TIDMBOO
RNS Number : 4192K
boohoo group plc
22 April 2020
For immediate release 22 April 2020
The information contained within this announcement is deemed by
the company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
boohoo group plc - final results for the year ended 29 February
2020
2020 2019 Change
GBP million GBP million
---------------------------------------- ------------ ------------ ---------
Revenue 1,234.9 856.9 +44%
Gross profit 666.2 469.0 +42%
Gross margin 54.0% 54.7% -70bps
Adjusted EBITDA(1) 126.5 84.5 +50%
% of revenue 10.2% 9.9% +30bps
Adjusted EBIT(2) 107.0 75.1 +42%
% of revenue 8.7% 8.8% -10bps
Adjusted profit before tax(3) 108.3 76.3 +42%
Profit before tax 92.2 59.9 +54%
Adjusted diluted earnings per share(4) 5.88p 4.15p +42%
Diluted earnings per share (2019
restated) 5.35p 3.71p +44%
+GBP50.0
Net cash(5) at year end 240.7 190.7 million
---------------------------------------- ------------ ------------ ---------
COVID-19 - protecting our colleagues, customers and
suppliers
At boohoo group plc, our top priority remains the health and
wellbeing of our colleagues, our customers, and the many suppliers
who work alongside us from around the world. From the outset of the
pandemic, we have been closely following the government initiatives
that support businesses and the public. We have been following all
guidance regarding self-isolation, social distancing and personal
hygiene in order to keep everyone in our boohoo family safe and
well. The vast majority of our office-based teams are now working
remotely. Our fantastic warehouse teams have adapted to completely
new ways of working to ensure that they abide by all the social
distancing procedures that we have in place. We are in constant
contact with them and are working day and night to ensure that
everyone is following the new systems, has what they need and, most
importantly, that our teams are happy and healthy. Their ongoing
safety and wellbeing is our number one priority.
As a group, we are standing alongside our suppliers, continuing
to pay them promptly with industry-leading payment terms for all of
their orders. We have also set up an emergency fund to help
suppliers through this difficult period. Since boohoo was founded,
we have invested in our supplier relationships and by continuing to
support them through these short-term challenges, we will further
secure these relationships for the long-term.
FY20 Financial Highlights
Group
-- Revenue GBP1.235 billion, up 44% (44% CER(6) )
-- Strong revenue growth across all geographies with UK up 39%
and international up 51%. International revenue is now 45% of
total, up from 43%
-- Gross margin 54.0%, down 70bps as we have invested in growing our brands
-- Adjusted EBITDA GBP126.5 million (2019: GBP84.5 million) with
Adjusted EBITDA margin improving to 10.2% (2019: 9.9%)
-- Robust balance sheet with net cash of GBP240.7 million (2019:
GBP190.7 million). High cash generation with operating cash flow of
GBP127.3 million (2019: GBP111.9 million)
boohoo
-- Revenue GBP600.7 million, up 38% (39% CER)
-- Gross margin 52.6%, down 30bps
PrettyLittleThing
-- Revenue GBP516.3 million up 38% (37% CER)
-- Gross margin 55.6%, down 100bps
Nasty Gal
-- Revenue GBP98.8 million up 106% (109% CER)
-- Gross margin 54.2%, down 250bps
FY20 Operational Highlights
Group
-- Acquisition of the MissPap, Karen Millen and Coast brands,
complementary additions to the group's scalable, multi-brand
platform
-- Distribution centre automation generating efficiencies and rapid order fulfilment
boohoo
-- 8.9 million active customers(2) , up 28% on prior year
-- Significant investments in customer service, with AI and new
apps, improving the customer proposition
PrettyLittleThing
-- 6.3 million active customers, up 26% on prior year
-- High profile celebrity associations and social media driving
traffic and international expansion, exceptionally well in the US
and Europe
Nasty Gal
-- 1.8 million active customers, up 88% on prior year
-- Extensive product range now comprises over 16,000 lines, double that of last year
Outlook
The group saw a strong end to the financial year ended 29
February 2020 and in the first two weeks of FY21 this trading
momentum was maintained. Since the middle of March, trading has
been mixed, as a result of the impact of the COVID-19 pandemic,
initially with a marked decrease in year-on-year growth.
Performance has improved in more recent weeks and we are now seeing
improved year-on-year growth of group sales during April. We remain
cautious regarding our outlook, as a result of the uncertainty
caused by the COVID-19 pandemic.
Given the uncertainty generated by the continually-evolving
COVID-19 pandemic, it is not appropriate to provide guidance for
the financial year ending 28 February 2021 at this stage. The group
has taken steps to understand, as far as possible, the risks and
impact that the pandemic may potentially have on its operations,
analysing a range of scenarios, factoring in a downturn in demand
and the possibility of warehouse closures. Although it is not
possible to predict precisely the impact from COVID-19, we have
ensured that we have stress-tested our liquidity under these
scenarios.
From this, we are comfortable that the group has sufficient
financial headroom, benefitting from its largely variable cost
base, low cash burn rate and strong balance sheet with GBP241
million of net cash at year end.
John Lyttle, CEO, commented:
"Whilst recent events have understandably overshadowed what has
been a great year for boohoo, they have also highlighted its key
strengths. Our business is founded on our ability to be agile and
flexible and it is at times like this when these abilities are
tested, and I am proud of how our colleagues and business partners
from around the world have responded to the challenges posed by
this pandemic. Although there is near-term uncertainty in the
markets that we operate in, the group is underpinned by its
incredibly strong balance sheet and is well-placed to leverage its
scalable multi-brand platform and to continue to disrupt fashion
markets around the world."
Investor and analyst presentation
An audiocast for analysts will be held today commencing 9.30am
(UK time). To access please click the link below:
https://webcasting.buchanan.uk.com/broadcast/5e98134e31da814c9fc69ca0
A replay will subsequently be available on the boohooplc.com
website from 12 noon via the same link.
Enquiries
boohoo group plc
Neil Catto, Chief Financial Officer Tel: +44 (0)161 233 2050
Alistair Davies, Investor Relations Tel: +44 (0)161 233 2050
Clara Melia, Investor Relations Tel: +44 (0)20 3289 5520
Zeus Capital - Nominated adviser and
joint broker
Nick Cowles/Andrew Jones (Corporate Tel: +44 (0)161 831 1512
Finance)
John Goold/Benjamin Robertson (Corporate Tel: +44 (0)20 3829 5000
Broking)
Jefferies - Joint broker
Philip Noblet/Max Jones Tel: +44 (0)20 7029 8000
Buchanan - Financial PR adviser boohoo@buchanan.uk.com
Richard Oldworth/ Kim Looringh-van Tel: +44 (0)20 7466 5000
Beeck/Toto Berger
Notes:
(1) Adjusted EBITDA is calculated as profit before tax,
interest, depreciation, amortisation, share-based payment charges
and exceptional items.
(2) Adjusted EBIT is calculated as profit before tax, interest,
share-based payment charges, amortisation of acquired intangible
assets and exceptional items.
(3) Adjusted profit before tax is calculated as profit before
tax, excluding share-based payment charges, amortisation of
acquired intangible assets and exceptional items.
(4) Adjusted diluted earnings per share is calculated as diluted
earnings per share, adding back amortisation of acquired intangible
assets, share-based payment charges, exceptional items and
adjusting to 34% of the non-controlling interest as in previous
years (see note 1 of the accounts).
(5) Net cash is cash less bank borrowings.
(6) CER designates Constant Exchange Rate translation of foreign
currency revenue, which gives a truer indication of the performance
in international markets by removing year-to-year exchange rate
movements when local currency sales are converted to sterling.
(7) Active customers defined as having shopped in the last
year.
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and
innovative brand targeting young, value-orientated customers. For
13 years, boohoo has been pushing boundaries to bring its customers
up-to-date and inspirational fashion, 24/7. boohoo has grown
rapidly in the UK and internationally, expanding its offering with
range extensions into menswear, through boohooMAN .
In early 2017 the group extended its customer offering through
the acquisitions of the vibrant fashion brand PrettyLittleThing,
and free-thinking brand Nasty Gal. In March 2019 the group acquired
the MissPap brand and in August 2019, the Karen Millen and Coast
brands, all complementary to the group's scalable multi-brand
platform. United by a shared customer value proposition, our brands
design, source, market and sell great quality clothes, shoes and
accessories at unbeatable prices. These investment propositions
have helped us grow from a single brand, into a major multi-brand
online retailer, leading the fashion eCommerce market for 16 to
40-year-olds around the world. As at 29 February 2020, the boohoo
group had around 14 million active customers across all its brands
around the world.
Cautionary Statement
Certain statements included or incorporated by reference within
this announcement may constitute "forward-looking statements" in
respect of the group's operations, performance, prospects and/or
financial condition. Forward-looking statements are sometimes, but
not always, identified by their use of a date in the future or such
words and words of similar meaning as "anticipates", "aims", "due",
"could", "may", "will", "should", "expects", "believes", "intends",
"plans", "potential", "targets", "goal" or "estimates". By their
nature, forward-looking statements involve a number of risks,
uncertainties and assumptions and actual results or events may
differ materially from those expressed or implied by those
statements. Accordingly, no assurance can be given that any
particular expectation will be met and reliance should not be
placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. No responsibility or
obligation is accepted to update or revise any forward-looking
statement resulting from new information, future events or
otherwise. Nothing in this announcement should be construed as a
profit forecast. This announcement does not constitute or form part
of any offer or invitation to sell, or any solicitation of any
offer to purchase any shares or other securities in the Company,
nor shall it or any part of it or the fact of its distribution form
the basis of, or be relied on in connection with, any contract or
commitment or investment decisions relating thereto, nor does it
constitute a recommendation regarding the shares or other
securities of the Company. Past performance cannot be relied upon
as a guide to future performance and persons needing advice should
consult an independent financial adviser. Statements in this
announcement reflect the knowledge and information available at the
time of its preparation. Liability arising from anything in this
announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that
cannot be excluded in accordance with such laws.
Performance during the year
Review of the business
Overview
2020 2019 Change
GBP000 GBP000
---------------------------------- ---------- -------- ----------
Revenue 1,234,876 856,920 +44%
Gross profit 666,236 468,994 +42%
Gross margin 54.0% 54.7% -70bps
EBITDA 115,546 72,601 +59%
% of revenue 9.4% 8.5% +90bps
Profit before tax 92,222 59,856 +54%
Diluted earnings per share (2019
restated) 5.35p 3.71p +44%
Net cash(1) at year end 240,684 190,726 +GBP50.0m
Underlying:
Adjusted EBITDA(2) 126,503 84,546 +50%
% of revenue 10.2% 9.9% +30bps
Adjusted EBIT(3) 106,973 75,074 +42%
% of revenue 8.7% 8.8% -10bps
Adjusted profit before tax(4) 108,299 76,250 +42%
Adjusted diluted earnings per
share(5) 5.88p 4.15p +42%
---------------------------------- ---------- -------- ----------
(1) Net cash is cash less borrowings.
(2) Adjusted EBITDA is calculated as profit before tax,
interest, depreciation, amortisation, share-based payment charges
and exceptional items.
(3) Adjusted EBIT is calculated as profit before tax, interest,
share-based payment charges, amortisation of acquired intangible
assets and exceptional items.
(4) Adjusted profit before tax is calculated as profit before
tax, excluding share-based payment charges and amortisation of
acquired intangible assets and exceptional items.
(5) Adjusted diluted earnings per share is calculated as diluted
earnings per share, adding back amortisation of
acquired intangibles, share-based payment charges, exceptional items and adjusting to 34% of the non-controlling interest as in previous years (see note 1 of the accounts).
Group revenue for the year increased by 44% (44% CER) to
GBP1.235 billion (2019: GBP856.9 million). Revenue growth across
all territories and brands was strong.
Adjusted EBITDA was GBP126.5 million (2019: GBP84.5 million), an
increase of 50% on the previous year, with efficiency improvements
and effective marketing across the group leading to an adjusted
EBITDA margin of 10.2% (2019: 9.9%). Profit before tax was GBP92.2
million (2019: GBP59.9 million), an increase of 54%. Adjusted
diluted earnings per share was 5.88p, up 42% on the prior year
(restated). Diluted earnings per share rose to 5.35p, an increase
of 44% (2019 restated: 3.71p).
The group has continued to gain market share in key focus
territories, with impressive revenue growth across our brands,
driven by a combination of a great customer proposition, effective
marketing strategies and strong social media presence. Through our
scalable, multi-brand platform, we have taken on three additional
brands - MissPap, Karen Millen and Coast - which have increased the
group's market coverage and potential. Investments in technology
and continuous systems improvements have delivered an enhanced
customer experience and cost efficiencies.
Cash generation was strong, with operating cash flow of GBP127.3
million (2019: GBP111.9 million) and free cash flow up 26% to
GBP81.7 million . Capital expenditure was GBP45.6 million including
GBP19.4 million spent on the acquisition of the three new brands.
Our net cash balance (cash less bank borrowings) at the period end
increased to GBP240.7 million (2019: GBP190.7 million).
Distribution centres
The group operates through two distribution centres: the Burnley
facility services all the group brands except PrettyLittleThing;
and the Sheffield facility, which is managed by a third-party,
services PrettyLittleThing. Automation at the Burnley warehouse
went live in April 2019 and has been instrumental in improving and
increasing efficiency throughout, enabling the facility to handle
the rapid growth of the group and maintain high customer service
levels. Phase 2 of the automation at Burnley is planned to commence
in the first half of the 2021 financial year, further boosting the
peak load capacity to ensure we continue our great customer
service. Both facilities give us the scale and capacity required in
the medium term as the group develops.
Technology
As we recently invested in a team focussed on expanding our
in-house app development capabilities, we have been able to
introduce improved app functionality and user experience at a
faster pace, including adding apps for the three new brands
acquired during the year. A greater percentage of our customers now
use the apps for the entire browsing and purchasing journey,
enabling us to provide them with more relevant and targeted
marketing and an optimised user experience.
boohoo (including boohooMAN)
Performance
Revenue for the year increased to GBP600.7 million, up 38% on
the previous year, with continued growth in all our key focus
markets.
Growth in both the UK and international markets has been strong,
driving market share gains across key geographies. Gross margin
decreased slightly by 30bps to 52.6%, as we optimised the customer
proposition in each territory.
Product
Our womenswear product range has continued to be highly
successful with growth in core product lines and in our
comprehensive size offerings. In addition, new product
introductions are delivering growth and satisfying consumer demand.
In June we introduced our first dedicated recycled women's clothing
range, which is part of our drive for a more sustainable future in
fashion.
Marketing
Our marketing strategy is constantly reviewed and re-aligned in
response to data analytics that monitor its effectiveness. We
continue to focus on a balanced mix of social media influencers,
celebrity endorsements, digital acquisition and retention, PR and
above-the-line brand campaigns. International marketing is
supported by in-country experts to ensure we speak to customers
with effective, localised campaigns and content.
Our worldwide social media audience now includes over seven
million Instagram and three million Facebook followers. Throughout
the year, we have worked with a host of local brand ambassadors as
well as Jordyn Woods and four Victoria's Secret models as global
ambassadors. All collections have featured an inspiring range of
day-to-evening looks, emphasising the glamour of the boohoo
brand.
Customer interaction
boohoo and boohooMAN have a number of country-specific websites,
several of which are translated into local languages and further
site launches and translated foreign language sites are planned. We
have invested in visual AI, popular payment methods and virtual
assistants to offer a more satisfying customer experience. Our
focus on excellent customer service is supported by an "excellent",
4.5 star, rating on the Trustpilot consumer review site.
PrettyLittleThing
Performance
PrettyLittleThing ("PLT") achieved strong revenue growth of 38%
over the previous year, reaching GBP516.3 million. Growth across
all territories was strong, with the overseas markets performing
exceptionally well. Gross margin has decreased to 55.6% (2019:
56.6%), as we optimise growth and refine the customer
proposition.
Product
PLT brings the latest and most relevant celebrity looks at
affordable prices to our customers, with a choice of over 26,500
styles and new items available daily. Our product range continued
to expand during the year with further strong growth in the "shape"
ranges including Petite, Curve and Plus. We have also further
expanded our range, helping us to become established as a lifestyle
brand for our customers. We are also growing our range of
accessories and beauty offering. During the year, we brought the
latest celebrity looks to customers through collaborations with
Little Mix, Ashley Graham, Ashanti and through PLT's debut at New
York Fashion Week, including a collection with US rap star
Saweetie.
Marketing
We have extended our social media reach by increasing the number
of social media influencers, combined with celebrity campaigns and
collaborations. Using customer-created content and working in
collaboration with our influencer partners, we have continued to be
one of the fastest growing fashion brands on the channel. We have
12.3 million Instagram followers and 2.2 million followers on
Facebook. We also continue to develop our exposure to new and
emerging social media platforms.
Customer interaction
We support a number of country-specific websites. For the UK
market, we offer a wide range of free return options and in
international markets, we continue to offer a range of services to
ensure a seamless customer experience.
Nasty Gal
Performance
Revenue growth across all territories has been exceptionally
strong, with an overall 106% increase to GBP98.8 million. USA
revenue continues to grow strongly and remains the brand's largest
territory. In the UK and internationally, growth has continued at
an exceptional pace, with the brand gaining recognition and
attracting a far-reaching customer base. Gross margin reduced to
54.2% (2019: 56.7%), which is in line with the re-alignment of the
customer proposition.
Product
Nasty Gal's exciting product range now encompasses over 16,000
styles, doubling in size over the year. Other key areas of growth
include recycled ranges and further expansions of Nasty Gal
Vintage, a great collection of sustainably-sourced, true reworked
vintage product, drawing on the brand's heritage, unique DNA and a
commitment by the group in terms of sustainability. Comprehensive
size ranges have also helped support the inclusiveness of the brand
and extend its appeal to women globally.
Marketing
The marketing strategy has focussed on building brand awareness,
working with an increasing number of influencers to engage customer
interest and promote brand loyalty. This summer we launched an
iconic collection edited by Emily Ratajkowski (EmRata) and
throughout the year have worked with high profile fashion
collaborators Claire Rose Cliteur, Emma Louise Connelly and
Josefine HJ. The autumn saw the biggest collaboration the brand has
ever worked on, partnering with supermodel Cara Delavigne on our
holiday collection.
On social media Nasty Gal has 4.4 million followers on Instagram
and 1.3 million Facebook likes.
MissPap, Karen Millen and Coast
Performance
We are very encouraged by the progress of our newly-acquired
brands this year, all of which are resurging under new ownership
and direction as online-only brands, with their great heritage
intact. Revenue from the brands amounted to GBP19 million for the
year, with MissPap revenue commencing in April 2019 and Karen
Millen and Coast in October 2019. Gross margin was 51.1%.
Our investment in the new brands has incurred some set-up and
initial running costs in the first year, which is consistent with
our philosophy to invest in our brands in order to unlock their
long-term growth potential. The new brands are operated through our
multi-brand platform, which provides immediate efficiency in the
key operational business functions, such as logistics, IT,
e-commerce and administration. The new brands provide the group
with a wider coverage in demographic, price points and age segments
and are highly complementary to our existing portfolio.
From strength to strength
Financial review
"The group has achieved a strong performance with revenues and
profits increasing in all territories."
Group revenue by brand
2020 2019 Change Change
GBP000 GBP000 CER
------------------- ---------- -------- ------- -------
boohoo 600,733 434,565 +38% +39%
PrettyLittleThing 516,334 374,445 +38% +37%
Nasty Gal 98,833 47,910 +106% +109%
Other 18,976 - +100% +100%
1,234,876 856,920 +44% +44%
=================== ========== ======== ======= =======
Group revenue by geographical market
2020 2019 Change Change
GBP000 GBP000 CER
---------------- ---------- -------- ------- -------
UK 679,275 488,199 +39% +39%
Rest of Europe 188,424 115,124 +64% +62%
USA 263,622 166,262 +59% +61%
Rest of world 103,555 87,335 +19% +19%
---------------- ---------- -------- ------- -------
1,234,876 856,920 +44% +44%
================ ========== ======== ======= =======
KPIs
Group
2020 2019 Change
Active customers(1) 13.9 million 10.6 million +31%
Number of orders 42.2 million 30.6 million +38%
Order frequency(2) 3.04 2.88 +5%
Conversion rate to sale (3) 4.26% 4.25% +1bps
Average order value(4) GBP43.50 GBP41.20 6%
Number of items per basket 3.06 2.89 6%
----------------------------- ------------- ------------- -------
(1) Defined as having shopped in the last 12 months on the
website
(2) Defined as number of website orders in last 12 months
divided by number of active customers
(3) Defined as the percentage of website orders taken to
internet sessions
(4) Calculated as gross sales including sales tax divided by the
number of orders
Consolidated income statement
2020 2019 Change
GBP000 GBP000
---------------------------------------------------------------------------- ---------- ---------- -------
Revenue 1,234,876 856,920 +44%
Cost of sales (568,640) (387,926) +47%
---------------------------------------------------------------------------- ---------- ---------- -------
Gross profit 666,236 468,994 +42%
Gross margin 54.0% 54.7% -70bps
Operating costs (539,971) (384,687)
Other income 238 239
Adjusted EBITDA 126,503 84,546 +50%
Adjusted EBITDA margin % 10.2% 9.9% +30bps
Depreciation (16,582) (6,972)
Amortisation of other intangible assets (2,948) (2,500)
Adjusted EBIT 106,973 75,074 +42%
Adjusted EBIT margin % 8.7% 8.8% -10bps
Adjusting items:
Amortisation of acquired intangible assets (5,120) (4,449)
Equity-settled share-based payment charges (10,957) (5,278)
Exceptional items - warehouse relocation - (6,667)
---------------------------------------------------------------------------- ---------- ---------- -------
Operating profit 90,896 58,680 +55%
Finance income 1,716 1,320
Finance expense (390) (144)
---------------------------------------------------------------------------- ---------- ---------- -------
Profit before tax 92,222 59,856 +54%
Tax (19,339) (12,397)
---------------------------------------------------------------------------- ---------- ---------- -------
Profit after tax for the year 72,883 47,459 +54%
============================================================================ ========== ========== =======
Diluted earnings per share (2019 restated) 5.35p 3.71p +44%
Adjusted profit after tax for the year 85,987 60,803 +41%
Amortisation of acquired intangible assets (5,120) (4,449)
Share-based payment charges (10,957) (5,278)
Exceptional items - warehouse relocation - (6,667)
Adjustment for tax 2,973 3,050
---------------------------------------------------------------------------- ---------- ---------- -------
Profit after tax for the year 72,883 47,459
---------------------------------------------------------------------------- ---------- ---------- -------
Adjusted profit for the period attributable to shareholders of the company 69,939 48,781 +43%
Adjusted diluted earnings per share 5.88p 4.15p +42%
---------------------------------------------------------------------------- ---------- ---------- -------
Operating costs comprise distribution costs and administrative
expenses excluding depreciation and amortisation and have decreased
by 120 bps to 43.7% of revenue, with efficiency improvements in
distribution costs more than offsetting increases in infrastructure
costs for future business expansion, including those for the three
brands acquired during the year.
Adjusted EBITDA, which is not a statutory measure, represents
earnings before interest, tax, depreciation, amortisation, non-cash
share-based payments charges and exceptional items. It provides a
useful measure of the underlying profitability of the business.
Adjusted EBITDA increased by 50% from GBP84.5 million to GBP126.5
million and, as a percentage of revenue, increased from 9.9% to
10.2%.
Adjusted profit after tax, as with Adjusted EBITDA, provides
another more consistent measure of the underlying profitability of
the business by removing non-cash amortisation of intangible assets
relating to the acquisition of new brands (being their trademarks
and customer lists), share-based payment charges and exceptional
items.
Taxation
The effective rate of tax for the year was 21.0% (2019: 20.7%),
which is higher (2019: higher) than the blended UK statutory rate
of tax for the year of 19.0% (2019: 19.0%), due to expenditure not
deductible for tax purposes, being principally depreciation on
buildings and fit-out.
Consolidated statement of financial position
2020 2019
GBP000 GBP000
--------------------------------------- --------- ---------
Intangible assets 42,255 27,165
Property, plant and equipment 119,216 108,498
Right-of-use assets 14,591 -
Financial assets 4,467 3,756
Deferred tax asset 5,980 4,034
---------------------------------------- --------- ---------
Non-current assets 186,509 143,453
Working capital (63,875) (64,969)
Lease liabilities (16,153) -
Net financial (liabilities)/assets (9,001) 4,047
Cash and cash equivalents 245,448 197,872
Interest-bearing loans and borrowings (4,764) (7,146)
Deferred tax liability (3,593) (2,102)
Net current tax liability (6,636) (753)
Net assets 327,935 270,402
======================================== ========= =========
The increase in intangible assets is due to the purchase of the
new brands. The right-of-use-assets are the capitalised value of
property leases in accordance with the new accounting standard,
IFRS 16. The lease liability is the discounted value of future
lease payments. Working capital has increased marginally as we are
paying inventory suppliers to industry-leading 14-day terms.
Intangible and fixed asset additions
2020 2019
GBP000 GBP000
--------------------------------------------------- ------- -------
Purchased intangible and fixed assets
Intangible assets
Trademarks and customer lists 19,370 -
Patents and licences - 307
Software 3,788 2,930
---------------------------------------------------- ------- -------
23,158 3,237
Tangible fixed assets
Distribution centres 15,391 36,678
Offices, office equipment, fixtures and fit-outs 6,576 6,837
Motor vehicles 437 115
---------------------------------------------------- ------- -------
22,404 43,630
Total intangible and fixed asset additions 45,562 46,867
==================================================== ======= =======
Liquidity and financial resources
Operating cash flow was GBP127.3 million compared to GBP111.9
million in the previous year and free cash flow was GBP81.7 million
compared to GBP65.1 million in the previous financial year. We have
adopted industry-leading 14-day payment terms with our key UK
product suppliers. Capital expenditure and intangible asset
purchases was GBP45.6 million, which includes a GBP14.9 million
investment in our distribution centres to support projected growth
in the business. The closing cash balance for the group was
GBP245.4 million and the net cash balance (cash less bank
borrowings), GBP240.7 million.
Consolidated cash flow statement
2020 2019
GBP000 GBP000
---------------------------------------------------- --------- ---------
Profit for the year 72,883 47,459
Depreciation charges and amortisation 24,650 13,921
Share-based payments charge 10,957 5,278
Loss on sale of fixed assets 294 24
Tax expense 19,339 12,397
Finance income (1,716) (1,320)
Finance expense 390 144
Increase in inventories (32,301) (18,558)
Increase in trade and other receivables (9,434) (4,935)
Increase in trade and other payables 42,219 57,513
---------------------------------------------------- --------- ---------
Operating cash flow 127,281 111,923
Capital expenditure and intangible asset purchases (45,562) (46,867)
Free cash flow 81,719 65,056
Net proceeds from the issue of ordinary shares 2,665 3,653
Purchase of own shares by EBT (14,906) (1,833)
Proceeds from the sale of fixed assets - 59
Finance income received 1,807 1,249
Finance expense paid (286) (144)
Dividend paid to non-controlling interests (3,400) -
Lease payments (6,031) -
Tax paid (11,610) (10,361)
Repayment of borrowings (2,382) (2,382)
Net cash flow 47,576 55,297
Cash and cash equivalents at beginning of year 197,872 142,575
---------------------------------------------------- --------- ---------
Cash and cash equivalents at end of year 245,448 197,872
==================================================== ========= =========
Trends and factors likely to affect future performance
The market for online fashion is forecast to continue to grow
and, along with the increasing use of the internet globally,
provides a favourable backdrop for the group with much opportunity
for further growth. Customers throughout the world are seeking a
wide choice of quality products at value prices lower than those
available on the high street with the convenience of home delivery.
The group's target market has a high propensity to spend on fashion
and, apart from times of pandemic, the market is resilient to
external macroeconomic factors.
As always, our focus is to maintain an outstanding customer
proposition, with the latest fashion at great prices, combined with
excellent customer service. To this end, we have a plan of
continuous investment in our systems, infrastructure and technology
to ensure we offer an optimal online shopping experience.
International expansion will continue as we add more
country-specific websites, refine our customer proposition and
raise brand awareness through marketing and social media. Our
scalable, multi-brand platform provides the basis for expansion of
the group through strategic acquisitions. We are also committed to
continuing to drive improvements across our environmental
responsibilities and are constantly exploring ways to accelerate
our sustainability journey.
Consolidated statement of comprehensive income
for the year ended 29 February 2020
Note 2020 2019
(restated)
GBP000 GBP000
---------------------------------------- ---- --------- ----------
Revenue 2 1,234,876 856,920
Cost of sales (568,640) (387,926)
---------------------------------------- ---- --------- ----------
Gross profit 666,236 468,994
Distribution costs (278,252) (207,083)
---------------------------------------- ---- --------- ----------
Exceptional distribution costs - (6,162)
Other distribution costs (278,252) (200,921)
---------------------------------------- ---- --------- ----------
Administrative expenses (297,326) (203,470)
---------------------------------------- ---- --------- ----------
Exceptional administrative expenses - (505)
Amortisation of acquired intangibles (5,120) (4,449)
Other administrative expenses (292,206) (198,516)
---------------------------------------- ---- --------- ----------
Other income 3 238 239
---------------------------------------- ---- --------- ----------
Operating profit 90,896 58,680
Finance income 4 1,716 1,320
Finance expense (390) (144)
---------------------------------------- ---- --------- ----------
Profit before tax 6 92,222 59,856
Taxation 10 (19,339) (12,397)
Profit for the year 72,883 47,459
======================================== ==== ========= ==========
Profit for the year attributable to:
Owners of the parent company 63,669 43,584
Non-controlling interests 9,214 3,875
---------------------------------------- ---- --------- ----------
72,883 47,459
======================================== ==== ========= ==========
Total other comprehensive income/(expense) for the year
Impact of adoption of IFRS 16 (532) -
Loss/(gain) reclassified to profit
and loss during the year 1,280 (2,337)
Fair value (loss)/gain on cash flow
hedges during the year (13,617) 2,229
Total comprehensive income for the
year 60,014 47,351
======================================== ==== ========= ==========
Total comprehensive income attributable
to:
Owners of the parent company 50,800 43,476
Non-controlling interests 9,214 3,875
---------------------------------------- ---- --------- ----------
60,014 47,351
======================================== ==== ========= ==========
Earnings per share 7
Basic 5.48p 3.78p
Diluted 5.35p 3.71p
---------------------------------------- ---- --------- ----------
The 2019 figures have been restated to adjust the
non-controlling Interest in PrettyLittleThing.com Limited from
GBP9,687,000 to GBP3,875,000 and restate the basic earnings per
share from 3.27p to 3.78p and diluted earnings per share from 3.22p
to 3.71p (see note 1).
Consolidated statement of financial position
at 29 February 2020
Note 2020 2019
(restated)
GBP000 GBP000
-------------------------------------- ---- --------- ----------
Assets
Non-current assets
Intangible assets 11 42,255 27,165
Property, plant and equipment 12 119,216 108,498
Right-of-use assets 13 14,591 -
Financial assets 4,467 3,756
Deferred tax 15 5,980 4,034
-------------------------------------- ---- --------- ----------
186,509 143,453
Current assets
Inventories 16 99,107 66,806
Trade and other receivables 17 31,828 22,576
Financial assets 6,599 5,883
Current tax receivable - 3,186
Cash and cash equivalents 18 245,448 197,872
Total current assets 382,982 296,323
Total assets 569,491 439,776
Liabilities
Current liabilities
Trade and other payables 19 (194,810) (154,351)
Interest-bearing loans and borrowings 20 (2,382) (2,382)
Lease liabilities 21 (5,400) -
Financial liabilities (8,678) (1,421)
Current tax liability (6,636) (3,939)
Total current liabilities (217,906) (162,093)
Non-current liabilities
Interest-bearing loans and borrowings 20 (2,382) (4,764)
Lease liabilities 21 (10,753) -
Financial liabilities (6,922) (415)
Deferred tax 15 (3,593) (2,102)
Total liabilities (241,556) (169,374)
Net assets 327,935 270,402
====================================== ==== ========= ==========
Equity
Share capital 22 11,680 11,631
Share premium 608,447 606,086
Capital redemption reserve 100 100
Hedging reserve (4,534) 7,803
EBT reserve (17,075) (2,174)
Translation reserve 11 -
Reconstruction reserve (515,282) (515,282)
Non-controlling interest 17,262 8,381
Retained earnings 227,326 153,857
-------------------------------------- ---- --------- ----------
Total equity 327,935 270,402
====================================== ==== ========= ==========
The 2019 figures have been restated to adjust the
non-controlling interest in PrettyLittleThing.com Limited from
GBP19,064,000 to GBP8,381,000 and increase retained earnings by the
same (see note 1).
Consolidated statement of changes in equity (restated)
Share Share Capital Hedging EBT Translation Reconstruction Non-controlling Retained Total
capital premium redemption reserve reserve reserve reserve interest earnings equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 28
February 2018 11,496 602,578 100 7,911 (351) 168 (515,282) 4,018 102,141 212,779
Profit for the
year - - - - - - - 3,875 43,584 47,459
Other
comprehensive
income/(expense):
Gain reclassified
to profit and
loss in revenue - - - (2,337) - - - - - (2,337)
Fair value gain on
cash flow hedges
during the year - - - 2,229 - - - - - 2,229
------------------ ------- ------- ---------- -------- -------- ----------- -------------- --------------- -------- --------
Total
comprehensive
income for the
year - - - (108) - - - 3,875 43,584 47,351
Issue of shares 135 3,508 - - (1,823) - - - - 1,820
Share-based
payments credit - - - - - - - 246 5,032 5,278
Excess deferred
tax on
share-based
payments - - - - - - - - 3,342 3,342
Non-controlling
interests'
increase in share
of net assets 242 (242) -
Translation of
foreign
operations - - - - - (168) - - - (168)
Balance at 28
February 2019 11,631 606,086 100 7,803 (2,174) - (515,282) 8,381 153,857 270,402
Impact of adoption
of IFRS 16 - - - - - - - (18) (514) (532)
Profit for the
year - - - - - - - 9,214 63,669 72,883
Other
comprehensive
income/(expense):
Loss reclassified
to profit and
loss in revenue - - - 1,280 - - - - - 1,280
Fair value loss on
cash flow hedges
during the year - - - (13,617) - - - - - (13,617)
------------------ ------- ------- ---------- -------- -------- ----------- -------------- --------------- -------- --------
Total
comprehensive
income for the
year - - - (12,337) - - - 9,196 63,155 60,014
Issue of shares 49 2,361 - - (14,901) - - 250 - (12,241)
Share-based
payments credit - - - - - - - 512 10,445 10,957
Excess deferred
tax on
share-based
payments - - - - - - - 20 2,172 2,192
Translation of
foreign
operations - - - - - 11 - - - 11
Non-controlling
interests'
increase in share
of net assets 2,303 (2,303) -
Dividend paid to
non-controlling
interests - - - - - - - (3,400) - (3,400)
Balance at 29
February 2020 11,680 608,447 100 (4,534) (17,075) 11 (515,282) 17,262 227,326 327,935
------------------ ------- ------- ---------- -------- -------- ----------- -------------- --------------- -------- --------
The 2019 figures have been restated to adjust the
non-controlling interest in PrettyLittleThing.com Limited of
GBP8,761,000 as at 28 February 2018 to GBP4,018,000 and the NCI
share of the profit for the year to 28 February 2019 from
GBP9,687,000 to GBP3,875,000. In addition, there is an adjustment
for the share of net assets attributable to the non-controlling
interest increasing each year (see note 1).
Consolidated cash flow statement
for the year ended 29 February 2020
Note 2020 2019
GBP000 GBP000
--------------------------------------------- ---- -------- --------
Cash flows from operating activities
Profit for the year 72,883 47,459
Adjustments for:
Share-based payments charge 10,957 5,278
Depreciation charges and amortisation 24,650 13,921
Loss on sale of fixed assets 294 24
Finance income (1,716) (1,320)
Finance expense 390 144
Tax expense 19,339 12,397
--------------------------------------------- ---- -------- --------
126,797 77,903
Increase in inventories 16 (32,301) (18,558)
Increase in trade and other receivables 17 (9,434) (4,935)
Increase in trade and other payables 19 42,219 57,513
Cash generated from operations 127,281 111,923
Tax paid (11,610) (10,361)
Net cash generated from operating activities 115,671 101,562
Cash flows from investing activities
Acquisition of intangible assets 11 (23,158) (3,237)
Acquisition of property, plant and equipment 12 (22,404) (43,630)
Proceeds from the sale of fixed assets - 59
Finance income received 1,807 1,249
Net cash used in investing activities (43,755) (45,559)
Cash flows from financing activities
Proceeds from the issue of ordinary shares 2,665 3,653
Purchase of own shares by EBT (14,906) (1,833)
Finance expense paid (286) (144)
Dividend paid to non-controlling interests (3,400) -
Lease payments (6,031) -
Repayment of borrowings (2,382) (2,382)
Net cash used in financing activities (24,340) (706)
Increase in cash and cash equivalents 47,576 55,297
============================================= ==== ======== ========
Cash and cash equivalents at beginning
of year 197,872 142,575
--------------------------------------------- ---- -------- --------
Cash and cash equivalents at end of year 245,448 197,872
============================================= ==== ======== ========
Notes to the financial statements
(forming part of the financial statements)
1 Accounting policies
General information
boohoo group plc is a public limited company incorporated and
domiciled in Jersey and listed on the Alternative Investment Market
(AIM) of the London Stock Exchange. Its registered office address
is: 12 Castle Street, St Helier, Jersey, JE2 3RT. The company was
incorporated on 19 November 2013.
Basis of preparation
This condensed consolidated financial information for the year
ended 29 February 2020 has been prepared in accordance with the
recognition and measurement criteria of International Financial
Reporting Standards as adopted by the European Union ("Adopted
IFRSs"), IFRS IC Interpretations and the Companies (Jersey) Law
1991.
The financial statements have been approved on the assumption
that the group and company remain a going concern. The impact of
the COVID-19 crisis on the future prospects of the group is not
quantifiable at the date of this report, as the length of
restrictions and impact on consumers globally is outside of what
any business is able to predict. However, we have modelled a
scenario with a substantial reduction in revenue from April 2020
until June 2020, with some recovery from July 2020 to September
2020. We have also modelled a shut-down of the business until
February 2021, as an unlikely, but worst possible, case. Both
scenarios show the group and company has sufficient funds to
continue trading solvently, even before obtaining any potential
government loans.
The financial information contained in this preliminary
announcement for the years ended 29 February 2020 and 28 February
2019 does not comprise the group's statutory financial statements
within the meaning of Companies (Jersey) Law 1991. Statutory
accounts for the year ended 29 February 2020 will be filed with the
Jersey Companies Registry in due course. The auditors' report on
the statutory accounts for each of the years ended 29 February 2020
and 28 February 2019 is unqualified, does not draw attention to any
matters by way of emphasis and does not contain any statement under
any matters that are required to be reported by exception under
Companies (Jersey) Law 1991.
Change of accounting policy, non-controlling interest -
restatement of 2019 financial statements
Following a review of the accounting treatment of the
non-controlling interest of shareholders in PrettyLittleThing.com
Limited [PLT], it has been determined that the restrictions imposed
by the Shareholders' Agreement require the proportion of the
non-controlling interests' share of the profits of PLT to accrue in
accordance with certain terms of the agreement and not as 34% as
previously stated. The accumulated profit attributable to
non-controlling interests of GBP8,761,000 as at 28 February 2018
has been adjusted to GBP4,018,000 and the share of profits for the
year to 28 February 2019 from GBP9,687,000 to GBP3,875,000 and the
difference added to retained earnings. The share of profits
recognised by the non-controlling interest increases each year by
20% of 34% of the earnings of PLT from 20% of 34% to 100% of 34%
over the five-year period of the agreement, as does the
non-controlling interests' share of the net assets.
Basic earnings per share of boohoo group plc in 2019 has changed
from 3.27p to 3.78p and diluted earnings per share from 3.22p to
3.71p. The adjusted diluted earnings per share is calculated on the
same basis as in previous years at 34% of the net assets and
profits, reflecting the fact that the reported non-controlling
interest will accumulate to 34% at the end of the five-year period
of the Shareholders' Agreement in February 2022.
New and amended standards adopted by the group
The following new standards, and amendments to standards, have
been adopted by the group for the first time for the financial year
beginning on 1 March 2019:
-- IFRS 16, 'Leases';
-- IFRIC 23, Uncertainty over income tax treatment;
-- Annual improvements IFRS 3 'Business Combinations', IAS 12
'Income taxes', IAS 23 'Borrowing costs';
-- Amendments to IFRS 9 'Financial Instruments' - Prepayment
features and negative compensation; and
-- Amendments to IAS 39 and IFRS 7 interest rate benchmark
reform.
Other than IFRS16, 'Leases', the adoption of these standards did
not have a material impact on the Group Consolidated Financial
Statements.
The group has adopted IFRS 16, "Leases", effective for
accounting periods commencing 1 January 2019 and applied the
modified retrospective approach and the exemption for low value or
short leases. Comparatives have not been restated and the
cumulative impact of adoption has been recognised as a decrease in
net assets and a corresponding decrease in retained earnings as at
1 March 2019. The right-of-use asset has been measured at the
carrying amount as if the standard had been applied since the
commencement of the lease, discounted using the incremental
borrowing rate of 1.8% at transition. The present value of the
lease liabilities is discounted at the group's incremental
borrowing cost.
The lease liability brought on to the balance sheet at
transition is GBP18.5 million and the right of use asset GBP16.1
million. The overall decrease in retained earnings is GBP0.5
million. The impact on the income statement had no material effect
on profit before tax for the year to 29 February 2020, with
adjusted EBITDA increasing by GBP4.9 million, depreciation
increasing by GBP4.7 million and finance costs increasing by GBP0.2
million. Within the cash flow statement, there are changes in the
classification of cash flows, with GBP2.6 million of lease payments
classified as financing cash flows and GBP0.1 million as interest
payments.
The impact on the opening balance sheet is as follows: 1 March 2019
GBP000
--------------------------------------------------------------------------------------------- ------------
Non-current assets
Right-of-use assets - property, plant & equipment 16,116
Deferred income tax asset 109
Current liabilities
Financial liabilities - lease liabilities (4,933)
Accruals 1,791
Non-current liabilities
Financial liabilities - lease liabilities (13,615)
Total decrease in retained earnings at 1 March 2019 (532)
----------------------------------------------------------------------------------------------- ------------
Reconciliation of the lease liabilities at 1 March 2019 to the operating lease commitments
at 28 February 2019:
GBP000
--------------------------------------------------------------------------------------------- ------------
Operating lease commitments disclosed at 28 February 2019 6,259
Third-party warehouse services contract - revised treatment as operating lease 12,800
----------------------------------------------------------------------------------------------- ------------
Restated operating lease commitments at 28 February 2019 19,059
Discounted using the lessee's incremental borrowing rate at the date of initial application (511)
Additional lease liability recognised as at 1 March 2019 18,548
----------------------------------------------------------------------------------------------- ------------
Analysed as:
Current lease liabilities 4,933
Non-current lease liabilities 13,615
----------------------------------------------------------------------------------------------- ------------
From 1 March 2019 the group's lease policy is summarised as
follows:
A right-of-use asset and lease liability is recognised at the
lease commencement date. The right-of-use asset is initially
recognised at cost, comprising the initial amount of the lease
liability plus any initial direct costs incurred, less any lease
incentives received. The right-of-use asset is subsequently
depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the asset or
the end of the lease term. The lease liability is initially
measured as the present value of the lease payments at the
commencement date, discounted using the incremental borrowing rate.
The lease liability is measured at amortised cost using the
effective interest method. It is re-measured when there is a change
in future lease payments arising from a change in an index or a
rate or a change in the group's assessment of whether it will
exercise an extension or termination option. When the lease
liability is re-measured, a corresponding adjustment is made to the
right-of-use asset.
Standards, amendments and interpretations to existing standards
that are not yet effective and have not been early adopted by the
group and/or company.
The following standards have been published and are mandatory
for accounting periods beginning after 1 March 2020 but have not
been early adopted by the group or company and could have an impact
on the group and company financial statements:
-- Amendments to IFRS 3, 'Business combinations', definition of
a business;
-- Amendments to IAS 1, 'Presentation of financial statements',
and IAS 8, 'Accounting policies, changes in accounting estimates
and errors' definition of material
Going concern
The directors have reviewed the group's forecast and
projections, including assumptions concerning capital expenditure
and expenditure commitments and their impact on cash flows, and
have a reasonable expectation that the group has adequate financial
resources to continue its operations for the foreseeable future.
For this reason they have continued to adopt the going concern
basis in preparing the financial statements.
In preparing the preliminary announcement, the directors have
also made reasonable and prudent judgements and estimates and
prepared the preliminary announcement on the going concern basis.
The preliminary announcement and management report contained herein
give a true and fair view of the assets, liabilities, financial
position and profit and loss of the group.
2 Segmental analysis
IFRS 8, "Operating Segments", requires operating segments to be
determined based on the group's internal reporting to the chief
operating decision maker. The chief operating decision maker is
considered to be the executive board, which has determined that the
primary segmental reporting format of the group for 2020 is by
business unit. This is based on the group's management and internal
reporting structure, i.e. boohoo including boohooMAN,
PrettyLittleThing ("PLT"), Nasty Gal and other brands.
The executive board assesses the performance of each segment
based on revenue and gross profit after distribution expenses and
before administrative expenses.
Year ended 29 February 2020
boohoo PrettyLittleThing Nasty Gal Other Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------- --------- ----------------- --------- ------- -----------
Revenue 600,733 516,334 98,833 18,976 1,234,876
Cost of sales (284,937) (229,122) (45,301) (9,280) (568,640)
---------------------------- --------- ----------------- --------- ------- -----------
Gross profit 315,796 287,212 53,532 9,696 666,236
Distribution costs (127,322) (127,752) (20,532) (2,646) (278,252)
Segment result 188,474 159,460 33,000 7,050 387,984
Administrative expenses
- other - - - - (292,206)
Amortisation of acquired
intangibles - - - - (5,120)
Other income - - - - 238
---------------------------- --------- ----------------- --------- ------- -----------
Operating profit - - - - 90,896
Finance income - - - - 1,716
Finance expense - - - - (390)
---------------------------- --------- ----------------- --------- ------- -----------
Profit before tax - - - - 92,222
============================ ========= ================= ========= ======= ===========
Year ended 28 February 2019
boohoo PrettyLittleThing Nasty Gal Other Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------- --------- ----------------- --------- ------- ---------
Revenue 434,565 374,445 47,910 - 856,920
Cost of sales (204,474) (162,687) (20,765) - (387,926)
---------------------------- --------- ----------------- --------- ------- ---------
Gross profit 230,091 211,758 27,145 - 468,994
Distribution costs (98,901) (90,000) (12,020) - (200,921)
Exceptional distribution
costs - (6,162) - - (6,162)
Segment result 131,190 115,596 15,125 - 261,911
Administrative expenses
- other - - - - (198,516)
Exceptional administrative
expenses - - - - (505)
Amortisation of acquired
intangibles - - - - (4,449)
Other income - - - - 239
---------------------------- --------- ----------------- --------- ------- ---------
Operating profit - - - - 58,680
Finance income - - - - 1,320
Finance expense - - - - (144)
---------------------------- --------- ----------------- --------- ------- ---------
Profit before tax - - - - 59,856
============================ ========= ================= ========= ======= =========
Revenue by geographic region
2020 2019
GBP000 GBP000
--------------- --------- -------
UK 679,275 488,199
Rest of Europe 188,424 115,124
USA 263,622 166,262
Rest of world 103,555 87,335
---------------- --------- -------
1,234,876 856,920
=============== ========= =======
3 Other income
2020 2019
GBP000 GBP000
----------------------- ------ ------
Property rental income 238 239
------------------------ ------ ------
4 Finance income and expense
2020 2019
GBP000 GBP000
---------------------------------------- ------ ------
Finance income: Bank interest received 1,716 1,320
Finance expense: Loan interest paid (128) (144)
Finance expense: IFRS 16 lease interest (262) -
----------------------------------------- ------ ------
5 Auditors' remuneration
2020 2019
GBP000 GBP000
----------------------------------------------------------------------------- ------ ------
Audit of these financial statements 10 10
Disclosure below based on amounts receivable in respect of services to the group
Amounts receivable by auditors and their associates in respect of:
Audit of financial statements of subsidiaries pursuant to legislation 225 138
Other services relating to taxation 141 96
Other advisory services 13 81
----------------------------------------------------------------------------- ------ ------
389 325
============================================================================= ====== ======
6 Profit before tax
Profit before tax is stated after charging: 2020 2019
GBP000 GBP000
------------------------------------------------- ------ ------
Short-term operating lease rentals for buildings 176 2,235
Equity-settled share-based payment charges 10,957 5,278
Acquisition and restructuring costs 1,261 -
Exceptional items - warehouse relocation - 6,667
Depreciation of property, plant and equipment 11,483 6,972
Depreciation of right of use assets 5,099 -
Amortisation of intangible assets 2,948 2,500
Amortisation of acquired intangible assets 5,120 4,449
------------------------------------------------- ------ ------
The exceptional items relate to the additional costs of
relocation of all the inventory held by PrettyLittleThing to a
third-party managed warehouse in July 2018.
7 Earnings per share
Basic earnings per share is calculated by dividing profit after
tax attributable to members of the holding company by the weighted
average number of shares in issue during the year. Own shares held
by the Employee Benefit Trust are eliminated from the weighted
average number of shares. Diluted earnings per share is calculated
by dividing the profit after tax attributable to members of the
holding company by the weighted average number of shares in issue
during the year, adjusted for potentially dilutive share
options.
2020 2019
(restated)
----------------------------------------------- -------------- --------------
Weighted average shares in issue for basic
earnings per share 1,161,374,887 1,154,130,568
Dilutive share options 27,741,137 20,304,294
------------------------------------------------ -------------- --------------
Weighted average shares in issue for diluted
earnings per share 1,189,116,024 1,174,434,862
================================================ ============== ==============
Earnings (GBP000) 63,669 43,584
Basic earnings per share 5.48p 3.78p
Diluted earnings per share 5.35p 3.71p
------------------------------------------------ -------------- --------------
Earnings (GBP000) 63,669 43,584
Adjusting items:
Amortisation of intangible assets arising
on acquisitions 5,120 4,449
Share-based payment charges 10,957 5,278
Exceptional items - warehouse relocation - 6,667
Adjustment for tax (2,973) (3,050)
Pro-forma non-controlling interest adjustment
to 34% (6,143) (5,812)
Adjustment for non-controlling interest (691) (2,335)
------------------------------------------------ -------------- --------------
Adjusted earnings 69,939 48,781
------------------------------------------------ -------------- --------------
Adjusted basic earnings per share 6.02p 4.23p
Adjusted diluted earnings per share 5.88p 4.15p
------------------------------------------------ -------------- --------------
Basic earnings per share in 2019 has been restated from 3.27p to
3.78p and diluted earnings per share from 3.22p to 3.71p, following
the revised non-controlling interest accounting.
Adjusted earnings and adjusted earnings per share gives a more
consistent measure of the underlying performance of the business
excluding non-cash accounting charges relating to the amortisation
of intangible assets valued upon acquisitions, non-cash share-based
payment charges, other exceptional items and increasing the
non-controlling interest in PrettyLittleThing.com Limited to 34% of
net profit for the year, as in previous years (see note 1).
8 Staff numbers and costs
The average monthly number of persons employed by the group
(including directors) during the year, analysed by category, was as
follows:
Number of employees
2020 2019
--------------- ---------- ---------
Administration 1,599 1,303
Distribution 1,020 885
--------------- ---------- ---------
2,619 2,188
=============== ========== =========
The aggregate payroll costs of these persons were as
follows:
2020 2019
GBP000 GBP000
------------------------------------------- ------- ------
Wages and salaries 84,892 62,505
Social security costs 8,721 6,419
Post-employment benefits 1,715 1,123
Equity-settled share-based payment charges 10,957 5,278
------------------------------------------- ------- ------
106,285 75,325
=========================================== ======= ======
9 Directors' and key management compensation
2020 2019
GBP000 GBP000
------------------------------------------- ------ ------
Short-term employee benefits 15,087 10,616
Post-employment benefits 180 217
Equity-settled share-based payment charges 2,204 907
17,471 11,740
=========================================== ====== ======
10 Taxation
2020 2019
GBP000 GBP000
----------------------------------------------------------------------------------------------- ------ ------
Analysis of charge in year
Current tax on income for the year 18,766 12,409
Adjustments in respect of prior year taxes 628 (54)
Deferred taxation (55) 42
Tax on profit 19,339 12,397
=============================================================================================== ====== ======
Income tax expense computations are based on the jurisdictions in which taxable profits were
earned at prevailing rates in those jurisdictions. The Company is subject to Jersey income
tax at the standard rate of 0%. The reconciliation below relates to tax incurred in the UK
where the group is tax resident. The total tax charge differs from the amount computed by
applying the UK rate of 19.0% for the year (2019: 19.0%) to profit before tax as a result
of the following:
Profit before tax 92,222 59,856
----------------------------------------------------------------------------------------------- ------ ------
Profit before tax multiplied by the standard rate of corporation tax of the UK of 19.0% (2019:
19.0%) 17,522 11,373
Effects of:
Expenses not deductible for tax purposes 419 454
Change in deferred tax rate 49 -
Adjustments in respect of prior year taxes 628 (54)
Overseas tax differentials 12 5
Depreciation on ineligible assets 709 619
Tax on profit 19,339 12,397
=============================================================================================== ====== ======
Tax recognised in the statement of changes in equity
Deferred tax credit on movement in tax base of share options 2,192 3,342
------------------------------------------------------------- ----- -----
No current tax was recognised in other comprehensive income
(2019: GBPnil).
11 Intangible assets
Patents and licences Trademarks Customer lists Computer software Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
Balance at 28 February 2018 319 25,070 5,826 11,044 42,259
Additions 307 - - 2,930 3,237
Disposals - - - (2,096) (2,096)
-----------------------------
Balance at 28 February 2019 626 25,070 5,826 11,878 43,400
Additions - 19,070 300 3,788 23,158
Disposals (12) - - (1,118) (1,130)
Balance at 29 February 2020 614 44,140 6,126 14,548 65,428
============================= ===================== =========== =============== ================== ========
Accumulated amortisation
Balance at 28 February 2018 211 2,674 2,209 6,288 11,382
Amortisation for year 74 2,507 1,942 2,426 6,949
Disposals - - - (2,096) (2,096)
-----------------------------
Balance at 28 February 2019 285 5,181 4,151 6,618 16,235
Amortisation for year 133 3,355 1,765 2,815 8,068
Disposals (12) - - (1,118) (1,130)
Balance at 29 February 2020 406 8,536 5,916 8,315 23,173
============================= ===================== =========== =============== ================== ========
Net book value
At 29 February 2018 108 22,396 3,617 4,756 30,877
At 28 February 2019 341 19,889 1,675 5,260 27,165
--------------------- ----------- --------------- ------------------ --------
At 29 February 2020 208 35,604 210 6,233 42,255
============================= ===================== =========== =============== ================== ========
Within the statement of comprehensive income, amortisation of
acquired intangible assets (trademarks and customer lists) of
GBP5,120,000 (2019: GBP4,449,000) is shown separately. The amount
of amortisation included in distribution costs is GBP393,000 (2019:
GBP648,000) and in administrative expenses is GBP2,555,000 (2019:
GBP1,852,000).
12 Property, plant and equipment
Short Fixtures Computer Motor Land & Total
leasehold and fittings equipment vehicles buildings
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------------- ----------- -------------- ----------- ---------- ----------- --------
Cost
Balance at 28 February
2018 2,223 35,444 3,537 439 38,980 80,623
Additions 3,896 36,775 1,575 115 1,269 43,630
Exchange differences - - - - (73) (73)
Disposals (94) (375) (592) (123) - (1,184)
Balance at 28 February
2019 6,025 71,844 4,520 431 40,176 122,996
Additions 3,639 15,663 2,123 437 542 22,404
Exchange differences - - - - 94 94
Disposals (509) (618) (330) - - (1,457)
Balance at 29 February
2020 9,155 86,889 6,313 868 40,812 144,037
Accumulated depreciation
Balance at 28 February
2018 711 5,093 1,734 133 958 8,629
Depreciation charge
for the year 566 4,646 1,144 127 489 6,972
Exchange differences - - - - (2) (2)
Disposals (94) (364) (592) (51) - (1,101)
-------------------------- ----------- -------------- ----------- ---------- ----------- --------
Balance at 28 February
2019 1,183 9,375 2,286 209 1,445 14,498
Depreciation charge
for the year 1,788 7,176 1,573 170 776 11,483
Exchange differences - - - - 3 3
Disposals (270) (563) (330) - - (1,163)
Balance at 29 February
2020 2,701 15,988 3,529 379 2,224 24,821
========================== =========== ============== =========== ========== =========== ========
Net book value
At 28 February 2018 1,512 30,351 1,803 306 38,022 71,994
At 28 February 2019 4,842 62,469 2,234 222 38,731 108,498
----------- -------------- ----------- ---------- ----------- --------
At 29 February 2020 6,454 70,901 2,784 489 38,588 119,216
========================== =========== ============== =========== ========== =========== ========
The amounts of depreciation included in the statement of
comprehensive income in distribution costs is GBP7,065,000 (2019:
GBP4,003,000) and in administrative expenses is GBP4,418,000 (2019:
GBP2,969,000).
13 Right-of-use assets
Short leasehold
GBP000
Cost
Transition on adoption of IFRS 16 on 1 March 2019 23,524
Additions 3,554
Balance at 29 February 2020 27,078
======================================================= ================
Accumulated depreciation 7,388
Depreciation for year 5,099
Balance at 29 February 2020 12,487
======================================================= ================
Net book value
At 1 March 2019 16,136
----------------
At 29 February 2020 14,591
======================================================= ================
14 Investments
The subsidiaries held and consolidated in these financial
statements are set out below:
Name of company Principal activity Country of Address Percentage ownership
incorporation
----------------------- -------------------- ----------------------- ----------------------- ---------------------
Direct investment
Boohoo Holdings 49-51 Dale St,
Limited Holdings UK Manchester 100%
Indirect investments
12 Castle St, St
ABK Limited Dormant Jersey Helier, Jersey 100%
49-51 Dale St,
boohoo.com UK Limited Trading UK Manchester 100%
49-51 Dale St,
Boo Who Limited Dormant UK Manchester 100%
49-51 Dale St,
boohoo.com USA Limited Dormant UK Manchester 100%
8431 Melrose Pl, Los
boohoo.com USA Inc Marketing office USA Angeles 100%
boohoo.com Australia 468 St Kilda Road,
Pty Ltd Marketing office Australia Melbourne 100%
15, rue Bachaumont,
boohoo France SAS Marketing office France Paris 100%
Tucholskystrasse 13,
boohoo Germany GmbH Marketing office Germany Berlin 100%
Wellington Mill,
PrettyLittleThing.com Pollard Street East,
Limited Trading UK Manchester 66%
Wellington Mill,
21Three Clothing Pollard Street East,
Company Limited Dormant UK Manchester 66%
PrettyLittleThing.com 1209 Orange Street,
USA Inc Marketing office USA Wilmington 66%
49-51 Dale St,
Nasty Gal.com Limited Trading UK Manchester 100%
2135 Bay Street, Los
Nasty Gal.com USA Inc Marketing office USA Angeles 100%
49-51 Dale St,
MissPap UK Limited Trading UK Manchester 100%
Karenmillen.com 49-51 Dale St,
Limited Trading UK Manchester 100%
CoastLondon.com 49-51 Dale St,
Limited Trading UK Manchester 100%
----------------------- -------------------- ----------------------- ----------------------- ---------------------
15 Deferred tax
Assets
Depreciation in excess of capital Share-based payments Total
allowances
GBP000 GBP000 GBP000
------------------------------------------ ----------------------------------------- --------------------- --------
Asset at 28 February 2018 160 6,319 6,479
Recognised in statement of comprehensive
income (73) 32 (41)
Debit in equity - (2,404) (2,404)
------------------------------------------ ----------------------------------------- --------------------- --------
Asset at 28 February 2019 87 3,947 4,034
Recognised in statement of comprehensive
income 158 1,388 1,546
Credit in equity - 400 400
------------------------------------------ ----------------------------------------- --------------------- --------
Asset at 29 February 2020 245 5,735 5,980
========================================== ========================================= ===================== ========
Liabilities
Capital allowances in excess of Business combinations Total
depreciation
GBP000 GBP000 GBP000
----------------------------------------- ----------------------------------------- ---------------------- --------
Liability at 28 February 2018 - (2,101) (2,101)
Recognised in statement of comprehensive
income (495) 494 (1)
----------------------------------------- ----------------------------------------- ---------------------- --------
Liability at 28 February 2019 (495) (1,607) (2,102)
Recognised in statement of comprehensive
income (1,935) 444 (1,491)
Liability at 29 February 2020 (2,430) (1,163) (3,593)
----------------------------------------- ----------------------------------------- ---------------------- --------
Recognition of the deferred tax assets is based upon the
expected generation of future taxable profits. The deferred tax
asset is expected to be recovered in more than one year's time and
the deferred tax liability will reverse in more than one year's
time as the intangible assets are amortised.
16 Inventories
2020 2019
GBP000 GBP000
------------------------- ------ ------
Finished goods 89,826 59,005
Finished goods - returns 9,281 7,801
------------------------- ------ ------
99,107 66,806
------------------------- ------ ------
The value of inventories included within cost of sales for the
year was GBP566,514,000 (2019: GBP386,895,000). An impairment
provision of GBP7,411,000 (2019: GBP5,181,000) was charged to the
statement of comprehensive income. There were no write-backs of
prior period provisions during the year.
17 Trade and other receivables
2020 2019
GBP000 GBP000
------------------------------------- ------ ------
Trade receivables 20,603 14,201
Prepayments 7,309 5,126
Accrued income 295 386
Taxes and social security receivable 3,621 2,863
------------------------------------- ------ ------
31,828 22,576
===================================== ====== ======
Trade receivables represent amounts due from wholesale customers
and advance payments to suppliers.
The fair value of trade and other receivables is not materially
different from the carrying value.
Where specific trade receivables are not considered to be at
risk and requiring a provision, otherwise the trade receivables
impairment provision, is calculated using the simplified approach
to the expected credit loss model, based on the following
percentages:
2020 2019
Age of trade receivable % %
------------------------ ---- ----
60 - 90 days past due 1 1
91 - 120 days past due 5 5
Over 121 days past due 90 90
------------------------- ---- ----
The provision for impairment of receivables is charged to
administrative expenses in the statement of comprehensive income.
The maturing profile of unsecured trade receivables and the
provisions for impairment are as follows:
2020 2019
GBP000 GBP000
------------------------------- ------- -------
Due within 30 days 13,157 7,943
Provision for impairment (2,392) -
Due in 31 to 90 days 9,971 7,972
Provision for impairment (1,010) (1,714)
Past due 877 295
Provision for impairment - (295)
Total amounts due and past due 24,005 16,210
Total provision for impairment (3,402) (2,009)
------------------------------- ------- -------
20,603 14,201
=============================== ======= =======
18 Cash and cash equivalents
2020 2019
GBP000 GBP000
------------------------- ------- -------
At start of year 197,872 142,575
Net movement during year 46,889 55,350
Effect of exchange rates 687 (53)
------------------------- ------- -------
At end of year 245,448 197,872
========================= ======= =======
19 Trade and other payables
2020 2019
GBP000 GBP000
------------------------------------------- ------- -------
Trade payables 33,915 33,930
Amounts owed to related party undertakings 2 -
Other creditors 2,735 1,730
Accruals 99,300 81,930
Provision for liabilities 29,291 18,912
Deferred income 10,702 8,453
Taxes and social security payable 18,865 9,396
------------------------------------------- ------- -------
194,810 154,351
=========================================== ======= =======
The fair value of trade payables is not materially different
from the carrying value.
The provision for liabilities comprises:
Dilapidations Returns Total
GBP000 GBP000 GBP000
---------------------------------------------------------------- -------------- --------- ---------
Provision at 1 March 2019 1,550 17,362 18,912
Movements in provision charged/(credited) to income statement:
Prior year provision utilised - (17,362) (17,362)
Increase in provision in current year 2,650 25,091 27,741
---------------------------------------------------------------- -------------- --------- ---------
Provision at 29 February 2020 4,200 25,091 29,291
================================================================ ============== ========= =========
20 Interest-bearing loans and borrowings
This note provides information about the contractual terms of
the group's interest-bearing loans and borrowings, which are
measured at amortised cost.
2020 2019
GBP000 GBP000
-------------------------------------- ------ ------
Non-current liabilities
Secured bank loans 2,382 4,764
====================================== ====== ======
Current liabilities
-------------------------------------- ------ ------
Current portion of secured bank loans 2,382 2,382
====================================== ====== ======
Terms and debt repayment schedule
Nominal
interest Year of 2020 2019
Currency rate maturity GBP000 GBP000
------------------ --------- -------------- --------- ------ ------
Secured bank loan GBGBP LIBOR + 0.95% 2022 4,764 7,146
The loan is repayable in instalments over the five years to
2022. The loan is secured by a debenture comprising fixed and
floating charges over all the assets and undertakings of boohoo.com
UK Limited of GBP164.6 million (2019: GBP131.7 million), including
all present and future freehold property, book and other debts,
chattels and goodwill, both present and future.
Movement in financial liabilities
2020 2019
GBP000 GBP000
----------------- ------- -------
Opening balance 7,146 9,528
Interest accrued 128 144
Interest paid (128) (144)
Capital paid (2,382) (2,382)
Closing balance 4,764 7,146
================= ======= =======
21 Lease liabilities
Minimum lease payments Within 1-2 years 2-5 years 5-10 years More than Total
due 1 year 10 years
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ -------- ---------- ---------- ----------- ---------- -------
29 February 2020
Lease payments 5,597 4,599 6,353 - - 16,549
Finance charges (197) (125) (74) - - (396)
------------------------ -------- ---------- ---------- ----------- ---------- -------
Net present value 5,400 4,474 6,279 - - 16,153
------------------------ -------- ---------- ---------- ----------- ---------- -------
2020 2019
GBP000 GBP000
---------------------------- ------ ------
Current lease liability 5,400 -
Non-current lease liability 10,753 -
---------------------------- ------ ------
Total 16,153 -
---------------------------- ------ ------
22 Share capital and reserves
2020 2019
GBP000 GBP000
------------------------------------------------------------------- ------ ------
1,168,033,762 authorised and fully paid ordinary shares of 1p each
(2019: 1,163,143,830) 11,680 11,631
------------------------------------------------------------------- ------ ------
During the year, a total of 5,109,478 shares were issued under
the share incentive plans (2019: 13,574,314). On 27 February 2020,
16,925 (2019: 31,223) new ordinary shares were issued to
non-executive directors as part of their annual remuneration.
The directors do not recommend the payment of a dividend so that
cash is retained in the group for capital expenditure projects that
are required for the rapid growth and efficiency improvements of
the business and for suitable business acquisitions (2019:
GBPnil).
23 Capital commitments
Capital expenditure contracted for at the end of the reporting
year but not yet incurred is as follows:
2020 2019
GBP000 GBP000
------------------------------ ------ ------
Property, plant and equipment 9,797 -
24 Operating Leases
The group has lease agreements in respect of property, plant and
equipment, for which the payments extend over a number of years.
The totals of future minimum lease payments under non-cancellable
operating leases due in each period are:
2020 2019
GBP000 GBP000
------------------------- ------ ------
Within one year 4 1,966
Within two to five years - 4,032
In more than five years - 261
------------------------- ------ ------
4 6,259
========================= ====== ======
25 Contingent liabilities
From time to time, the group can be subject to various legal
proceedings and claims that arise in the ordinary course of
business, which may include cases relating to the group's brand and
trading name. All such cases brought against the group are robustly
defended and a liability is recorded only when it is probable that
the case will result in a future economic outflow and that the
outflow can be reliably measured.
As at 29 February 2020, there are no pending claims or
proceedings against the group, which are expected to have a
material adverse effect on its liquidity or operations.
Appendix - prior period revenues by region
Revenue by period for the year to 29 February 2020 (FY20)
GBPm 4m to 31 December 2m to 28/29 February 12m to 28/29 February
---------------------------
FY20 FY19 yoy yoy FY20 FY19 yoy yoy FY20 FY19 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ------ ---- ----- -------- ------ ---- -----
Total 473.7 328.2 44% 44% 196.3 133.4 47% 48% 1,234.9 856.9 44% 44%
------ ------ ---- ------- ------ ------ ---- ----- -------- ------ ---- -----
UK 255.8 180.0 42% 42% 108.5 74.2 46% 46% 679.3 488.2 39% 39%
------ ------ ---- ------- ------ ------ ---- ----- -------- -----
ROE 69.6 44.4 57% 54% 31.4 19.4 61% 58% 188.4 115.1 64% 62%
------ ------ ---- ------- ------ ------ ---- ----- -------- ------ ---- -----
USA 110.6 70.4 57% 57% 42.3 27.7 53% 62% 263.6 166.3 59% 61%
------ ------ ---- ------- ------ ------ ---- ----- -------- ------ ---- -----
ROW 37.7 33.4 13% 13% 14.1 12.1 17% 14% 103.6 87.3 19% 19%
------ ------ ---- ------- ------ ------ ---- ----- -------- ------ ---- -----
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
---------------------------
FY20 FY19 yoy yoy FY20 FY19 yoy yoy FY20 FY19 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Total 254.3 183.6 39% 39% 310.5 211.7 47% 47% 564.9 395.3 43% 43%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Revenue by region
------ ------ ---- ----- ------ ------ -----
UK 140.6 110.7 27% 27% 174.4 123.3 41% 41% 315.0 234.1 35% 35%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ -----
ROE 38.2 22.3 72% 71% 49.2 29.0 70% 68% 87.5 51.2 71% 69%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
USA 51.3 31.4 64% 66% 59.4 36.8 61% 64% 110.7 68.2 62% 65%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
ROW 24.2 19.2 26% 28% 27.5 22.6 22% 23% 51.7 41.8 24% 25%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Revenue by period for the year to 28 February 2019 (FY19)
GBPm 4m to 31 December 2m to 28 February 12m to 28 February
---------------------------
FY19 FY18 yoy yoy FY19 FY18 yoy yoy FY19 FY18 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
Total 328.2 228.2 44% 43% 133.4 88.7 50% 50% 856.9 579.8 48% 47%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
Revenue by region
------ ----- ----- ----- ------ -----
UK 180.0 135.6 33% 33% 74.2 56.6 31% 31% 488.2 355.6 37% 37%
------ ------ ---- ------- ------ ----- ----- ----- ------ -----
ROE 44.4 28.2 57% 54% 19.4 10.2 90% 86% 115.1 66.3 74% 67%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
USA 70.4 39.6 78% 80% 27.7 13.5 105% 101% 166.3 92.7 79% 81%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
ROW 33.4 24.7 35% 32% 12.1 8.4 44% 44% 87.3 65.2 34% 30%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
---------------------------
FY19 FY18 yoy yoy FY19 FY18 yoy yoy FY19 FY18 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Total 183.6 120.1 53% 52% 211.7 142.8 48% 47% 395.3 262.9 50% 49%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Revenue by region
------ ------ ---- ----- ------ -----
UK 110.7 74.5 49% 49% 123.3 88.8 39% 39% 234.1 163.4 43% 43%
------ ------ ---- ------- ------ ------ ---- ----- ------ -----
ROE 22.3 12.2 82% 71% 29.0 15.6 86% 73% 51.2 27.8 84% 72%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
USA 31.4 17.9 75% 78% 36.8 21.7 70% 71% 68.2 39.6 72% 74%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
ROW 19.2 15.4 24% 22% 22.6 16.7 36% 31% 41.8 32.1 30% 27%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR DBGDSBSDDGGB
(END) Dow Jones Newswires
April 22, 2020 02:00 ET (06:00 GMT)
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