------------- --------- -----------
Weighted average number of shares
26 weeks ended 30 26 weeks ended
September 2023 1 October 2022
Number Number
of shares of shares
(000's) (000's)
---------------------------------------------
Weighted average number of shares
for the purpose of basic and adjusted
earnings per share 115,010 116,464
Effect of dilutive potential
ordinary shares:
Share options and warrants 1,768 1,473
------------------------------------------------ ------------------ ----------------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 116,778 117,937
Preferred equity and contractually-linked
warrants 51,682 50,493
------------------------------------------------
Weighted average number of ordinary
shares for the purposes of diluted
adjusted earnings per share 168,460 168,430
------------------------------------------------ ------------------ ----------------
The potential dilutive effect of the share options has been
calculated in accordance with IAS 33 using the average share price
in the period.
The Group's earnings / loss per share are as follows:
26 weeks ended 30 26 weeks ended
September 2023 1 October 2022
Pence Pence
--------------------------- ------------------ ----------------
Earnings / loss per share
Basic (loss) / earnings
per share (19.61) 40.76
Diluted (loss) / earnings
per share (19.61) 36.69
Basic adjusted earnings
per share 19.75 25.85
Diluted adjusted earnings
per share 13.48 17.87
------------------------------ ------------------ ----------------
Diluted earnings per share for the period is not adjusted for
the impact of the potential future conversion of preferred equity
due to this instrument having an anti-dilutive effect, whereby the
positive impact of adding back the associated financial costs to
earnings outweighs the dilutive impact of conversion/exercise.
Diluted adjusted earnings per share does take into account the
impact of this instrument as shown in the table above setting out
the weighted average number of shares. Due to the loss incurred in
the period, in calculating the diluted loss per share, the share
options, warrants and preferred equity are considered to be
non-dilutive.
8. Rates of exchange
The result of the Group's overseas subsidiaries have been
translated into Sterling at the average rate prevailing during the
periods. The balance sheets are translated at the exchange rates
prevailing at the period ends:
26 weeks ended 26 weeks ended
30 September 1 October 52 weeks ended
2023 2022 1 April 2023
Australia (A$) -
average rate 1.9110 1.7447 1.7679
Australia (A$) -
period end 1.8975 1.7425 1.8458
Europe (EUR) - average
rate 1.1567 1.1701 1.1557
Europe (EUR) - period
end 1.1528 1.1374 1.1360
USD ($) - average
rate 1.2560 1.2160 1.2065
USD ($) - period
end 1.2197 1.1150 1.2345
Turkey ( ) - average
rate 30.8810 20.3012 21.6304
Turkey ( ) - period
end 33.4357 20.6297 23.6755
------------------------- --------------- --------------- ---------------
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