CHIEF EXECUTIVE'S REPORT AND BUSINESS REVIEW

 

Delivering on our priorities

FY25 marked another record year of profitable growth and continued investment in Frasers Group's Elevation Strategy. We set six key priorities for the year, and I'm proud to share that we have delivered against each of these, thanks to our team's laser focus and commitment. While we've made meaningful strides, we remain sharply focused on the opportunities for growth ahead and are motivated to turn this momentum into sustained long-term success.

 

1-     Unlock international opportunity

FY25 marked a step-change in global expansion. We've grown our footprint this year, announcing seven strategic partnerships and acquisitions that reach an additional 55 countries. With plans to open hundreds of new stores in the coming years, this strategic execution has created a strong platform for future growth and scaling.

 

2-     Brand partnerships

Strategic brand partnerships are the strongest they've ever been across sport, premium, and luxury, including with Nike, Adidas and HUGO BOSS - where I was recently appointed to the Supervisory Board. Our position as a key partner for the world's best brands was further reinforced, operating as a global wholesale partner and continuing to diversify our offering with new brands like Casablanca and Fear of God at FLANNELS. Through our international partnerships, we have unlocked widespread distribution opportunities for brands as demonstrated through Hudson / Nike in Africa and Accent / Hoka in Australia. We also now act as valued landlords for brand partners across our UK property portfolio, offering direct-to-consumer access and retail synergies. 

 

3-     Synergies & cost savings

We unlocked meaningful synergies and cost-savings through ongoing integration and operational alignment, generating £127.2m in efficiencies. This is a significant achievement, driven by a focused effort to streamline operations while also ensuring we do not undo the strong progress established by the Elevation Strategy.

 

4-     Reduce stockholding by 5%-15%

We delivered a like-for-like stockholding reduction of 15.0%, reflecting the top end of our target range. This was driven by a focus on inventory discipline and our state-of-the-art automated facility, which will further support cash generation and a more agile operating model going forward.

 

5-     Value creation via property acquisitions

We further strengthened our property portfolio through the acquisition of 12 strategic assets for a total consideration of £233.1m, continuing to drive long-term value creation and flexibility across the Group.

 

6-     Frasers Plus Growth

Our FCA-regulated credit and loyalty programme, Frasers Plus, has continued to perform well this year, with over 1 million active customers now on the platform and digital penetration increasing to 12.2%, reflecting the growing strength of our financial services proposition.

Retail

Retail is the foundation of our business as we continue to drive our ambition to build the world's most compelling and admired brand ecosystem across sport, premium, and luxury.

Sport

FY25 has been another strong year for sport retail, led by Sports Direct. We continued to enhance our Sports Direct UK store portfolio, with new stores in Manchester's Trafford Palazzo and Westfield London shopping centres. We also strengthened customers' omnichannel shopping experience, with the launch of an all-new Sports Direct app and Sports Direct Membership - a new benefit-based programme designed to reward loyal customers with exclusive benefits and personalised offers. Since launching in February, the inaugural programme has seen strong uptake among Sports Direct customers, who are enjoying a more seamless omnichannel shopping experience. We also rolled out ten localised Sports Direct websites in Europe, offering more personalisation to customers in those markets. We continued to invest in our Own Brand portfolio, including iconic brands like Slazenger, Everlast and Karrimor, which complement our global brand partners and offer customers further variety in technical and lifestyle apparel at accessible pricing. Our Everlast Gyms proposition also continued to grow, with over 60 locations across the UK, as we aim to provide aspirational training environments nationwide at an accessible price.

International expansion of Sports Direct has been a real area of focus for the Group, offering promising scalability for the future through strategic global partnerships.

·      We expanded our partnership with MAP Active with plans to open 350 new stores in Indonesia plus five new countries: India, the Philippines, Thailand, Vietnam, and Cambodia.

·      We increased our shareholding in Accent Group and announced a long-term strategic partnership which includes plans for at least 50 Sports Direct stores in the first six years, with the ambitious goal of 100 stores long-term in Australasia. We also now hold a board seat.

·      We entered a 10-year agreement with global well-being and retail conglomerate GMG - Nike's distributor in the region - to open around 50 Sports Direct stores across the Gulf and Egypt.

·      We acquired South African/Namibian sporting and outdoor retailer, Holdsport, and acquired a significant shareholding in Hudson to serve as a platform for further expansion across Africa. Both businesses also offer brand distribution capabilities and partner with global brands such as Nike.  We also now hold a board seat with Hudson.

·      After period-end, we acquired struggling Nordic-based retailer XXL - the largest specialist sporting goods provider in the region. It is too early to establish the size of this opportunity and its financial outlook. We will provide a further update on its progress later in the financial year.

Beyond sports retail, our international momentum also lays the groundwork for further potential expansion across our premium and luxury portfolio.

Premium & luxury

The global premium and luxury landscape remains subdued but is showing early signs of becoming less challenging. Our FLANNELS estate has been successfully elevated, with over 80 stores across the UK and Ireland. This year saw the highly anticipated opening of the impressive 70,000 sq. ft. FLANNELS store in Leeds, as well as innovative FRASERS Concept stores in Sheffield, and Maidstone. We strengthened the digital experience for luxury consumers with a new and improved FLANNELS app, and plan to extend Membership across both FLANNELS and FRASERS in the next year.

Digital

Further leveraging the unique breadth and depth of Frasers Group's scale, we entered the world of retail media after year-end with the launch of ELEVATE. Currently in its infancy but with aspirations to offer the UK's most comprehensive retail media offering, the new proposition connects brands more effectively with the Group's 30m+ audience - bolstered by increasingly personalised data from Sports Direct Membership. We believe this proposition will be crucial in offsetting the ever-increasing digital marketing costs of third parties.

Property

Property is a fundamental pillar of our business, and we remain confident in our strategy of acquiring sites that unlock occupational demand for the Group, as we continue to play a pivotal role in reinvigorating UK high streets and retail hubs. 

Over the past year, we have made substantial investments in strategic retail locations across the UK, including Doncaster's Frenchgate, Exeter's Princesshay, Maidstone's Fremlin Walk, and four Affinity Outlet properties, as well as a development site in Ansty, Warwickshire.

Frasers Group Financial Services

Frasers Plus, our FCA-regulated, market leading credit and loyalty proposition has seen its second year of consistent growth. It recently reached the milestone of 1 million active customers and has further diversified through strategic partnerships with THG, Hornby and Marks Electrical, as well as eBuyer and Super Payments after year-end. There is still work to be done, but we're confident in the proposition's future and remain on track to achieve our long-term ambitions as we expand its strategic partnerships and grow the customer base.

Our teams

Our success starts with our people. From head office to the warehouse and the shop floor, our people are the driving force behind everything we do, which is why we're committed to recognising, rewarding and motivating top talent across the business. Thank you to our teams for their continued hard work and dedication. 

Going forward

Looking to the future, we are actively exploring the long-term role of artificial intelligence across our business, starting with Frasers Plus. We have an ambition to be among the first retailers to adopt a comprehensive AI strategy on this scale and are seeking expert advice through our partnership with Iona Star. Through this, we aim to unlock new sources of value, drive cost optimisation and strengthen employee and customer experiences across the Group. We will share further updates at our half year results in December.

After period-end, we announced that we secured a new £3.0bn Term Loan and Revolving Credit Facility, replacing the previous £1.65bn arrangement, with options to extend the term up to five years and increase the facility by £0.5bn. We wish to thank our banking partners for their significant support of Frasers Group and our ongoing execution of the Elevation Strategy.

 

Outlook

We believe the disciplined execution of our Elevation Strategy will continue to drive strong growth across the business. We will continue to invest in this strategy, with a view to the future, while working diligently to mitigate the £50m-plus extra costs incurred by last year's Budget. We are currently expecting FY26 APBT in the range £550m-£600m.*

Looking to FY26, we've set ambitious priorities for ourselves as we continue to invest in and realise the benefits of our successful Elevation Strategy:

1.     Continue to invest for the medium to long-term across key areas of our Elevation Strategy including store estate, digital innovation, strategic acquisitions and more

2.     Execute international partnerships and scale brand partners

3.     Unlock AI to increase productivity & mitigate costs

4.     Focus on property investment opportunities for value creation

5.     Frasers Plus growth continues, unlocking value for customers

 

 

* Excluding the results of XXL ASA which was acquired by the Group on 27 June 2025.

Michael Murray

Chief Executive Officer

16 July 2025

 

PERFORMANCE OVERVIEW

 

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Retail revenue	£4,753.7m	£5,133.3m
Total revenue	£4,925.6m	£5,317.0m
Retail gross profit	£2,166.2m	£2,253.9m
Group gross profit	£2,306.4m	£2,409.2m
Retail gross margin	45.6%	43.9%
Group gross margin	46.8%	45.3%
Retail profit from trading	£747.3m	£732.8m
Group profit from trading	£808.9m	£829.5m
Reported profit before tax ("PBT") from continuing operations	£379.4m	£501.0m
Adjusted profit before tax ("APBT") (2)	£560.2m	£544.8m
Reported basic earnings per share ("EPS")	67.5p	86.8p
Adjusted EPS (2)	98.1p	95.8p
Net assets	£1,988.1m	£1,873.0m
Cash inflow from operating activities before working capital	£800.4m	£834.6m

(1)         Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details.

(2)         This is an Alternative Performance Measure, for which the reconciliation to the equivalent GAAP measure is set out in note 3 to the financial information. Adjusted EPS is discussed in note 9 to the financial information.

 

The Directors have adopted Alternative Performance Measures (APM's). APM's should be considered in addition to UK-Adopted International Accounting Standards ("UK IAS") measures. The Directors believe that Adjusted profit before tax ("APBT") and Adjusted EPS provide further useful information for shareholders on the underlying performance of the Group in addition to the reported numbers and are consistent with how business performance is measured internally. They are not recognised profit measures under UK IAS and may not be directly comparable with "adjusted" or "alternative" profit measures used by other companies.

 

Retail revenue decreased by 7.4%. Continued sales growth from Sports Direct, reflecting the ongoing success of the Elevation Strategy and strengthening brand relationships, and the acquisition of Twinsport was more than offset by planned declines in Game UK, Studio Retail, the companies acquired from JD Sports and SportMaster in Denmark as these previously unprofitable businesses were right-sized and put on a more sustainable footing. In addition, the luxury market continued to be challenging although it is now showing some early signs of improvement.

 

Group gross margin % increased to 46.8% from 45.3% due to an improved mix effect, as the lower margin % businesses reduce as a proportion of total revenue and the higher margin Sports Direct and FLANNELS businesses increased their share.

 

Retail gross profit declined by £87.7m (3.9%) as continued growth in Sports Direct reflecting the continuing success of the Elevation Strategy and strengthening brand relationships, was more than offset by expected declines in Game UK and Studio Retail, store portfolio in optimisation House of Fraser and in the businesses acquired from JD Sports, and a softer luxury market. Retail overheads reduced by £102.2m as a result of cost savings and synergy benefits in the UK business, partially offset by inflationary pressures and acquisition related costs in the International segment, leading to a 2.0% increase in retail profit from trading to £747.3m.

 

APBT ⁽²⁾ increased by 2.8% to £560.2m despite the non-recurrence of the £25.0m gain on disposal of the Missguided intellectual property in FY24, an £11.8m loss on disposal of Game Spain, and a £40.1m reduction in profit from trading in the Financial Services segment, due to our decision to wind down the Studio Pay receivables portfolio and focus on Frasers Plus, an approach which reduces revenue and increases impairment charges in the near-term. A net reversal of property related impairments of £9.6m has been recorded in the current period (FY24: £21.4m net impairment including impairments of intangible assets) as a result of our future forecasts outweighing our previous downside impairment assumptions.

 

Reported PBT of £379.4m, a decrease of 24.3%. The Group's trading performance has been offset by foreign exchange losses (vs. gains in FY24) and non-cash fair value movements on equity derivatives, primarily relating to the material decline in the HUGO BOSS share price. Both of these non-cash adjustments were exacerbated by the market reaction to proposed tariffs by the US government around the year-end date, impacts which, in the case of equity markets, have largely reversed since year-end. 

 

Basic EPS of 67.5p, a decrease of 19.3p (22.2%) year-on-year. Adjusted EPS ⁽²⁾ of 98.1p, an increase of 2.3p (2.4%) reflecting the increase in APBT ⁽²⁾ partially offset by an increase in effective tax rate.

 

The Group's strategy is underpinned by a strong balance sheet with net assets increasing to £1,988.1m from £1,873.0m at FY24 due to the Group's profitability in FY25, partially offset by a decrease in the fair value of the Group's strategic investments recognised in other comprehensive income. Net assets per share increased to £4.41, a three-year CAGR of 18.0%.

 

Cash inflow from operating activities before working capital movements of £800.4m has enabled the Group to continue to invest in international sports and leisure, UK luxury retail, Frasers Plus, our property portfolio and our strategic partnerships such as HUGO BOSS and Accent Group.

 

REVIEW BY BUSINESS SEGMENT

UK SPORTS

This segment includes the results of the Group's core sports retail store operations in the UK, plus all the Group's sports retail online business, other UK-based sports retail and wholesale operations, GAME UK stores and online operations, retail store operations in Northern Ireland, Frasers Fitness, Studio Retail's sales and the Group's central operating functions (including the Shirebrook campus).

UK Sports accounts for 54.7% (FY24 restated ⁽¹⁾: 54.7%) of the Group's revenue.

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Revenue	£2,698.1m	£2,908.9m
Cost of sales	(£1,398.5m)	(£1,558.5m)
Gross profit	£1,299.6m	£1,350.4m
Gross margin %	48.2%	46.4%
Profit from trading	£475.8m	£468.4m
Operating profit	£365.5m	£353.1m
Store numbers	785	797

(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details

Revenue decreased by 7.2%. Continued sales growth from Sports Direct reflecting the ongoing success of the Elevation Strategy and strengthening brand relationships, was more than offset by planned declines in Game UK and Studio Retail.

 

Gross profit decreased by £50.8m as a result of the sales decline but gross margin % increased by +180 bps to 48.2% reflecting the fact that the higher margin Sports Direct business now makes up a greater proportion of this segment.

 

Operating costs reduced by £58.2m as the benefits of integrating and right-sizing the lower margin businesses were realised. This contributed to a £7.4m (1.6%) increase in the segment's profit from trading.

 

UK Sports' operating profit result of £365.5m (FY23: £353.1m) includes impairment reversals of £5.0m (FY24: impairment reversals of £8.4m), a result of the strong trading performance, and future forecasts outweighing our downside impairment assumptions, and realised foreign exchange gains of £19.8m (FY24: £9.2m).

 

Store numbers decreased from 797 to 785 mainly driven by the replacement of standalone Game stores with Game concessions situated inside larger Sports Direct stores and a reduction in standalone Evans Cycles' stores.

 

PREMIUM LIFESTYLE

This segment includes the results of the Group's premium and luxury retail businesses FLANNELS, Cruise, Van Mildert, Jack Wills, House of Fraser & Frasers, Gieves and Hawkes, and Sofa.com along with the related websites, the businesses acquired from JD Sports, as well as the results from the I Saw it First website and the Missguided website until the disposal of the Missguided intellectual property in October 2023.

 

Premium Lifestyle accounts for 21.3% (FY24 restated ⁽¹⁾: 23.1%) of the Group's revenue.  

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Revenue	£1,048.2m	£1,229.8m
Cost of sales	(£635.4m)	(£773.2m)
Gross profit	£412.8m	£456.6m
Gross margin %	39.4%	37.1%
Profit from trading	£157.4m	£137.2m
Operating profit	£131.9m	£98.6m
Store numbers	156	181

(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details

Revenue decreased by 14.8% as we continued to optimise our store portfolio in House of Fraser and in the businesses acquired from JD Sports, reducing the number of stores from 44 at 28 April 2024 to 29 at 27 April 2025.

 

Segment profit from trading increased by £20.2m as a £43.8m decrease in gross profit, driven by the revenue decline noted above, was more than offset by a 230bps increase in gross margin % from 37.1% to 39.4% (the result of an improving mix effect with FLANNELS increasing its share) and a £64.0m decrease in operating costs as the benefits of integrating and right-sizing the premium businesses was realised.

 

Premium Lifestyle's operating profit result of £131.9m (FY24: £98.6m) includes impairment reversals of £1.8m (FY24: impairments of £2.5m) reflecting early signs of improvement in the luxury market.

 

We continue to develop and invest in our unique luxury proposition, including the recent opening of FLANNELS in Leeds and FRASERS in Sheffield, and right-sizing the premium businesses such as House of Fraser and JD Sports acquisitions. Our long-term ambitions for the luxury business remain unchanged and we have taken this opportunity to consolidate in order to further strengthen our position.

 

Store numbers decreased from 181 to 156 as we continued to optimise our store portfolio in House of Fraser and in the businesses acquired from JD Sports.

 

INTERNATIONAL

 

This segment includes the results all of the Group's sports retail stores, management and operating functions in Europe, Asia and the rest of the world, including the Group's European Distribution Centres in Belgium and Austria, Twinsport in the Netherlands, the Baltics & Asia e-commerce offerings, the MySale business in Australia, and all non-UK based wholesale and licensing activities (relating to brands such as Everlast and Slazenger).

 

 

 

International accounts for 20.5% (FY24 restated ⁽¹⁾: 18.7%) of the Group's revenue.

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Revenue	£1,007.4m	£994.6m
Cost of sales	(£553.6m)	(£547.7m)
Gross profit	£453.8m	£446.9m
Gross margin %	45.0%	44.9%
Profit from trading	£114.1m	£127.2m
Operating profit	£38.1m	£38.1m
Store numbers	373	350*

(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details

*FY24 store numbers restated to remove Game Spain.

 

 

Revenue increased by 1.3% due to growth from the Sports Direct International business and the acquisition of Twinsport, partially offset by Sportmaster, which was integrated in FY24.

 

Segment profit from trading decreased by £13.1m year-on-year. Gross profit increased by £6.9m as a result of the revenue growth noted above, whilst overhead costs increased by £20.0m due to inflationary pressures and acquisition related costs.

 

International's operating profit result of £38.1m (FY24⁽¹⁾: £38.1m) includes impairments of £1.8m (FY24: impairments of £12.5m) and realised foreign exchange losses of £4.9m (FY24: gains of £0.3m).

 

Working with our global brand partners, FY25 was a breakthrough year for our international growth ambitions for Sports Direct, both deploying our consistently strong cash flow and signing capital-light partnerships. We extended our partnership with MAP Active and now plan 350 new stores, further into Indonesia plus five new countries: India, the Philippines, Thailand, Vietnam, and Cambodia. In Australia/New Zealand, we increased our investment in Accent Group to 14.57% (and to 19.57% after year-end) and announced a long-term strategic partnership which includes plans for at least 50 Sports Direct stores in the first six years and a long-term objective of 100. We also signed a new partnership with GMG, targeting 50 new Sports Direct stores in the Gulf/Egypt over the next five years. In Africa, we announced the acquisition of Holdsport in South Africa/Namibia (completed after year end), and acquired a significant shareholding in Hudson, providing expansion opportunities into Africa/Malta. In addition, we completed the acquisitions of Twinsport in the Netherlands and, after year end, XXL in Scandinavia. 

 

Store numbers increased from 350 to 373 due to the acquisition of Twinsport and continued growth in Sports Direct Malaysia.

 

PROPERTY

This segment includes the results from the Group's freehold property owning and long leasehold holding property companies that generate third party rental and other property related income (e.g., car parking, conference and events income). The results of the Coventry Arena are reported in this segment. The depreciation of freehold and long leasehold owner-occupied properties is also reported in this segment.

 

Property accounts for 1.8% (FY24 restated ⁽¹⁾: 1.4%) of the Group's revenue.

 

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024
Revenue	£86.6m	£72.7m
Cost of sales	(£9.6m)	(£7.8m)
Gross profit	£77.0m	£64.9m
Gross margin %	88.9%	89.3%
Profit from trading	£44.1m	£39.1m
Operating profit/(loss)	£4.5m	(£31.3m)

(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details

 

Revenue increased by £13.9m (19.1%), due to the annualisation of prior year acquisitions such as the Castleford shopping centre and acquisitions in FY25 including Doncaster's Frenchgate, Exeter's Princesshay, Maidstone's Fremlin Walk, and Affinity outlets.

 

Segment profit from trading increased by £5.0m, with the additional rental income being partially offset by an £5.8m increase in operating costs (including purchase related costs).

 

Property's operating profit of £4.5m (FY24: loss of £31.3m) includes a net impairment reversal of £4.6m (FY24: impairments of £14.8m), fair value gains on investment property £13.1m (FY24: fair value gain of £11.5m) and depreciation of £44.2m (FY24: £60.2m).

Property investment remains a key focus for the Group, unlocking occupational demand for our retail business whilst delivering strong returns that can be recycled at the appropriate time.

 

FINANCIAL SERVICES

This segment includes the results of Frasers Group Financial Services. This includes interest charged on amounts advanced to consumer credit customers, along with the associated impairment and operating costs.

 

Financial Services accounts for 1.7% (FY24 restated ⁽¹⁾: 2.1%) of the Group's revenue.

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024
Revenue	£85.3m	£111.0m
Impairment losses on credit receivables	(£22.1m)	(£20.6m)
Gross profit	£63.2m	£90.4m
Gross margin %	74.1%	81.4%
Profit from trading	£17.5m	£57.6m
Operating profit	£17.0m	£56.1m

(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details

We see a great opportunity for Frasers Plus as a new revenue stream and a key pillar of our compelling brand ecosystem.

 

Frasers Plus continues to make good progress towards our long-term ambition of delivering £1bn+ in sales, £600m in credit balances, a greater than 15% yield, and over 2 million active Frasers Plus customers (excluding any third-party partnerships). The business added 507k new customers in FY25 and Frasers Plus accounted for 12.2% of UK online sales. Post year-end, the active customer base has passed one million and penetration has increased to 18.9%.  

 

We continue to prioritise the growth of our new Frasers Plus credit offering and reduce the Studio Pay receivables book, which is closed to new customers, and as a result, revenue decreased by £25.7m (23.2%) vs. FY24.

 

Segment profit from trading decreased by £40.1m due to the revenue decline noted above and an increase in overhead costs arising from the dual running of Frasers Plus and Studio Pay. FY24 also benefited from an £11.8m gain in respect of exiting a legacy property lease.

 

 

DISCONTINUED OPERATIONS

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Profit/(loss) from discontinued operation (net of tax)	£6.3m	(£6.5m)

(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details

 

In the current period, the result from discontinued operations relates to amounts received from the Matches administration in excess of those assumed at FY24 year-end (a gain of £13.2m), Game Spain's trading profit for the period prior to its disposal on 20 March 2025 (£4.9m) and a loss on disposal of Game Spain of £11.8m.  

 

The prior period result from discontinued operations reflects a trading loss of £8.4m for the period during which Matches was a subsidiary of the Group and £4.1m loss on disposal, reflecting the difference between the carrying value of the net assets at the point the Group ceased to control Matches and the recoveries expected from the administration. The prior period result also includes a trading profit of £6.0m in respect of Game Spain.

 

 

FINANCIAL REVIEW

 

The consolidated financial statements for the 52 weeks ended 27 April 2025 are presented in accordance with UK-adopted International Accounting Standards (UK IAS).

SUMMARY OF RESULTS

 

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Revenue	£4,925.6m	£5,317.0m
Reported profit before tax	£379.4m	£501.0m
Adjusted PBT (2)	£560.2m	£544.8m
Reported basic EPS	67.5p	86.8p
Adjusted EPS (2)	98.1p	95.8p

(1)         Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details.

(2)         This is an Alternative Performance Measure, for which the reconciliation to the equivalent GAAP measure is set out in note 3 to the financial information. Adjusted EPS is discussed in note 9 to the financial information.

 

EARNINGS

Basic earnings per share (EPS) is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the financial period. Shares held in Treasury and the Employee Benefit Trust are excluded from this figure.

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024
Reported EPS (Basic)	67.5p	86.8p
Adjusted EPS (Basic) (1)	98.1p	95.8p
Weighted average number of shares (actual)	432,929,122	438,504,703

(1)   This is an Alternative Performance Measure. Adjusted EPS is discussed in note 9 to the financial information.

 

Basic EPS of 67.5p, a decrease of 19.3p (22.2%) year-on-year. Adjusted EPS ⁽¹⁾ of 98.1p, an increase of 2.3p (2.4%) reflecting the increase in APBT ⁽¹⁾ partially offset by an increase in effective tax rate.

 

TAXATION

 

The effective tax rate on profit before tax (including discontinued operations) in FY25 was 24.0% (FY24: 21.8%). The year-on-year increase is primarily due to the prior year benefiting from the recognition of deferred tax assets in respect of brought forward trading losses in a number of subsidiary entities.

 

Total tax contribution

The Group has contributed approximately £530m (FY24: £500m) in taxes paid and collected during the year.  Taxes paid by the Group of approximately £240m (FY24: £220m) are primarily business rates, corporation tax and employer's national insurance contributions.  Taxes collected by the Group of approximately £290m (FY24: £280m) are primarily net VAT, PAYE and employee's national insurance contributions.

 

The Group's Tax Strategy is published at: https://frasers-cms.netlify.app//assets//files/financials/fy25-tax-strategy.pdf

Taxes paid by country
The Group generates 88.4% (FY24: 92.6%) of its profits in companies that are resident in the UK and pays 83.2% (FY24: 88.3%) of its corporation tax liabilities to HMRC in the UK. 

 

On 11 July 2023, rules were enacted to ensure large multi-national groups pay a minimum level of corporation tax in respect of all countries where they operate (known as "Pillar 2").  These came effect for the Group from 1 May 2024.  Based on the Group's current business and tax profile, the implementation of Pillar 2 legislation will not have a material impact on the Group's tax rate or tax payments.  The estimated additional potential cost based on under the known Pillar 2 principles is approximately £0.5m.

 

The Group has applied the temporary exemption under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to top-up taxes.

 

Plastic Packaging Taxes
During FY25 the Group has paid approximately £0.1m (FY24: £0.1m) in respect of the UK Plastic Packaging Tax.

 

FOREIGN EXCHANGE AND TREASURY

The Group reports its results in GBP but trades internationally and is therefore exposed to currency fluctuations on currency cash flows in various ways. These include purchasing inventory from overseas suppliers, making sales in currencies other than GBP and holding overseas assets in other currencies. The Board mitigates the cash flow risks associated with these fluctuations with the careful use of currency hedging using forward contracts and other derivative financial instruments.

 

The Group uses forward contracts that qualify for hedge accounting in two main ways - to hedge highly probable EUR sales income and USD inventory purchases. This introduces a level of certainty into the Group's planning and forecasting process. Management has reviewed detailed forecasts and the growth assumptions within them and is satisfied that the forecasts meet the criteria for being highly probable forecast transactions.

 

At 27 April 2025, the Group had the following forward contracts and bought options that qualified for hedge accounting under IFRS 9 Financial Instruments ("IFRS 9"), meaning that fluctuations in the value of the contracts before maturity are recognised in the hedging reserve through other comprehensive income. After maturity, the sales and purchases are then valued at the hedge rate.

 

Currency	Hedging against	Currency value	Timing	Rates
USD / GBP	USD Inventory Purchases	USD 560m	FY26 - FY27	1.26 - 1.36
EUR / GBP	Euro sales	EUR 240m	FY28	0.95 - 0.98

 

The Group also uses currency options, swaps and spots for more flexibility against cash flows that are less than highly probable and therefore do not qualify for hedge accounting under IFRS 9. The fair value movements before maturity are recognised in the income statement.

 

The Group has the following currency options and unhedged forwards:

 

Currency	Expected use	Currency value	Timing	Rates
USD / GBP	USD inventory purchases	Up to USD 967m	FY25 - FY29	1.29 - 1.43
USD / GBP	USD sales	Up to USD 60m	FY25 - FY26	1.24
EUR / GBP	Euro sales	Up to EUR 720m	FY25 - FY27	1.14
EUR / GBP	Euro costs	Up to EUR 720m	FY25 - FY27	1.27 - 1.41
AUD / GBP	AUD income	Up to AUD 240m	FY26	2.01
ZAR / GBP	ZAR costs	Up to ZAR 2,000m	FY26	23.5

The Group also holds short-term swaps for treasury management purposes:

Currency	Expected use	Currency value	Timing	Rates
EUR / GBP	Cash flow management	EUR 500m	FY26	1.15 - 1.18
AUD / GBP	Cash flow management	AUD 35m	FY26	2.08

 

The Group is proactive in managing its currency requirements. The treasury team works closely with senior management to understand the Group's plans and forecasts, they also discuss and understand appropriate financial products with various financial institutions, including those within the Group's bank financed facility. This information is then used to implement suitable currency products to align with the Group's strategy.

 

Regular reviews of the hedging performance are performed by the treasury team alongside senior management to ensure the continued appropriateness of the currency hedging in place, and where suitable, either implementing additional strategies and/or restructuring existing approaches in conjunction with our financial institution partners.

 

Given the potential impact of commodity prices on raw material costs, the Group may hedge certain input costs, including cotton, crude oil and electricity.

 

 

 

 

DIVIDENDS & SHARE BUYBACKS

The Board has decided not to pay a final dividend in relation to FY25 (FY24: £nil). The Board remains of the opinion that it is in the best interests of the Group and its shareholders to preserve financial flexibility and facilitate future investments and other growth opportunities. The payment of dividends remains under review.

 

CAPITAL EXPENDITURE

During the period, gross capital expenditure (excluding IFRS 16) amounted to £411.7m (FY24: £267.2m). This included £168.0m (FY24: £99.2m) in respect of investment properties including shopping centres and retail park acquisitions at Doncaster's Frenchgate, Exeter's Princesshay, Maidstone's Fremlin Walk, and Affinity outlets.

 

STRATEGIC INVESTMENTS

The Group continues to hold various strategic investments as detailed in note 14 to the financial information. At each reporting date, management prepares an assessment of whether or not the Group has significant influence over investee entities based on the indicators specified in paragraph 6 of IAS 28 Investments in Associates and Joint Ventures ("IAS 28"). Details of this assessment can be found in note 2 to the financial information. Where the Group has significant influence, the Group accounts for its investment as an Associate. For investments where the Group does not hold significant influence, the Group makes the irrevocable election permitted by IFRS 9 Financial Instruments to recognise fair value movements on long term financial assets (i.e., strategic investments) at fair value through other comprehensive income (FVOCI) given these are not held for trading purposes. The election is made on an instrument-by-instrument basis; only qualifying dividend income is recognised in the income statement, changes in fair value are recognised within OCI and never reclassified to profit and loss, even if the asset is impaired, sold or otherwise derecognised.

In addition to the above, the Group also holds indirect strategic investments within contracts for difference and options. The Group assesses the use of sold put options in acquiring a strategic investment on a case-by-case basis. Where an option market exists, the use of sold put options allows the Group to build an indirect holding, whilst limiting and/or spreading the associated cash outflows over time by using options with differing maturity dates. The Group typically receives a premium for entering into sold put options, which reduces the net price paid for the shares in the event that the options exercise. This makes the use of sold put options an effective method of potentially obtaining shares at a price that the Group considers represents a reasonable value.

The fair values of options are recognised in derivative financial assets or liabilities in the consolidated balance sheet, with the movement in fair value recorded in the income statement. In respect of put and call options, there are three distinct elements to fair value changes recorded within investment income and expense:

1)     Premiums received (disclosed within investment income) - these are cash receipts and represent a realised profit for the Group irrespective of whether the option exercises or not. Premiums are recognised on expiry of the option to which they relate.

2)     Fair value movements (disclosed within investment income or costs) - these are unrealised gains and losses arising due to the remeasurement of the derivative liabilities to fair value whilst the options are open.

3)     Losses on disposal (disclosed within investment income) - these represent realised losses being the difference between the market value of the shares purchased upon the exercise of options and the cash consideration paid to the relevant counterparty.

 

The Group disaggregates these three elements (which are all presented within investment income and expense within the consolidated income statement) in order to provide useful information to the users of the financial statements. Both the premiums received and losses on disposal relate to options that have expired.  Our presentation enables the users of the financial statements to ascertain the premium income that has been received in exchange for the Group selling the right to a counterparty to sell shares to the Group at a set price. The loss on disposal shows the users of the financial statements the loss that has arisen as a result of purchasing shares at a premium to market value.  It is the Group's view that each of these line items is sufficiently material to warrant disclosure of their nature and amount separately as required by paragraph 97 IAS 1 Presentation of Financial Statements ("IAS 1"). The net fair value loss on equity derivatives in the current period was £36.1m (FY24: net fair value gain of £7.2m).

The Frasers Group's strategic investment strategy is a key enabler in the growth and success of the Group and is in the ordinary course of business.

ACQUISITIONS

The Group acquired a number of businesses during the period.

RELATED PARTIES

 

Relationship Between Frasers Group plc and Mike Ashley

Mike Ashley opened his first sports shop in 1982 and built the Frasers Group into a multi-billion-pound retailer over the next forty years. The Group was initially floated on the London Stock Exchange in 2007 and following continued growth Mike stepped down as CEO in 2022. He also stepped down from the Board of Directors later in 2022 and has no day-to-day involvement or responsibility for the strategic direction of the Group or any Board matters.  

 

However, given his extensive involvement in leading the business for over forty years, the Board has an agreement with Mr Ashley, through his own company MASH Holdings Limited, which provides for management to seek his expertise in discrete areas where he has specific knowledge, for example in warehousing, logistics or strategic relationships with the supply chain. He does not receive any remuneration for providing this advice to management and has no decision-making powers.

 

CASH FLOW AND NET DEBT

 

Net debt increased by £493.4m from £447.6m at 28 April 2024 to £941.0m at 27 April 2025, reflecting capital expenditure and strategic investments in FY25, particularly Accent Group and Hugo Boss. Net debt includes £93.5m of borrowings relating to the Frasers Group Financial Services Limited securitisation facility (28 April 2024: £126.8m).

 

Net interest on bank loans and overdrafts increased to £81.0m (FY24: £51.4m) largely due to increased usage of the Revolving Credit Facility ("RCF") in the period.

 

Analysis of net debt:

	27 April 2025	28 April 2024
Cash and cash equivalents	£252.2m	£358.6m
Borrowings	(£1,193.2m)	(£806.2m)
Net debt	(£941.0m)	(£447.6m)
Securitisation (disclosed within borrowings)	(£93.5m)	(£126.8m)
Net debt excluding securitisation	(£847.5m)	(£320.8m)

 

The Group recently completed the successful refinancing of its combined term loan and RCF and now has access to total committed facilities of £3 billion for a period of at least three years. The facility has two one-year extension options.

The Group also extended the maturity of the Frasers Group Financial Services Limited securitisation facility during FY25. The Group is able to make drawings of up to £130m against eligible consumer credit receivables until December 2026.

The Group continues to operate comfortably within its banking facilities and covenants and the Board remains comfortable with the Group's available headroom.

 

SUMMARY OF CASH FLOW

 

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024
Operating cash inflow before changes in working capital	£800.4m	£834.6m
Decrease/(increase) in receivables	£131.5m	(£47.4m)
Decrease in inventories	£203.4m	£114.1m
Decrease in payables	(£18.4m)	(£42.6m)
Decrease in provisions	(£33.2m)	(£47.5m)
Cash inflows from operating activities	£1,083.7m	£811.2m
Income taxes paid	(£140.3m)	(£129.0m)
Net cash inflows from operating activities	£943.4m	£682.2m
Lease payments	(£142.0m)	(£162.8m)
Net finance costs paid	(£66.0m)	(£35.6m)
Net capital expenditure (including sale & leasebacks)	(£386.4m)	(£211.3m)
Net proceeds from acquisition and disposal of subsidiary undertakings and associated undertakings	(£48.9m)	(£35.9m)
Net cashflows in relation to equity derivatives	(£105.0m)	£109.1m
Purchase of listed investments, net of disposal proceeds	(£694.0m)	(£249.3m)
Purchase of own shares	-	(£126.4m)
Other	£5.5m	(£0.8m)
Movement in net debt	(£493.4m)	(£30.8m)

 

 

SUMMARY OF CONSOLIDATED BALANCE SHEET

	27 April 2025	28 April 2024
Property, plant & equipment	£1,097.2m	£962.6m
Investment properties	£513.3m	£350.5m
Long-term financial assets	£959.1m	£495.4m
Intangible assets	£58.5m	£42.2m
Inventories	£1,128.3m	£1,355.3m
Trade & other receivables	£927.8m	£674.9m
Trade & other payables	(£663.8m)	(£683.9m)
Provisions	(£223.6m)	(£259.0m)
Net debt (excluding securitisation borrowings)	(£847.5m)	(£320.8m)
Securitisation borrowings	(£93.5m)	(£126.8m)
Lease liabilities	(£667.8m)	(£646.3m)
Other	(£199.9m)	£28.9m
Net assets	£1,988.1m	£1,873.0m

 

 

The increase within property, plant and equipment from 28 April 2024 is largely due to net additions partially offset by depreciation.

The increase to investment property since 28 April 2024 reflects additions totalling approximately £172.6m at sites including Doncaster's Frenchgate, Exeter's Princesshay, Maidstone's Fremlin Walk, and Affinity outlets, fair value movements totalling £13.1m and the transfer of a number of properties to property plant and equipment following a change in use during FY25.

 

Long-term financial assets have increased since 28 April 2024 due to the business making significant investments in Hugo Boss and Accent Group in FY25. The increase has been partially offset by £149.6m of fair value losses on existing holdings (recognised through OCI).

 

The increase to intangible assets since 28 April 2024 reflects the recognition of approximately £20.5m of goodwill in respect of the acquisition of Twinsport in FY25, offset by amortisation charged in respect of other intangible assets.

 

Gross inventory has reduced by £272.2m (17.6%) year-on-year. This reflects an increased level of warehouse efficiency, driven by automation and rationalisation of our warehouse estate, as well as the disposal of Game Spain. Excluding the impact of the disposal of Game Spain, gross inventory has reduced by £224.7m (15.0%).

Trade and other receivables includes £522.7m relating to deposits in respect of derivative financial instruments (28 April 2024: £139.0m) and the Frasers Group Financial Services consumer credit receivables portfolio with a carrying value of £181.7m (28 April 2024: £206.2m). Deposits in respect of derivative financial instruments are collateral to cover margin requirements for derivative transactions held with counterparties. The collateral requirement changes with the market (which is dependent on share price and volatility), the financial institutions' assessment of the Group's creditworthiness and further purchases / sales of underlying investments held. The balance has increased from £139.0m at 28 April 2024 to £522.7m at 27 April as a result of a combination of the factors above and an increase in the Group's open option positions at 27 April 2025.

 

Trade and other payables are broadly flat year-on-year.  

Provisions have reduced by £35.4m from £259.0m to £223.6m reflecting the utilisation and partial release of property and legal and regulatory provisions.

Included within other, the closing corporation tax creditor at 27 April 2025 is £52.0m (FY24: £94.4m) and net deferred tax assets of £97.5m (FY24: £82.1m) have been recognised.

 

Chris Wootton

Chief Financial Officer

16 July 2025

 

KEY PERFORMANCE INDICATORS

The Board manages the Group's performance by reviewing a number of key performance indicators (KPIs). The table below summarises the Group's KPIs.

 

	52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (1)
Group revenue	£4,925.6m	£5,317.0m
Reported PBT	£379.4m	£501.0m
Adjusted PBT (2)	£560.2m	£544.8m
Cash inflow from operating activities before changes in working capital	£800.4m	£834.6m
Net assets	£1,988.1m	£1,873.0m
NON-FINANCIAL KPIs
Number of retail stores	1,314	1,328*
Workforce turnover	25.0%	31.0%
Electricity consumption on like for like stores improvement vs FY20	29.1%	24.8%

 

(1)         Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 of the financial information for further details.

(2)         This is an Alternative Performance Measure, for which the reconciliation to the equivalent GAAP measure is set out in note 3 to the financial information.

 

The Directors have adopted Alternative Performance Measures (APMs). APMs should be considered in addition to UK-Adopted International Accounting Standards ("UK IAS") measures. The Directors believe that Adjusted profit before tax ("APBT") provides further useful information for shareholders on the underlying performance of the Group in addition to the reported numbers, and is consistent with how business performance is measured internally. They are not recognised profit measures under UK IAS and may not be directly comparable with 'adjusted' or 'alternative' profit measures used by other companies.

APBT is profit before tax excluding the effects of exceptional items, realised foreign exchange, fair value adjustments to derivative financial instruments included within finance income/costs, fair value gains/losses and profit on disposal of equity derivatives, and share schemes. For the avoidance of doubt, premiums received in respect of options that have matured are included within APBT. This measure has been reviewed by the Audit Committee which has appropriately challenged management on the presentation and the adjusting items included in this APM.

Group Revenue

The Board considers that this measurement is a key indicator of the Group's growth.

Reported Profit Before Tax

Reported PBT shows both the Group's trading and operational efficiency, as well as the effects on the Group of external factors as shown in the fair value movements in strategic investments and FX.

Adjusted Profit Before Tax

APBT shows how well the Group is managing its ongoing trading performance and controllable costs and therefore the overall performance of the Group.

Cash Inflow from Operating Activities Before Changes in Working Capital

Cash inflow from operating activities before working capital is considered an important indicator for the Group of the cash generated and available for investment in the Elevation strategy.

Net Assets

The Board considers that this measurement is a key indicator of the Group's financial position and health.

Number of Retail Stores

The Board considers that this measure is an indicator of the Group's growth. The Group's Elevation strategy is replacing older stores and often this can result in the closure of two or three stores, to be replaced by one larger new generation store. *The prior year figure has been restated to exclude Game Spain stores in order to allow a like-for-like comparison.

Workforce Turnover

The Board considers that this measure is a key indicator of the contentment of our people. For more details refer to the retention section of the 'Our People' section of this report.

Like for Like electricity consumption

This measure links to our targets in the TCFD report around the installation of LED lighting, building management services, and voltage optimisation. This measure allows the board to determine the effectiveness of these projects in reducing the Group's energy consumption. Like for like stores includes stores in Great Britain, above a de minimis consumption, and that were open from 2019 onwards.

 

FINANCIAL INFORMATION

CONSOLIDATED INCOME STATEMENT

For the 52 weeks ended 27 April 2025

		Total	Total
		52 weeks ended 27 April 2025	52 weeks ended 28 April 2024 (restated)(1)
	Note
		(£'m)	(£'m)
CONTINUING OPERATIONS
Revenue		4,840.3	5,206.0
Credit account interest		85.3	111.0
Total revenue (including credit account interest)	3	4,925.6	5,317.0
Cost of sales		(2,597.1)	(2,887.2)
Impairment losses on credit customer receivables	15	(22.1)	(20.6)
Gross profit	3	2,306.4	2,409.2
Selling, distribution and administrative expenses		(1,788.3)	(1,906.0)
Other operating income		15.6	10.9
Property related impairment reversals/(impairments)	11	9.6	(14.5)
Profit on sale of properties		0.6	3.5
Fair value adjustments to investment properties	12	13.1	11.5
Operating profit	3	557.0	514.6
Profit on sale of subsidiaries	10	4.3	25.0
Investment income	4	111.3	78.4
Investment costs	5	(141.6)	(68.9)
Finance income	6	29.2	43.4
Finance costs	7	(182.8)	(91.5)
Share of profit of associated undertakings		2.0	-
Profit before taxation	3	379.4	501.0
Taxation	8	(92.7)	(107.9)
Profit after taxation from continuing operations		286.7	393.1
DISCONTINUED OPERATIONS
Profit/(loss) from discontinued operation, net of tax*	10	6.3	(6.5)
Profit for the period		293.0	386.6
ATTRIBUTABLE TO:
Equity holders of the Group		292.1	380.8
Non-controlling interests		0.9	5.8
Profit for the period		293.0	386.6
		Pence per share	Pence per share
Basic earnings per share - Continuing operations	9	66.0	88.3
Basic earnings per share - Discontinued operations	9	1.5	(1.5)
Basic earnings per share - Total	9	67.5	86.8
Diluted earnings per share - Continuing operations	9	66.0	88.3
Diluted earnings per share - Discontinued operations	9	1.5	(1.5)
Diluted earnings per share - Total	9	67.5	86.8

^{(1) Restated to reflect the classification of the results of Game Spain as a discontinued operation and the reclassification of delivery income and costs associated with free-issue gift vouchers from selling, distribution and administrative expenses to revenue.  Please refer to note 1 for further information.}

*The result from discontinued operations was wholly attributable to the equity holders of the Group.

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the 52 weeks ended 27 April 2025

 

		52 weeks ended	52 weeks ended
		27 April 2025	28 April 2024
		(£'m)	(£'m)
Profit for the period		293.0	386.6
OTHER COMPREHENSIVE (LOSS)/INCOME
ITEMS THAT WILL NOT BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS
Fair value movement on long-term financial assets		(149.6)	(43.7)
Remeasurements of defined benefit pension scheme		0.2	0.4
Fair value adjustment in respect of properties transferred to investment property		-	1.2
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS
Exchange differences on translation of foreign operations		(0.6)	(21.7)
Foreign exchange impact of disposal of discontinued operations		(3.0)	-
Fair value movement on hedged contracts - recognised in the period		(9.0)	25.5
Fair value movement on hedged contracts - recognised time value of options		-	(0.7)
Fair value movement on hedged contracts - reclassified and reported in sales		(12.3)	(6.1)
Fair value movement on hedged contracts - reclassified and reported in inventory/cost of sales		2.5	(8.1)
Fair value movement on hedged contracts - taxation taken to reserves		4.6	(2.9)
OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX		(167.2)	(56.1)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		125.8	330.5
Continuing operations		119.5	337.0
Discontinued operations		6.3	(6.5)
		125.8	330.5
ATTRIBUTABLE TO:
Equity holders of the Group		124.9	324.7
Non-controlling interest		0.9	5.8
		125.8	330.5

 

 

 

CONSOLIDATED BALANCE SHEET                                                                                                                                          Company number: 06035106

As at 27 April 2025

	Note	27 April 2025	28 April 2024
		(£'m)	(£'m)
ASSETS - NON CURRENT
Property, plant and equipment	11	1,097.2	962.6
Investment properties	12	513.3	350.5
Intangible assets	13	58.5	42.2
Long-term financial assets	14	959.1	495.4
Investment in associated undertakings		36.4	18.0
Retirement benefit surplus		0.1	0.6
Deferred tax assets		110.5	109.6
		2,775.1	1,978.9
ASSETS - CURRENT
Inventories		1,128.3	1,355.3
Trade and other receivables	15	927.8	674.9
Derivative financial assets		47.3	87.2
Cash and cash equivalents		252.2	358.6
		2,355.6	2,476.0
TOTAL ASSETS		5,130.7	4,454.9
LIABILITIES - NON CURRENT
Lease liabilities		(558.2)	(533.8)
Borrowings	16	(1,118.2)	(806.2)
Retirement benefit obligations		(1.9)	(1.8)
Deferred tax liabilities		(13.0)	(27.5)
Provisions	17	(214.5)	(247.8)
		(1,905.8)	(1,617.1)
LIABILITIES - CURRENT
Borrowings	16	(75.0)	-
Derivative financial liabilities		(327.3)	(62.8)
Trade and other payables		(663.8)	(683.9)
Lease liabilities		(109.6)	(112.5)
Provisions	17	(9.1)	(11.2)
Current tax liabilities		(52.0)	(94.4)
		(1,236.8)	(964.8)
TOTAL LIABILITIES		(3,142.6)	(2,581.9)
NET ASSETS		1,988.1	1,873.0
EQUITY
Share capital		64.1	64.1
Share premium		874.3	874.3
Treasury shares reserve		(770.6)	(770.6)
Permanent contribution to capital		0.1	0.1
Capital redemption reserve		8.0	8.0
Foreign currency translation reserve		22.1	25.7
Reverse combination reserve		(987.3)	(987.3)
Own share reserve		(66.8)	(66.8)
Hedging reserve		7.5	21.7
Share based payment reserve		60.1	51.4
Revaluation reserve		1.2	1.2
Retained earnings		2,747.4	2,623.0
Issued capital and reserves attributable to owners of the parent		1,960.1	1,844.8
Non-controlling interests		28.0	28.2
TOTAL EQUITY		1,988.1	1,873.0

 

The Group's Financial Statements were approved by the Board and authorised for issue on 16 July 2025 and were signed on its behalf by:

 

Chris Wootton

 

 

Chief Financial Officer