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Interim Results 2025
Agenda
Key messages
Financial review
Financial Highlights
Strong LFL sales growth sustained into H1
H1 sales growth 12% with 5% like-for-like growth
Underlying operating profit £45m, up 31%
Group operating margin 2.7%, up 40bps
Underlying Net Loss £3m, + £5m improvement YoY
Minority interest charge £25m, flat YoY
H1 net debt £764m reflects H1/H2 seasonality and later Easter
Due to stronger H2 cash flows, leverage expected to be towards lower end of target range of 1.5-2.0x at year-end
Business review
Strategic priorities
FY25 priorities: Delivering returns and driving profitability
Capitalising on structural tailwinds to deliver growth
Enhancing our global proposition and footprint
Driving a step change in our Continental Europe business
Continental Europe improving ROCE through better operating margin and lower capex
Driving efficiencies across the Group cost base
Labour efficiency programme
Gross margin optimisation
Driving returns on investments
Driving returns from recent M&A
Investment in renewals and extensions will reduce in FY26, underpinning returns improvement
Strengthening net cash flow to be delivered through lower capex and optimisation of working capital
Outlook
Focused on what we can control in an uncertain consumer backdrop
FY25 guidance maintained
IPO of TFS in India targeted for summer
Summary
Q&A
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