Sales for the first half of FY24 fell by 18% to £1,497.5 million (vs. £1,838.5 million in H1 2023).

The Group recorded a year-on-year improvement of around £240 million in free cash flow in the first half (outflows of around £21 million).

Management underlines its progress on the inventory reduction plan with £593 million in the first half (against a target of around £600 million for FY 2024).

Adjusted EBITDA suffered a loss of £16.3 million in the first half (compared with a gain of £4.6 million in H1 2023). The adjusted loss before tax was £120 million.

The Group confirms its forecasts of a 5-15% decline in sales for fiscal 2024, positive adjusted EBITDA and cash generation. EBITDA for fiscal 2025 should be significantly higher than in fiscal 2023 and 2024.

It expects to return to growth in fiscal 2024/2025, with operating margin returning to pre-Covid crisis levels.

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