REG - Burberry Group PLC - Burberry Interim Results
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RNS Number : 3255H Burberry Group PLC 13 November 2025
13 November 2025
BURBERRY GROUP PLC
INTERIM RESULTS FOR 26 WEEKS ENDED 27 SEPTEMBER 2025
"One year into Burberry Forward, my belief in this extraordinary British
luxury house is stronger than ever. With the consistency of our Timeless
British Luxury brand expression and an improved product offer, we have begun
to see customers return to the brand they love, resulting
in comparable store sales growth for the first time in two years.
While it is still early days and there is more to do, we now have
proof points that Burberry Forward is the right strategic path to restore
brand relevance and value creation. We move forward with confidence
that Burberry's best chapters lie ahead."
- Joshua Schulman, Chief Executive Officer
Period ended 26 weeks ended 26 weeks ended YoY % change YoY % change CER
£ million 27 September 28 September Reported FX
2025 2024
Revenue 1,032 1,086 (5) (3)
Retail comparable store sales(*) 0% (20%)
Adjusted operating profit/(loss)(*) 19 (41) 146 147
Adjusted operating margin(*) 1.9% (3.8%) 570bps 560bps
Adjusted diluted earnings/(loss) per share (pence) 0.6 (18.3) 103 103
Reported operating loss (18) (53) (67)
Reported operating margin (1.7%) (4.9%) 320bps
Reported diluted loss per share (pence) (7.1) (20.8) (66)
Free cash flow(*) (50) (184) (72)
Comparable store sales by region*
vs LY Group EMEIA Americas Greater China(1) Asia Pacific(2)
Q1 (1%) 1% 4% (5%) (4%)
Q2 2% 1% 3% 3% 0%
H1 0% 1% 3% (1%) (2%)
(*)See pages 11 and 12 for definitions of alternative performance measures
In FY26 we have realigned our regions as follows:
1. Greater China consists of Mainland China; Hong Kong S.A.R, China; Macau
S.A.R, China; and Taiwan Area, China.
2. Asia Pacific consists of the rest of Asia; including Japan, South Korea,
Southeast Asia, Australia and New Zealand.
H1 FY26 FINANCIAL PERFORMANCE
· Revenue £1,032m -3% CER, -5% reported rates
· Retail comparable sales flat with Q2 returning to growth (Q1 -1%,
Q2 +2%)
· Adjusted operating profit £19m
· Restructuring charge £37m, resulting in reported operating loss
£18m
· Gross margin 67.9%, +410bps CER; +450bps reported rates
· Adjusted net operating expenses -5% CER; -7% reported rates
· Free cash flow -£50m
STRATEGIC PROGRESS
· Strengthened brand desirability through our Timeless British
Luxury expression; accelerated cadence of distinctly British storytelling,
creating universally recognisable stories and imagery
· Strong customer response to Autumn/Winter 25 collections; initial
momentum in Outerwear and Scarves now extending to other categories
· Enhanced in-store experience with elevated product displays,
cross-category merchandising, and new clienteling tools; launched over 100
scarf bars to date and remain on track to deliver 200 by year end
· Positive reception to the Summer 26 collection leading to
increased demand from opinion-leading wholesale partners
· Attracting new customers while welcoming back existing customers
to the brand, with sequential improvement in customer growth
· Cost efficiency programme on track to deliver £80 million in
annualised savings by end of FY26.
FY26 OUTLOOK
We are still in the early stages of our turnaround, and the macroeconomic
environment remains uncertain. Our focus this year is to build on the early
progress we have made in reigniting brand desire, as a key requisite to
growing the topline. We expect to see the impact of our initiatives build as
the year progresses. We will deliver continued margin improvement with a focus
on simplification, productivity and cash flow. We remain confident that we are
positioning the business for a return to sustainable, profitable growth.
All metrics and commentary in the Group Financial Highlights and Business and
Financial Review exclude adjusting items unless stated otherwise.
The financial information contained herein is unaudited.
The following alternative performance measures are presented in this
announcement: CER, adjusted profit/(loss) measures, comparable sales, free
cash flow, cash conversion, adjusted EBITDA and net debt. The definitions of
these alternative performance measures are on pages 11 and 12.
Certain financial data within this announcement have been rounded. Growth
rates and ratios are calculated on unrounded numbers.
Enquiries
Investors and analysts 020 3367 3524
Lauren Wu Leng VP, Investor Relations lauren.wuleng@burberry.com
Media 020 3367 3764
Samantha Pacan VP, Corporate Relations samantha.pacan@burberry.com
· There will be a presentation today at 9.30am (UK time) for
investors and analysts at Horseferry House, Horseferry Road, London, SW1P 2AW
· The presentation can also be viewed live on the Burberry
website https://www.burberryplc.com/ (https://www.burberryplc.com/) , you can
also click here
(https://connectstudio-portal.world-television.com/en/68c3d667e64d95301ee22c37)
to register
· The supporting slides will be available on the website prior
to the presentation and an indexed replay will be available later in the day
· Burberry will issue its Third Quarter Trading Update on 21
January 2026
Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and are subject to a number
of risks and uncertainties that could cause actual results to differ
materially from any expected future results in forward-looking statements.
Burberry Group plc undertakes no obligation to update these forward-looking
statements and will not publicly release any revisions it may make to these
forward-looking statements that may result from events or circumstances
arising after the date of this document. Nothing in this announcement should
be construed as a profit forecast. All persons, wherever located, should
consult any additional disclosures that Burberry Group plc may make in any
regulatory announcements or documents which it publishes. All persons,
wherever located, should take note of these disclosures. This announcement
does not constitute an invitation to underwrite, subscribe for or otherwise
acquire or dispose of any Burberry Group plc shares, in the UK, or in the US,
or under the US Securities Act 1933 or in any other jurisdiction.
Burberry is listed on the London Stock Exchange (BRBY.L) and is a constituent
of the FTSE 100 index. ADR symbol OTC:BURBY.
BURBERRY, the Equestrian Knight Device, the Burberry Check, and the Thomas
Burberry Monogram and Print are trademarks belonging to Burberry.
www.burberryplc.com
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LinkedIn: Burberry
SUMMARY INCOME STATEMENT
Period ended 26 weeks ended 26 weeks ended YoY % change YoY % change
£ million 27 September 28 September Reported FX CER
2025 2024
Revenue 1,032 1,086 (5) (3)
Cost of sales (331) (397) (17) (14)
Gross profit 701 689 2 4
Gross margin 67.9% 63.4% 450bps 410bps
Net operating expenses* (682) (730) (7) (5)
Net opex as a % of sales* 66.1% 67.3% (120bps) (150bps)
Adjusted operating profit/(loss)* 19 (41) 146 147
Adjusted operating margin* 1.9% (3.8%) 570bps 560bps
Adjusting operating items (37) (12)
Operating loss (18) (53) (67)
Operating margin (1.7%) (4.9%) 320bps
Net finance expense (30) (27) 13
Loss before taxation (48) (80) (40)
Taxation 21 6 243
Non-controlling interest 1 - n/a
Attributable loss to owners of the company (26) (74) (66)
Adjusted loss before taxation* (11) (68) (83)
Adjusted diluted earnings/(loss) per share (pence) 0.6 (18.3) 103
Reported diluted loss per share (pence) (7.1) (20.8) (66)
Weighted average number of diluted ordinary shares (millions)** 360.4 358.0
*Excludes adjusting items. All items below adjusting operating items are on a
reported basis unless otherwise stated.
For detail, see Appendix.
**As the Group incurred an attributable loss for the 26 weeks to 28 September
2024, the effect of 0.7m dilutive shares was antidilutive and therefore not
included in the calculation of diluted loss per share for the period. For
detail see note 7 of the Financial Statements.
FINANCIAL PERFORMANCE
Revenue by channel
Period ended 26 weeks ended 26 weeks ended YoY % change YoY % change
£ million 27 September 28 September Reported FX CER
2025 2024
Retail 854 885 (3) (1)
Comparable store sales 0% (20%)
Wholesale 148 169 (12) (11)
Licensing 30 32 (5) (8)
Revenue 1,032 1,086 (5) (3)
In H1:
· Retail sales declined -1% at CER; -3% reported rates
· Comparable store sales were flat with -1% impact from space
Comparable store sales by region
FY26 vs LY Q1 Q2 H1
Group -1% +2% 0%
EMEIA +1% +1% +1%
Americas +4% +3% +3%
Greater China -5% +3% -1%
Asia Pacific -4% 0% -2%
· EMEIA grew 1% in H1 with consistent performance between quarters
(Q1 +1%; Q2 +1%). The region was boosted by local spend offsetting reduced
tourism activity throughout the half.
· Americas improved 3% in H1 (Q1 +4%; Q2 +3%) continuing to benefit
from new customers, offsetting lower tourist spend in the USA during the
Summer months.
· Greater China declined 1% in H1, however returned to growth in Q2 (Q1
-5%; Q2 +3%). Globally the customer group slightly lagged the regional
performance with growth in locals offsetting the decline in outbound tourist
flows.
· Asia Pacific declined 2% in H1 but improved sequentially between
quarters (Q1 -4%; Q2 flat). South Korea was flat in H1 (Q1 +2%; Q2 -2%)
whereas Japan fell 5% in H1 but returned to growth in Q2 (Q1 -10%; Q2 +2%).
By product
· Outerwear outperformed in all regions for the first half and Q2
· Softs continued to show strong performance with double-digit
growth for the first half and Q2
· Leather goods improved sequentially between quarters but remained
challenging overall in the half.
Store footprint
We opened 4 stores in the half and closed 11, with 415 directly operated
stores at 27 September 2025.
Wholesale
Wholesale revenue decreased 11% at CER and 12% at reported rates in H1,
slightly ahead of our guidance of a mid-teens decline reflecting phasing and
some uplift in in-season orders from our key strategic partners following
improved sell-out of Autumn 25. Overall, we plan to have a smaller, better
quality wholesale business going forward.
Licensing
Licensing revenue decreased 8% at CER and 5% at reported rates in H1 with
ongoing strength in our fragrance and beauty business, including the Goddess
and Her franchises, offset by the planned destocking of older fragrance lines.
OPERATING PROFIT/(LOSS) ANALYSIS
Adjusted operating profit/(loss)
Period ended 26 weeks ended 26 weeks ended YoY % change YoY % change
£ million 27 September 28 September Reported FX CER
2025 2024
Revenue 1,032 1,086 (5) (3)
Cost of sales (331) (397) (17) (14)
Gross profit 701 689 2 4
Gross margin % 67.9% 63.4% 450bps 410bps
Net operating expenses* (682) (730) (7) (5)
Operating expenses as a % of sales* 66.1% 67.3% (120bps) (150bps)
Adjusted operating profit/(loss)* 19 (41) 146 147
Adjusted operating margin%* 1.9% (3.8%) 570bps 560bps
*Excludes adjusting items
· Adjusted operating profit was £19m in the first half.
· Gross margin was 67.9%, up 410bps at CER and 450bps at reported rates,
mainly driven by non-recurring inventory headwinds in the prior year relating
to provisioning and inventory exit.
· Adjusted net operating expenses were 5% lower at CER and 7% at
reported rates. This was driven by the cost efficiency programme and
non-recurring store impairment headwinds in the prior year, partly offset by
investments and inflationary pressures. We remain on track to deliver £80m in
annualised cost savings by year end.
· Adjusted operating margin was 1.9% compared to -3.8% last year.
ADJUSTING ITEMS*
Adjusting items were a £37m charge (H1 FY25: £12m charge).
Period ended 26 weeks ended 26 weeks ended
£ million 27 September 28 September
2025 2024
Restructuring costs (37) (12)
Adjusting items (37) (12)
*For detail on adjusting items see note 4 of the Financial Statements
Restructuring costs of £37m (H1 FY25: £12m) were incurred as a result of the
Burberry Forward transformation programme initiated during the prior year. The
costs principally relate to redundancies and consultancy costs and were
recorded in operating expenses.
ADJUSTED LOSS BEFORE TAX*
After a net finance charge of £30m (H1 FY25: £27m), adjusted loss before tax
was £11m (H1 FY25 adjusted loss before tax: £68m).
*For detail on adjusting items see note 4 of the Financial Statements
TAXATION*
The Group's adjusted effective tax rate is 109% (H1 FY25: 5%) and the reported
effective tax rate is 45% (H1 FY25: 8%). The increase in the H1 FY26 reported
tax rate versus H1 FY25 is driven by reduced profitability causing prior year
adjustments to have a greater impact.
*For detail see note 6 of the Financial Statements
CASH FLOW
Represented statement of cash flows
Period ended 26 weeks ended 26 weeks ended
£ million 27 September 28 September
2025 2024
Adjusted operating profit/(loss) 19 (41)
Depreciation and amortisation 188 199
Working capital (43) (123)
Other including adjusting items (16) 16
Cash generated from operating activities 148 51
Payment of lease principal and related cash flows (115) (102)
Capital expenditure (38) (87)
Proceeds from disposal of non-current assets - 12
Net interest (18) (20)
Tax (27) (38)
Free cash flow* (50) (184)
*For a definition of free cash flow see page 11
Free cash outflow was £50m in the half (H1 FY25: £184m outflow). The major
components were:
· Cash generated from operating activities was £148m (H1 FY25: £51m)
with the first half returning to adjusted operating profit of £19m (H1 FY25:
£41m loss)
· A working capital outflow of £43m (H1 FY25: £123m outflow) driven
by inventory build-up ahead of festive and reflecting tighter inventory
management than the prior year
· Capital expenditure of £38m (H1 FY25: £87m) reflecting our
disciplined approach to selective, high-return investments and a shift in
store capex priorities compared to the prior year.
Cash net of overdrafts on 27 September 2025 was £424m (29 March 2025:
£708m). On 27 September 2025 borrowings were £517m (29 March 2025: £738m)
reflecting the £450m bond raised in 2024, and the £75m Revolving Credit
Facility (RCF). The separate £300m RCF remains undrawn. The £300m
sustainability bond matured in September 2025 and was repaid.
This resulted in net debt of £93m before lease liabilities of £1,001m (29
March 2025: net debt £30m). After lease liabilities, net debt in the period
was £1,094m (29 March 2025: £1,111m). Net Debt/Adjusted EBITDA was 2.2x, a
slight improvement from 2.3x at the FY25 year end.
Period ended 26 weeks ended 52 weeks ended 29 March 26 weeks ended
£ million 27 September 2025 28 September
2025 2024
Adjusted EBITDA - rolling 12 months* 499 483 600
Cash net of overdrafts (424) (708) (324)
Borrowings 517 738 602
Lease debt 1,001 1,081 1,136
Net Debt* 1,094 1,111 1,414
Net Debt/Adjusted EBITDA 2.2x 2.3x 2.4x
*For a definition of adjusted EBITDA and net debt see page 12
APPENDIX
Detailed guidance for FY26
Item Financial impact
Impact of retail space on revenues Space is expected to be broadly stable in FY26.
Wholesale revenue Wholesale is expected to decline by around mid-single digit percentage in
FY26.
Opex Annualised cost savings expected to be £80m in FY26, of which £24m was
delivered in FY25.
Adjusting items Restructuring charge expected to be around £50m in FY26.
Currency As at 24 October 2025 spot rates, the impact of year-on-year exchange rate
movements is expected to be a c.£50m headwind on revenue and c.£5m headwind
on adjusted operating profit.
Capex Capex is expected to be around £120m.
Note: Guidance based on CER at FY25 rates
Retail/wholesale revenue by destination*
Period ended 26 weeks ended 26 weeks ended 28 September 2024 YoY % change
27 September
2025
£ million Reported FX CER
Asia Pacific(1) (90% retail)* 152 167 (9) (5)
Greater China(1) (95% retail)* 253 277 (9) (4)
EMEIA (76% retail)* 381 392 (3) (3)
Americas (87% retail)* 216 218 (1) 4
Total (85% retail)* 1,002 1,054 (5) (2)
*Mix based on H1 FY26
(1)Commencing 30 March 2025, the former Asia Pacific region was restructured
into two regions, Asia Pacific and Greater China. The revenue by destination
for the comparative periods has been restated to reflect the new regional
structure. For the 26 weeks to 28 September 2024 revenue attributable to Asia
Pacific decreased by £277 million with that revenue now attributable to
Greater China.
Retail/wholesale revenue by product division
Period ended 26 weeks ended 27 September 26 weeks ended 28 September YoY % change
£ million 2025 2024 Reported FX CER
Accessories 343 367 (7) (4)
Women's 312 313 0 2
Men's 304 324 (6) (3)
Children's & other 43 50 (14) (11)
Total 1,002 1,054 (5) (2)
Store portfolio*
Directly operated stores
Stores Concessions Outlets Total Franchise stores
At 29 March 2025 229 139 54 422 33
Additions 3 1 - 4 -
Closures (7) (4) - (11) (2)
At 27 September 2025 225 136 54 415 31
*Excludes the impact of pop-up stores
Store portfolio by region*
Directly operated stores
Stores Concessions Outlets Total Franchise stores
At 27 September 2025
Asia Pacific 29 80 11 120 10
Greater China 97 8 11 116 -
EMEIA 43 38 17 98 21
Americas 56 10 15 81 -
Total 225 136 54 415 31
*Excludes the impact of pop-up stores
Adjusted operating profit/(loss)* 26 weeks ended 27 September 26 weeks ended % change % change
28 September 2024
Period ended 2025 Reported FX CER
£ millions
Retail/wholesale (9) (70) (87) (89)
Licensing 28 29 (5) (8)
Adjusted operating profit/(loss) 19 (41) 146 147
Adjusted operating margin 1.9% (3.8%) 570bps 560bps
*For detail on adjusting items see note 4 of the Financial Statements
Exchange rates Forecast effective average rates for FY26 Actual average exchange rates
24 October 2025 27 June 2025 H1 FY26 H1 FY25 FY25
£1=
Euro 1.16 1.17 1.17 1.18 1.19
US Dollar 1.34 1.36 1.34 1.29 1.28
Chinese Renminbi 9.55 9.78 9.65 9.23 9.21
Hong Kong Dollar 10.41 10.69 10.49 10.01 9.98
Korean Won 1,895 1,867 1,869 1,746 1,781
Japanese Yen 200 197 196 195 194
Loss before tax reconciliation
Period ended 26 weeks ended 27 September 26 weeks ended % change % change
28 September 2024
£ million 2025 Reported FX CER
Adjusted loss before tax (11) (68) (83) (83)
Adjusting items* (37) (12) 211
Loss before tax (48) (80) (40)
*For detail on adjusting items see note 4 of the Financial Statements
Alternative performance measures
Alternative performance measures (APMs) are non-GAAP measures. The Board uses
the following APMs to describe the Group's financial performance and for
internal budgeting, performance monitoring, management remuneration target
setting and external reporting purposes.
APM Description and purpose GAAP measure reconciled to
Constant Exchange Rates (CER) This measure removes the effect of changes in exchange rates. The constant Results at reported rates
exchange rate incorporates both the impact of the movement in exchange rates
on the translation of overseas subsidiaries' results and on foreign currency
procurement and sales through the Group's UK supply chain.
Comparable sales growth The year-on-year change in sales from stores trading over equivalent time Retail Revenue:
periods and measured at constant foreign exchange rates. It also includes
online sales. This measure is used to strip out the impact of permanent store
openings and closings, or those closures relating to refurbishments, allowing
Period ended 26 weeks 26 weeks
a comparison of equivalent store performance against the prior period.
YoY% ended ended
27 September 28 September
2025 2024
Comparable sales growth 0% (20%)
Change in space (1%) 1%
CER retail (1%) (19%)
FX (2%) (2%)
Retail revenue (3%) (21%)
Adjusted Profit/(loss) Adjusted profit/(loss) measures are presented to provide additional Reported profit/(loss):
consideration of the underlying performance of the Group's ongoing business.
These measures remove the impact of those items which should be excluded to A reconciliation of reported profit/(loss) before tax to adjusted
provide a consistent and comparable view of performance. profit/(loss) before tax and the Group's accounting policy for adjusted
profit/(loss) before tax are set out in the financial statements.
Free Cash Flow Free cash flow is defined as net cash generated from/(used in) operating Net cash generated from/(used in) operating activities:
activities less capital expenditure plus cash inflows from disposal of fixed
Period ended 26 weeks 26 weeks ended
assets and including cash outflows for lease principal payments and other
lease related items.
£m ended 28 September
27 September 2024
2025
Net cash generated from/(used in) operating activities 103 (7)
Capex (38) (87)
Lease principal and related cash flows (115) (102)
Proceeds from disposal of non-current assets - 12
Free cash flow (50) (184)
Cash Conversion Cash conversion is defined as free cash flow pre-tax/adjusted profit/(loss) Net cash generated from/(used in) operating activities:
before tax. It provides a measure of the Group's effectiveness in converting Period ended 26 weeks 26 weeks
its profit/(loss) into cash.
£m ended ended
27 September 28 September
2025 2024
Free cash flow (50) (184)
Tax paid 27 38
Free cash flow before tax (23) (146)
Adjusted loss before tax (11) (68)
Cash conversion n/a n/a
Net Debt Net debt is defined as the lease liability recognised on the balance sheet Cash net of overdrafts:
plus borrowings less cash net of overdrafts.
Period ended As at As at
£m 27 September 28 September
2025 2024
Cash net of overdrafts 424 324
Lease liability (1,001) (1,136)
Borrowings (517) (602)
Net debt (1,094) (1,414)
Adjusted EBITDA Adjusted EBITDA is defined as operating profit/(loss), excluding adjusting Operating profit/(loss):
operating items, depreciation and impairment of property, plant and equipment,
Period ended 26 weeks 26 weeks
depreciation and impairment of right of use assets and amortisation and
impairment of intangible assets. Any depreciation, amortisation or impairment
included in adjusting operating items are not double counted. Adjusted EBITDA ended
is shown for the calculation of Net Debt/EBITDA for our leverage ratios. £m ended
28 September
27 September
2024
2025
Operating profit/(loss) (18) (53)
Adjusting operating items 37 12
Amortisation and impairment of intangible assets 22 23
Depreciation and impairment of property, plant and equipment 56 61
Depreciation and impairment of right-of-use assets 110 148
Adjusted EBITDA 207 191
Adjusted Profit/(loss)
Adjusted profit/(loss) measures are presented to provide additional
consideration of the underlying performance of the Group's ongoing business.
These measures remove the impact of those items which should be excluded to
provide a consistent and comparable view of performance.
Reported profit/(loss):
A reconciliation of reported profit/(loss) before tax to adjusted
profit/(loss) before tax and the Group's accounting policy for adjusted
profit/(loss) before tax are set out in the financial statements.
Free Cash Flow
Free cash flow is defined as net cash generated from/(used in) operating
activities less capital expenditure plus cash inflows from disposal of fixed
assets and including cash outflows for lease principal payments and other
lease related items.
Net cash generated from/(used in) operating activities:
Period ended 26 weeks 26 weeks ended
£m ended 28 September
27 September 2024
2025
Net cash generated from/(used in) operating activities 103 (7)
Capex (38) (87)
Lease principal and related cash flows (115) (102)
Proceeds from disposal of non-current assets - 12
Free cash flow (50) (184)
Cash Conversion
Cash conversion is defined as free cash flow pre-tax/adjusted profit/(loss)
before tax. It provides a measure of the Group's effectiveness in converting
its profit/(loss) into cash.
Net cash generated from/(used in) operating activities:
Period ended 26 weeks 26 weeks
£m ended ended
27 September 28 September
2025 2024
Free cash flow (50) (184)
Tax paid 27 38
Free cash flow before tax (23) (146)
Adjusted loss before tax (11) (68)
Cash conversion n/a n/a
Net Debt
Net debt is defined as the lease liability recognised on the balance sheet
plus borrowings less cash net of overdrafts.
Cash net of overdrafts:
Period ended As at As at
£m 27 September 28 September
2025 2024
Cash net of overdrafts 424 324
Lease liability (1,001) (1,136)
Borrowings (517) (602)
Net debt (1,094) (1,414)
Adjusted EBITDA
Adjusted EBITDA is defined as operating profit/(loss), excluding adjusting
operating items, depreciation and impairment of property, plant and equipment,
depreciation and impairment of right of use assets and amortisation and
impairment of intangible assets. Any depreciation, amortisation or impairment
included in adjusting operating items are not double counted. Adjusted EBITDA
is shown for the calculation of Net Debt/EBITDA for our leverage ratios.
Operating profit/(loss):
Period ended 26 weeks 26 weeks
ended
£m ended
28 September
27 September
2024
2025
Operating profit/(loss) (18) (53)
Adjusting operating items 37 12
Amortisation and impairment of intangible assets 22 23
Depreciation and impairment of property, plant and equipment 56 61
Depreciation and impairment of right-of-use assets 110 148
Adjusted EBITDA 207 191
PRINCIPAL RISKS
The Group's approach to risk management and principal risks is detailed on
pages 90-99 of the FY25 Annual Report. Risks for the remaining 26 weeks of
the financial year have been reviewed relative to the prior year end. At the
half year, Cybersecurity is considered an increasing risk, driven by a
heightened threat landscape with more frequent, sophisticated, and disruptive
attacks across retail and luxury sectors. The Group continues to strengthen
its resilience through enhanced monitoring, employee awareness programmes, and
investment in security infrastructure. Our risk related to People has reduced
following the recent organisational changes, with improved role clarity,
enhanced collaboration and workforce stability. The Board considers there to
be no other significant changes in the Group's principal risks for the
remaining 26 weeks of the financial year.
CONDENSED GROUP INCOME STATEMENT - UNAUDITED
Note 26 weeks to 26 weeks to 52 weeks to
27 September 2025 28 September 29 March
£m
2024
2025(1)
£m
£m
Revenue 3 1,032 1,086 2,461
Cost of sales (331) (397) (923)
Gross profit 701 689 1,538
Operating expenses (724) (755) (1,564)
Other operating income 5 13 23
Net operating expenses (719) (742) (1,541)
Operating loss (18) (53) (3)
Financing
Finance income 14 11 25
Finance expense (44) (38) (88)
Net finance expense 5 (30) (27) (63)
Loss before taxation (48) (80) (66)
Taxation 6 21 6 (9)
Loss for the period (27) (74) (75)
Attributable to:
Owners of the Company (26) (74) (75)
Non-controlling interest (1) - -
Loss for the period (27) (74) (75)
Loss per share
Basic 7 (7.1)p (20.8)p (20.9)p
Diluted 7 (7.1)p (20.8)p (20.9)p
£m £m £m
Reconciliation of adjusted loss before taxation:
Loss before taxation (48) (80) (66)
Adjusting operating items:
Net operating expense 4 37 12 29
Adjusted loss before taxation - non-GAAP measure (11) (68) (37)
Adjusted earnings/(loss) per share - non-GAAP measure
Basic 7 0.6p (18.3)p (14.8)p
Diluted 7 0.6p (18.3)p (14.8)p
Dividends per share
Proposed interim (not recognised as a liability at period end) 8 - - -
Final (not recognised as a liability at 29 March 2025) 8 N/A N/A -
(1) Balances for the 52 weeks to 29 March 2025 have been audited.
CONDENSED Group STATEMENT OF COMPREHENSIVE INCOME - UNAUDITED
26 weeks to 26 weeks to 52 weeks to
27 September 2025 28 September 2024 29 March 2025(1)
£m
£m £m
Loss for the period (27) (74) (75)
Other comprehensive income/(loss)(2):
Cash flow hedges 2 1 1
Foreign currency translation differences (5) (22) (25)
Other comprehensive loss for the period, net of tax (3) (21) (24)
Total comprehensive loss for the period (30) (95) (99)
Total comprehensive loss attributable to:
Owners of the Company (28) (95) (99)
Non-controlling interest (2) - -
(30) (95) (99)
(1) Balances for the 52 weeks to 29 March 2025 have been audited.
(2) All items included in other comprehensive income may subsequently be
reclassified to profit and loss in a future period.
CONDENSED Group Balance Sheet - UNAUDITED
Note As at As at As at
27 September 2025 28 September 2024 29 March 2025(1)
£m
£m
£m
ASSETS
Non-current assets
Intangible assets 9 220 251 229
Property, plant and equipment 10 360 405 398
Right-of-use assets 11 794 930 867
Deferred tax assets 6 254 251 233
Trade and other receivables 12 46 47 48
Derivative financial assets 1 4 -
1,675 1,888 1,775
Current assets
Inventories 13 453 596 424
Trade and other receivables 12 313 335 309
Derivative financial assets 2 4 11
Income tax receivables 109 115 95
Cash and cash equivalents 14 452 430 813
1,329 1,480 1,652
Total assets 3,004 3,368 3,427
LIABILITIES
Non-current liabilities
Trade and other payables 15 (51) (57) (54)
Lease liabilities (797) (911) (866)
Borrowings 17 (517) (303) (438)
Deferred tax liabilities 6 (1) (1) (1)
Derivative financial liabilities - - (3)
Provisions for other liabilities and charges 16 (33) (35) (33)
(1,399) (1,307) (1,395)
Current liabilities
Trade and other payables 15 (392) (397) (405)
Bank overdrafts 17 (28) (106) (105)
Lease liabilities (204) (225) (215)
Borrowings 17 - (299) (300)
Derivative financial liabilities (4) (2) (1)
Income tax liabilities (50) (91) (58)
Provisions for other liabilities and charges 16 (30) (26) (27)
(708) (1,146) (1,111)
Total liabilities (2,107) (2,453) (2,506)
Net assets 897 915 921
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital 18 - - -
Share premium account 231 231 231
Capital reserve 41 41 41
Hedging reserve 5 3 3
Foreign currency translation reserve 169 176 173
Retained earnings 446 457 466
Equity attributable to owners of the Company 892 908 914
Non-controlling interest in equity 5 7 7
Total equity 897 915 921
(1) Balances as at 29 March 2025 have been audited.
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY - UNAUDITED
Attributable to owners
of the Company
Note Ordinary share capital Share premium account Other reserves Retained earnings Total Non-controlling interest Total equity
£m
£m
£m
£m
£m
£m
£m
Balance as at 30 March 2024(1) - 231 241 675 1,147 7 1,154
Loss for the period - - - (74) (74) - (74)
Other comprehensive income:
Cash flow hedges - - 1 - 1 - 1
Foreign currency translation differences - - (22) - (22) - (22)
Total comprehensive loss for the period - - (21) (74) (95) - (95)
Transactions with owners:
Employee share incentive schemes
Equity share awards - - - 8 8 - 8
Dividends paid in the period - - - (152) (152) - (152)
Balance as at 28 September 2024 - 231 220 457 908 7 915
Balance as at 29 March 2025(1) - 231 217 466 914 7 921
Loss for the period - - - (26) (26) (1) (27)
Other comprehensive income:
Cash flow hedges - - 2 - 2 - 2
Foreign currency translation differences - - (4) - (4) (1) (5)
Total comprehensive loss for the period - - (2) (26) (28) (2) (30)
Transactions with owners:
Employee share incentive schemes
Equity share awards - - - 11 11 - 11
Purchase of own shares
Held by ESOP trusts - - - (5) (5) - (5)
Balance as at 27 September 2025 - 231 215 446 892 5 897
(1) Balances as at 29 March 2025 and 30 March 2024 have been audited.
CONDENSED GROUP STATEMENT OF CASH FLOWS - UNAUDITED
Note 26 weeks to 26 weeks to 52 weeks to
27 September 2025 28 September 2024 29 March 2025(1)
£m
£m
£m
Cash flows from operating activities
Loss before tax (48) (80) (66)
Adjustments to reconcile profit before tax to net cash flows:
Amortisation of intangible assets 22 22 54
Depreciation of property, plant and equipment 56 53 112
Depreciation of right-of-use assets 110 124 247
Impairment charge of intangible assets - 1 4
Impairment charge of property, plant and equipment 10 - 8 10
Impairment charge of right-of-use assets 11 - 24 32
Gain on modification of right-of-use assets (1) (9) (15)
Loss/(gain) on derivative instruments 11 (4) (8)
Charge in respect of employee share incentive schemes 11 8 18
Net finance expense 30 27 63
Working capital changes:
(Increase)/decrease in inventories (25) (89) 80
(Increase)/decrease in receivables (6) 12 36
Decrease in payables and provisions (12) (46) (41)
Cash generated from operating activities 148 51 526
Interest received 17 10 21
Interest paid (35) (30) (75)
Taxation paid (27) (38) (43)
Net cash generated from/(used in) operating activities 103 (7) 429
Cash flows from investing activities
Purchase of property, plant and equipment (24) (71) (122)
Purchase of intangible assets (14) (16) (29)
Proceeds from sale of property, plant and equipment - 12 12
Initial direct costs of right-of-use assets - 1 1
Payment received on termination of lease - 7 11
Net cash outflow from investing activities (38) (67) (127)
Cash flows from financing activities
Dividends paid in the period - (152) (152)
Proceeds from borrowings 75 297 439
Repayment of borrowings (300) - -
Payment of deferred consideration for acquisition of non-controlling interest - - (2)
Payment of lease principal (115) (110) (232)
Payment on termination of lease - - (5)
Purchase of own shares by ESOP trusts (5) - -
Net cash (outflow)/inflow from financing activities (345) 35 48
Net decrease in cash net of overdrafts (280) (39) 350
Effect of exchange rate changes (4) 1 (4)
Cash net of overdrafts at beginning of period 708 362 362
Cash net of overdrafts 424 324 708
Cash and cash equivalents 14 452 430 813
Bank overdrafts 17 (28) (106) (105)
Cash net of overdrafts 424 324 708
(1) Balances for the 52 weeks to 29 March 2025 have been audited.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Corporate information
Burberry Group plc and its subsidiaries (the Group) is a global luxury goods
manufacturer, retailer and wholesaler. The Group also licenses third parties
to manufacture and distribute products using the 'Burberry' trademarks. All of
the companies which comprise the Group are controlled by Burberry Group plc
(the Company) directly or indirectly.
2. Accounting policies and Basis of preparation
Basis of preparation
These condensed consolidated interim financial statements are unaudited but
have been reviewed by the auditors and their report to the Company is set out
on page 35. They were approved by the Board of Directors on 12 November 2025.
These condensed consolidated interim financial statements do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the 52 weeks to 29 March 2025 were approved by
the Board of Directors on 13 May 2025 and have been filed with the Registrar
of Companies. The report of the auditors on the statutory accounts for the 52
weeks to 29 March 2025 was unqualified and did not contain a statement under
Section 498 of the Companies Act 2006.
These condensed consolidated interim financial statements for the 26 weeks to
27 September 2025 have been prepared in accordance with the Disclosure
Guidance and Transparency Rules of the Financial Services Authority and with
IAS 34, 'Interim Financial Reporting' as adopted by the UK. This report should
be read in conjunction with the Group's financial statements for the 52 weeks
to 29 March 2025, which have been prepared in accordance with UK-adopted
International Accounting Standards (IFRS).
These condensed consolidated interim financial statements are presented in
£m. Financial ratios are calculated using unrounded numbers.
Going concern
In considering the appropriateness of adopting the going concern basis in
preparing the financial statements, the Directors have assessed the potential
cash generation of the Group. This assessment covers the period of a minimum
of 12 months from the date of signing the condensed consolidated interim
financial statements. The Directors have also considered the forecast for the
period up to 27 March 2027, for any indicators that the going concern basis of
preparation is not appropriate.
The scenarios considered by the Directors include a severe but plausible
downside reflecting the Group's base plan adjusted for severe but plausible
impacts from the Group's principal risks, which are consistent with the
principal risks at 29 March 2025 other than the increasing risk to
Cybersecurity and the reduced risk related to People. This central planning
scenario is informed by a comprehensive review of macroeconomic scenarios
using third party projections of macroeconomic data for the luxury fashion
industry which reflects the current uncertain outlook. The Group's central
planning scenario reflects a balanced projection with a continued focus to
stabilise the business and position the brand for profitable sustainable
growth.
As a sensitivity, this central planning scenario has been stressed to reflect
the aggregation of severe impacts arising linked to our principal risks which
in total represents a 18% downgrade to revenues in the 18 month period to 27
March 2027 as well as the associated consequences for EBITDA and cash.
Management considers that this represents a severe but plausible downside
scenario appropriate for assessing going concern.
For the purposes of the reverse stress test, we have considered the
plausibility of a scenario that erodes the remaining cash headroom by
reference to the lowest cash level in the annual business cycle. This test
identified that the amount of revenue decline required on top of the severe
but plausible scenario before the Group requires additional fundraising was,
in the Group's opinion, implausible.
The severe but plausible downside modelled the following risks occurring
simultaneously:
· A more severe and prolonged reduction in the GDP growth
assumptions across the markets in which we operate combined with a reduction
to our global consumer demand arising from a change in consumer preference
compared to our central planning scenario
· An increase in geopolitical tension which leads to incremental
unmitigated tariff risks compared to the central planning scenario
· A significant reputational incident such as negative sentiment
propagated through social media
· The impact of a business interruption event, resulting in a
two-week interruption arising from the supply chain impact, and interruption
to one of our channels
· The occurrence of a one-time physical risk relating to climate
change in FY 2026/27 and the materialisation of a severe but plausible ongoing
market risk relating to climate change in line with a scenario reflecting a
2°C global temperature increase compared to pre-industrial levels
· The payment of a settlement arising from a regulatory or
compliance-related matter
· The impact of not delivering the anticipated cost savings from
the Burberry Forward transformation programme
· A short-term impact of a 10% weakening in a key non-sterling
currency for the Group before it is recovered through price adjustment
Further mitigating actions within management control could be taken under a
severe but plausible scenario, including working capital reduction measures
and limiting capital expenditure and/or variable marketing costs.
The Directors have also considered the Group's current liquidity and available
facilities. As at 27 September 2025, the Group Balance Sheet reflects cash net
of overdrafts of £424 million. In addition, the Group has access to a £300
million revolving credit facility (£300 million RCF) which matures in
November 2027, which is currently undrawn. The going concern assessment does
not rely upon having access to the £300 million RCF.
Details of cash, overdrafts, borrowings and facilities are set out in notes 14
and 17 of these financial statements.
In all the scenarios assessed, taking into account liquidity and available
resources, the Group is able to maintain sufficient liquidity to continue
trading throughout the going concern period to 27 March 2027. On the basis of
the assessment performed, the Directors consider it is appropriate to continue
to adopt the going concern basis in preparing the condensed consolidated
interim financial statements for the period ended 27 September 2025.
Accounting policies
The material accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those followed
in the preparation of the Group's annual consolidated financial statements for
the 52 weeks ended 29 March 2025.
New standards, amendments and interpretations adopted in the period
There are no standards or amendments effective for the first time for the
period ended 27 September 2025 that have a material impact on the condensed
consolidated interim financial statements of the Group.
Standards not yet adopted
Certain new accounting standards and amendments to standards have been
published that are not yet mandatory for the period ended 27 September 2025
and have not been early adopted by the Group. The Group is assessing the
impact of these standards, including the impact from Classification and
Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7, which
is effective for the reporting period beginning 29 March 2026, and may have an
impact on the Group. The Group has begun a comprehensive assessment of the
impact of IFRS 18 Presentation and Disclosure in Financial Statements, which
is effective for the reporting period beginning on 28 March 2027, subject to
UK endorsement, to identify expected changes in the presentation of the
Group's financial statements and in internal processes necessary to meet the
requirements.
Key sources of estimation uncertainty
Preparation of the condensed consolidated interim financial statements in
conformity with IFRS requires that management make certain estimates
and assumptions that affect the measurement of reported revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities.
If in the future such estimates and assumptions, which are based on
management's best estimates at the date of the financial statements, deviate
from actual circumstances, the original estimates and assumptions will be
updated as appropriate in the period in which the circumstances change.
Estimates are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be
reasonable under the circumstances. The key areas where the estimates and
assumptions applied have a significant risk of causing a material adjustment
to the carrying value of assets and liabilities are consistent with those
applied in the Group's financial statements for the 52 weeks to 29 March 2025,
as set out on pages 179 to 180 of those financial statements.
There have been no changes to the matters considered to be significant
estimates in the period which remain impairment, or reversal of impairment, of
property plant and equipment and right-of-use assets, inventory provisioning
and uncertain tax positions.
Key judgements in applying the Group's accounting policies
Judgements are those decisions made when applying accounting policies which
have a significant impact on the amounts recognised in the Group's financial
statements. Key judgements that have a significant impact on the amounts
recognised in the condensed consolidated interim financial statements for the
26 weeks to 27 September 2025 and the 26 weeks to 28 September 2024 are as
follows:
Where the Group is a lessee, judgement is required in determining the lease
term at initial recognition, and throughout the lease term, where extension or
termination options exist. In such instances, all facts and circumstances that
may create an economic incentive to exercise an extension option, or not
exercise a termination option, have been considered to determine the lease
term. Considerations include, but are not limited to, the period assessed by
management when approving initial investment, together with costs associated
with any termination options or extension options. Extension periods (or
periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated). There have
been no significant judgements in relation to lease term made in the period.
Translation of the results of overseas businesses
The results of overseas subsidiaries are translated into the Group's
presentation currency of sterling each month at the average exchange rate for
the month, weighted according to the phasing of the Group's trading results.
The average exchange rate is used, as it is considered to approximate the
actual exchange rates on the dates of the transactions. The assets and
liabilities of such undertakings are translated at the closing rates.
Differences arising on the retranslation of the opening net investment in
subsidiary companies, and on the translation of their results, are recognised
in other comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign
operation are treated as assets and liabilities of the foreign operation and
are translated at the closing rate.
The principal exchange rates used were as follows:
Average rate Closing rate
26 weeks to 26 weeks to 52 weeks to As at As at As at
27 September 2025 28 September 2024 29 March 2025 27 September 2025 28 September 2024 29 March 2025
Euro 1.17 1.18 1.19 1.15 1.20 1.20
US Dollar 1.34 1.29 1.28 1.34 1.34 1.29
Chinese Yuan Renminbi 9.65 9.23 9.21 9.57 9.41 9.40
Hong Kong Dollar 10.49 10.01 9.98 10.43 10.43 10.07
South Korean Won 1,869 1,746 1,781 1,889 1,755 1,903
Japanese Yen 196 195 194 200 192 194
Adjusted profit before taxation
In order to provide additional understanding of the underlying performance of
the Group's ongoing business, the Group's results include a presentation of
adjusted operating profit and adjusted profit before taxation (adjusted PBT).
Adjusted PBT is defined as profit before taxation and before adjusting items.
Adjusting items are those items which, in the opinion of the Directors, should
be excluded in order to provide a consistent and comparable view of the
performance of the Group's ongoing business. Generally, this will include
those items that are largely one-off and/or material in nature, such as
restructuring charges, as well as income or expenses relating to acquisitions
or disposals of businesses or other transactions of a similar nature,
including the impact of changes in fair value of expected future payments or
receipts relating to these transactions. Adjusting items are identified and
presented on a consistent basis each year and a reconciliation of adjusted
PBT to profit before tax is included in the financial statements. Adjusting
items and their related tax impacts, as well as adjusting taxation items, are
added back to/deducted from profit attributable to owners of the Company to
arrive at adjusted earnings per share. Refer to note 4 for further details of
adjusting items and note 7 for details on adjusted earnings per share.
3. Segmental analysis
The Chief Operating Decision Maker has been identified as the Board of
Directors. The Board reviews the Group's internal reporting in order to
assess performance and allocate resources. Management has determined the
operating segments based on the reports used by the Board. The Board
considers the Group's business through its two channels to market, being
retail/wholesale and licensing.
Retail/wholesale revenues are generated by the sale of luxury goods through
Burberry full price stores, concessions, outlets and digital commerce as well
as Burberry franchisees, prestige department stores globally and multi-brand
specialty accounts. The flow of global product between retail and wholesale
channels and across our regions is monitored and optimised at a corporate
level and implemented via the Group's inventory hubs and principal
distribution centres situated in Europe, the US, Mainland China and Hong Kong
S.A.R, China.
Licensing revenues are generated through the receipt of royalties from global
licensees of beauty products, eyewear and from licences relating to the use of
non-Burberry trademarks in Japan.
The Board assesses channel performance based on a measure of adjusted
operating profit. This measurement basis excludes the effects of adjusting
items. The measure of earnings for each operating segment that is reviewed by
the Board includes an allocation of corporate and central costs. Interest
income and charges are not included in the result for each operating segment
that is reviewed by the Board.
Retail/Wholesale Licensing Total
26 weeks to 26 weeks to 26 weeks to 26 weeks to 26 weeks to 26 weeks to
27 September 2025 28 September 27 September 2025 28 September 27 September 2025 28 September
£m
2024
£m
2024
£m
2024
£m
£m
£m
Retail 854 885 - - 854 885
Wholesale 148 169 - - 148 169
Licensing - - 31 32 31 32
Total segment revenue 1,002 1,054 31 32 1,033 1,086
Inter-segment revenue(1) - - (1) - (1) -
Revenue from external customers 1,002 1,054 30 32 1,032 1,086
Adjusted operating profit/(loss) (9) (70) 28 29 19 (41)
Adjusting items(2) (37) (12)
Operating loss (18) (53)
Finance income 14 11
Finance expense (44) (38)
Loss before taxation (48) (80)
Retail/Wholesale Licensing Total
52 weeks to 29 March 2025 £m £m £m
Retail 2,076 - 2,076
Wholesale 319 - 319
Licensing - 67 67
Total segment revenue 2,395 67 2,462
Inter-segment revenue(1) - (1) (1)
Revenue from external customers 2,395 66 2,461
Adjusted operating profit/(loss) (36) 62 26
Adjusting items(2) (29)
Operating loss (3)
Finance income 25
Finance expense (88)
Loss before taxation (66)
1. Inter-segment transfers or transactions are entered into under the normal
commercial terms and conditions that would be available to unrelated third
parties.
2. Adjusting items relate to the Retail/Wholesale segment. Refer to note 4 for
details of adjusting items.
Additional revenue analysis
All revenue is derived from contracts with customers. The Group derives retail
and wholesale revenue from contracts with customers from the transfer of goods
and related services at a point in time. Licensing revenue is derived over the
period the licence agreement gives the customer access to the Group's
trademarks.
Revenue by product division 26 weeks to 26 weeks to 52 weeks to
27 September 2025 28 September 2024 29 March
£m
2025
£m
£m
Accessories 343 367 841
Womenswear 312 313 718
Menswear 304 324 732
Childrenswear and other 43 50 104
Retail/Wholesale 1,002 1,054 2,395
Licensing 30 32 66
Total 1,032 1,086 2,461
Revenue by destination 26 weeks to 26 weeks to 52 weeks to
27 September 2025 28 September 29 March
£m
2024
2025
£m
£m
Asia Pacific(1,4) 152 167 381
Greater China(1,3) 253 277 662
EMEIA(2) 381 392 842
Americas 216 218 510
Retail/Wholesale 1,002 1,054 2,395
Licensing 30 32 66
Total 1,032 1,086 2,461
1. Commencing 30 March 2025, the former Asia Pacific region was restructured
into two regions, Asia Pacific and Greater China. The revenue by destination
for the comparative periods has been restated to reflect the new regional
structure. For the 26 weeks to 28 September 2024 and 52 weeks to 29 March
2025, revenue attributable to Asia Pacific decreased by £277 million and
£662 million, respectively, with that revenue now attributable to Greater
China.
2. EMEIA consists of Europe, Middle East, India and Africa.
3. Greater China consists of Mainland China; Hong Kong S.A.R, China; Macau
S.A.R, China; and Taiwan Area, China.
4. Asia Pacific consists of the rest of Asia; including Japan, South Korea,
Southeast Asia, Australia and New Zealand.
Due to the seasonal nature of the business, Group revenue is usually expected
to be higher in the second half of the year than in the first half. Some of
the Group's operating costs are also higher in the second half of the year,
such as contingent rentals and sales related employee costs, most of the
operating costs, in particular salaries and fixed rentals, are phased more
evenly across the year.
4. Adjusting items
26 weeks to 26 weeks to 52 weeks to
27 September 2025 28 September 2024 29 March
£m
2025
£m
£m
Total adjusting operating items 37 12 29
Tax on adjusting items (9) (3) (7)
Total adjusting items (post-tax) 28 9 22
Restructuring costs
During the 26 weeks to 27 September 2025, restructuring costs of £37 million
(last half year: £12 million; last full year: £29 million) were incurred,
arising as a result of the Burberry Forward transformation programme initiated
during the prior year and the majority of which is expected to conclude by the
end of FY 2025/26. The costs, principally related to redundancies and
consultancy costs, were recorded in operating expenses. These costs are
presented as an adjusting item, in accordance with the Group's accounting
policy, as the anticipated cost of the restructuring programme is considered
material and discrete in nature. A related tax credit of £9 million (last
half year: £3 million; last full year: £7 million) has also been recognised
in the current year. The cumulative costs, which are largely cash costs,
related to the Burberry Forward transformation programme are expected to total
£80 million.
5. Financing
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 2024 29 March
2025
2025
£m £m
£m
Finance income - amortised cost 4 6 12
Finance income - fair value through profit and loss 10 5 13
Finance income 14 11 25
Finance expense on lease liabilities (23) (25) (49)
Finance expense on overdrafts (1) (3) (7)
Interest expense on borrowings (17) (8) (25)
Other finance expense (2) (1) (5)
Bank charges (1) (1) (2)
Finance expense (44) (38) (88)
Net finance expense (30) (27) (63)
6. Taxation
The Group's adjusted effective tax rate is 109% (last half year: 5%) and the
reported effective tax rate is 45% (last half year: 8%).
The effective tax rate is sensitive to the geographic mix of profits. The
Group is within the scope of the UK legislation in relation to the Global
anti-Base Erosion Model Rules ('GLoBE Rules' or 'Pillar Two' model rules)
which apply to the Group for this accounting period. Based on the most recent
forecast financial information available for the constituent entities in the
Group, the Pillar Two effective tax rates in most of the jurisdictions in
which the Group operates are above 15%. However, there are a limited number of
jurisdictions where the transitional safe harbour relief does not apply and
the Pillar Two effective tax rate is close to 15%. There is no material impact
of the Pillar Two legislation for the Group.
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 2024 29 March
2025
2025
£m £m
£m
Current tax
Current tax on income for the period - 49 30
Double taxation relief - (1) -
Adjustments in respect of prior years 3 (2) 8
Total current tax 3 46 38
Deferred tax
Origination and reversal of temporary differences (13) (54) (33)
Adjustments in respect of prior years(1) (11) 2 4
Total deferred tax (24) (52) (29)
Total tax (credit)/charge on profit or loss (21) (6) 9
1. Adjustments in respect of prior years reflect statutory account differences
relating to tax loss estimates in China and temporary differences relating to
impairments.
Total taxation recognised in the Condensed Group Income Statement comprises:
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Tax on adjusted (loss)/profit before taxation (12) (3) 16
Tax on adjusting items (note 4) (9) (3) (7)
Total tax (credit)/charge on profit or loss (21) (6) 9
Deferred tax
The major deferred tax assets/(liabilities) recognised by the Group and
movements during the period are as follows:
Net deferred tax asset
£m
Balance as at 29 March 2025 232
Effect of foreign exchange rates (3)
Credited to the Income Statement 24
Balance as at 27 September 2025 253
Balance as at 28 September 2024 250
The most significant deferred tax asset recognised for the period relates to
the provision for unrealised profit on inventory sold intragroup.
7. Earnings per share
The calculation of basic earnings per share is based on profit or loss
attributable to owners of the Company for the period divided by the weighted
average number of ordinary shares in issue during the period. Basic and
diluted earnings per share based on adjusted profit after taxation are also
disclosed to indicate the underlying profitability of the Group.
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Attributable profit/(loss) for the period before adjusting items(1) 2 (65) (53)
Effect of adjusting items(1) (after taxation) (28) (9) (22)
Attributable loss for the period (26) (74) (75)
1. Refer to note 4 for details of adjusting items.
The weighted average number of ordinary shares represents the weighted average
number of Burberry Group plc ordinary shares in issue throughout the period,
excluding ordinary shares held in the Group's ESOP trusts and treasury shares
held by the Company or its subsidiaries.
Diluted earnings/(loss) per share is based on the weighted average number of
ordinary shares in issue during the period. In addition, account is taken of
any options and awards made under the employee share incentive schemes, which
could have a dilutive effect when exercised.
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 2024 29 March
2025
2025
Millions Millions
Millions
Weighted average number of ordinary shares in issue during the period 358.2 357.3 357.5
Dilutive effect of the employee share incentive schemes(1) 2.2 0.7 0.9
Diluted weighted average number of ordinary shares in issue during the period 360.4 358.0 358.4
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2025
2025
Pence 2024
Pence
Pence
Loss per share
Basic (7.1) (20.8) (20.9)
Diluted(1) (7.1) (20.8) (20.9)
Adjusted earnings/(loss) per share
Basic 0.6 (18.3) (14.8)
Diluted(1) 0.6 (18.3) (14.8)
1. Where the Group has incurred an attributable loss, the effect of employee
share incentive schemes is antidilutive and therefore not included in the
calculation of diluted loss per share for the period.
8. Dividends paid to owners of the Company
The Directors have elected not to declare an interim dividend in respect of
the 26 weeks to 27 September 2025 (last half year: £nil).
No dividends were paid during the period to 27 September 2025 in relation to
the year ended 29 March 2025. A dividend of 42.7p per share was paid during
the period to 28 September 2024 in relation to the year ended 30 March 2024.
9. Intangible assets
Goodwill at 27 September 2025 is £115 million (last half year: £115 million;
last full year: £114 million). There were no additions (last half year:
£nil; last full year: £nil) and no impairments (last half year: £nil; last
full year: £nil) of goodwill in the period.
In the period there were additions to other intangible assets of £13 million
(last half year: £11 million; last full year: £24 million) and disposals
with a net book value of £nil (last half year: £nil; last full year: £nil).
Intangible asset capital commitments contracted but not provided for by the
Group amounted to £4 million (last half year: £2 million; last full year:
£2 million).
Impairment testing
Assets that have an indefinite useful economic life are not subject to
amortisation and are tested annually for impairment.
Goodwill is the only intangible asset category with an indefinite useful
economic life included within total intangible assets at 27 September 2025.
Management has performed a review for indicators of impairment as at 27
September 2025 and concluded that there are no indicators at this time as
sufficient headroom remains after considering updated cost and revenue
assumptions for the most significant cost generating units. The annual
impairment test will be performed at 28 March 2026.
No impairment charge was recorded in relation to other intangible assets for
the 26 weeks to 27 September 2025 (last half year: £1 million; last full
year: £4 million).
10. Property, plant and equipment
In the period there were additions to property, plant and equipment of £23
million (last half year: £72 million; last full year: £123 million) and
disposals with a net book value of £nil million (last half year: £12
million; last full year: £nil). Additions include £21 million (last half
year: £71 million; last full year: £122 million) arising as a result of
investing cash outflows and £2 million (last half year: £1 million; last
full year: £1 million) movement in capital expenditure accruals.
Property, plant and equipment capital commitments contracted but not provided
for by the Group amounted to £13 million (last half year: £42 million; last
full year: £16 million).
No assets were classified as held for sale at 27 September 2025. During the 26
weeks to 28 September 2024, the Group completed the sale of a freehold
property previously classified as held for sale for £12 million, resulting in
a net gain on disposal of £nil.
Impairment testing
During the current period, management reviewed their assumptions on retail
cash generating units and reviewed these units for any indication of
impairment or reversal of impairment previously recorded. Where indicators of
impairment or impairment reversal have been identified, an impairment analysis
was carried out comparing the value-in-use of the cash generating unit to
their net book values at 27 September 2025. The pre-tax cash flow projections
used for this review were based on financial plans of expected revenues and
costs of each retail cash generating unit, approved by management, and
extrapolated beyond the current year to the lease end dates using growth rates
and inflation rates appropriate to each store's location.
During the 26 weeks to 27 September 2025, following the impairment review of
retail cash generating units, no impairment charge or reversal was recorded
against property, plant and equipment (last half year: charge of £8 million;
last full year: charge of £10 million). The impairment review carried out
considers internal and external impairment indicators for all retail stores
above a specified asset value and the subsequent value-in-use calculations
include certain assumptions, particularly over revenue growth over the
remaining lease term. Refer to note 11 for further details of right-of-use
asset impairment.
Management has considered the potential impact of changes in assumptions on
the impairment recorded against the Group's
retail assets. Management has considered sensitivities to the impairment
charge as a result of changes to the estimate of future revenues achieved by
the retail stores. The sensitivities applied are an increase or decrease in
revenue of 10% from the estimate used to determine the impairment charge or
reversal. It is estimated that a 10% decrease in revenue assumptions for the
first 12 months of the model, with no change to subsequent forecast revenue
growth rate assumptions, would result in approximately a £4 million
impairment charge of retail store assets, which comprise property, plant, and
equipment and right-of-use assets, in the 26 weeks to 27 September 2025. It is
estimated that at 10% increase in revenue assumptions in relation to stores
that meet the criteria for consideration of impairment reversal would result
in approximately a £6 million impairment reversal of retail store assets in
the 26 weeks to 27 September 2025.
11. Right-of-use assets
In the period there were additions to right-of-use assets of £15 million
(last half year: £39 million; last full year: £70 million) and
remeasurements of £26 million (last half year: £52 million; last full year:
£80 million). Depreciation of right-of-use assets of £110 million (last half
year: £124 million; last full year: £247 million) is included within
operating expenses.
Impairment testing
During the 26 weeks to 27 September 2025, following the impairment review of
retail cash generating units, no impairment charge or reversal was recorded
against right-of-use assets (last half year: charge of £24 million; last full
year: charge of £32 million). Refer to note 10 for further details of the
impairment assessment of retail cash generating units.
12. Trade and other receivables
As at As at As at
27 September 2025 28 September 29 March
£m
2025
2024
£m
£m
Non-current
Other financial receivables(1) 42 44 43
Prepayments 4 3 5
Total non-current trade and other receivables 46 47 48
Current
Trade receivables 139 149 141
Provision for expected credit losses (12) (12) (11)
Net trade receivables 127 137 130
Other financial receivables(1) 27 32 32
Other non-financial receivables(2) 98 103 104
Prepayments 45 46 28
Accrued income 16 17 15
Total current trade and other receivables 313 335 309
Total trade and other receivables 359 382 357
1. Other financial receivables include rental deposits and other sundry
debtors.
2. Other non-financial receivables relate to indirect taxes and other taxes
and duties.
The net charge for impairment of financial receivables in the period was £2
million (last half year: net charge of £2 million; last full year: net charge
of £2 million).
13. Inventories
Inventory provisions of £87 million (last half year: £102 million; last full
year: £103 million) are recorded, representing 16.1% (last half year: 14.6%;
last full year: 19.6%) of the gross value of inventory. The provisions reflect
management's best estimate of the net realisable value of inventory, where
this is considered to be lower than the cost of the inventory.
Taking into account factors impacting the inventory provisioning including
trading assumptions being higher or lower than expected, management considers
that a reasonable potential range of outcomes could result in an increase in
inventory provisions of £18 million or a decrease in inventory provisions of
£19 million in the next 12 months. This would result in a potential range of
inventory provisions of 12.6% to 19.5% as a percentage of the gross value of
inventory as at 27 September 2025.
14. Cash and cash equivalents
As at As at As at
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Cash and cash equivalents held at amortised cost 174
Cash at bank and in hand 111 188
Short-term deposits 131 101 132
242 289 306
Cash and cash equivalents held at fair value through profit and loss 507
Short-term deposits 210 141
Total 452 430 813
Cash and cash equivalents classified as fair value through profit and loss
relate to deposits held in low volatility net asset value money market funds.
The cash is available immediately and, since the funds are managed to achieve
low volatility, no significant change in value is anticipated. The funds are
monitored to ensure there are no significant changes in value.
15. Trade and other payables
As at As at As at
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Non-current
Other payables(1) 3 2 3
Deferred income and non-financial accruals 7 7 8
Contract liabilities 41 48 43
Total non-current trade and other payables 51 57 54
Current
Trade payables 120 146 146
Other taxes and social security costs 62 52 46
Other payables(1) 36 26 31
Accruals 153 147 160
Deferred income and non-financial accruals 7 10 8
Contract liabilities 11 11 11
Deferred consideration(2) 3 5 3
Total current trade and other payables 392 397 405
Total trade and other payables 443 454 459
1. Other payables are comprised of interest and employee-related liabilities.
2. Deferred consideration relates to the acquisition of the economic right to
the non-controlling interest in Burberry Middle East LLC on 22 April 2016. No
deferred consideration payments were made in the 26 weeks to 27 September 2025
(last half year: £nil; last full year: £2 million).
Contract liabilities
Retail contract liabilities relate to unredeemed balances on issued gift cards
and similar products, and advanced payments received for sales which have not
yet been delivered to the customer, which are all considered current.
Licensing contract liabilities relate to deferred revenue arising from the
upfront payment for the Beauty licence which is being recognised in revenue
over the term of the licence on a straight-line basis reflecting access to the
trademark over the licence period to 2032.
As at As at As at
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Retail contract liabilities 4 5 4
Licensing contract liabilities 48 54 50
Total contract liabilities 52 59 54
16. Provisions for other liabilities and charges
Property obligations Restructuring costs(1) Other Total
£m
£m
costs
£m
£m
Balance as at 29 March 2025 43 8 9 60
Created during the period - 37 1 38
Utilised during the period (1) (33) - (34)
Released during the period - - (1) (1)
Balance as at 27 September 2025 42 12 9 63
Balance as at 28 September 2024 47 7 7 61
As at As at As at
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Analysis of total provisions:
Non-current 33 35 33
Current 30 26 27
Total 63 61 60
1. Provision for restructuring costs relates to the Burberry Forward
transformation programme initiated during the prior year which is included as
an adjusting item. Refer to note 4 for details of adjusting items.
17. Overdrafts and Borrowings
As at 27 September 2025 As at 28 September 2024 As at 29 March 2025
Maturity Carrying value Fair value Carrying value Fair value Carrying value Fair value
£m
£m
£m
£m
£m
£m
Bank overdrafts(1) - 28 28 106 106 105 105
1.125% £300m MTN Sustainability-linked bond(2) Sep 2025 - - 299 288 300 294
5.75% £450m MTN Fixed rate bond(3) Jun 2030 442 451 303 290 438 443
£75 million multi-currency revolving credit facility(4) Mar 2027 75 75 - - - -
Total 545 554 708 684 843 842
1. Bank overdrafts includes £28 million (last half year: £106 million; last
full year: £105 million) representing balances on cash pooling arrangements
in the Group. The fair value of overdrafts approximates the carrying amount
due to the short maturity of these instruments.
2. The sustainability bond was repaid in full on 22 September 2025.
3. All movements on the bond were non cash. The Group has entered into
interest rate swaps to reduce the level of fixed rate debt in accordance with
the Group Treasury Policy, and has entered the swaps into fair value hedge
relationships with the bond. Interest on the bond is payable semi-annually.
4. The Group has a £75 million multi-currency revolving credit facility (RCF)
with a syndicate of banks, maturing in March 2027. The £75 million RCF
agreement contains an option which will allow the Group to extend for an
additional one year which is exercisable in 2026, at the consent of the
syndicate. During the current period, there was a drawdown of £75 million on
the £75 million RCF, and at 27 September 2025 the outstanding drawings are
£75 million. The interest rate on the £75 million facility is SONIA plus
commercial margin. There were no drawdowns or repayments of the RCF during the
prior year.
As at As at As at
27 September 28 September 29 March
2025
2025
£m 2024
£m
£m
Analysis of total overdrafts and borrowings:
Non-current 517 303 438
Current 28 405 405
Total 545 708 843
The Group has a £300 million RCF with a syndicate of banks, maturing in
November 2027. There were no drawdowns or repayments of the £300 million RCF
during the current or prior year, and at 27 September 2025 there were no
outstanding drawings.
The Group is in compliance with the financial and other covenants within the
facilities above and has been in compliance throughout the financial period.
18. Share capital and reserves
Allotted, called up and fully paid share capital Number £m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 30 March 2024 363,815,743 0.2
Allotted on exercise of options during the period 571 -
As at 28 September 2024 363,816,314 0.2
As at 29 March 2025 363,816,314 0.2
Allotted on exercise of options during the period 2,973 -
As at 27 September 2025 363,819,287 0.2
Other reserves
The Company has a general authority from shareholders, renewed at each Annual
General Meeting, to repurchase a maximum of 10% of its issued share capital.
As at 27 September 2025, the Company held 2.8 million treasury shares (last
half year: 5.2 million; last full year: 4.6 million), with a market value of
£33 million based on the share price at the reporting date (last half year:
£37 million; last full year: £37 million). The treasury shares held by the
Company are related to the share buy-back programme completed during the 52
weeks to 2 April 2022. During the 26 weeks to 27 September 2025, 1.8 million
treasury shares were transferred to ESOP trusts (last half year: none; last
full year: 0.6 million). During the 26 weeks to 27 September 2025, no treasury
shares were cancelled (last half year: none; last full year: none).
The cost of shares purchased by ESOP trusts are offset against retained
earnings, as the amounts paid reduce the profits available for distribution by
the Company. As at 27 September 2025, the cost of own shares held by ESOP
trusts and offset against retained earnings is £53 million (last half year:
£23 million; last full year: £29 million). As at 27 September 2025, the ESOP
trusts held 2.8 million shares (last half year: 1.3 million; last full year:
1.7 million) in the Company, with a market value of £32 million (last half
year: £9 million; last full year: £14 million). In the 26 weeks to 27
September 2025 the Group purchased £5 million of ESOP shares (last half year:
£nil; last full year: £nil). In the 26 weeks to 27 September 2025 the ESOP
trusts and the Company have waived their entitlement to dividends.
Other reserves in the Statement of Changes in Equity consists of the capital
reserve, the foreign currency translation reserve, and the hedging reserves.
The hedging reserves consist of the cash flow hedge reserve and the net
investment hedge reserve.
19. Fair value disclosure for financial instruments
The Group's principal financial instruments comprise derivative instruments,
cash and cash equivalents, borrowings (including overdrafts), trade and other
receivables and trade and other payables arising directly from operations.
The fair value of the Group's financial assets and liabilities held at
amortised cost approximate their carrying amount due to the short maturity of
these instruments with the exception of the £450 million MTN Fixed rate bond
(refer to note 17) and £13 million (last half year: £13 million) held in
non-current other receivables relating to an interest-free loan provided to a
landlord in Korea. At 27 September 2025, the discounted fair value of the loan
provided to a landlord in Korea is £13 million (last half year: £13
million).
The measurements for financial instruments carried at fair value are
categorised into different levels in the fair value hierarchy based on the
inputs to the valuation technique used. The different levels are defined as
follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Group can access at the measurement date.
Level 2: inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.
Level 3: includes unobservable inputs for the asset or liability.
Observable inputs are those which are developed using market data, such as
publicly available information about actual events or transactions. The Group
has an established framework with respect to measurement of fair values,
including Level 3 fair values. The Group regularly reviews any significant
inputs which are not derived from observable market data and considers, where
available, relevant third-party information, to support the conclusion that
such valuations meet the requirements of IFRS. The classification level in the
fair value hierarchy is also considered periodically.
The fair value of those cash and cash equivalents measured at fair value
through profit and loss, principally money market funds, is derived from their
net asset value which is based on the value of the portfolio investment
holdings at the balance sheet date. This is considered to be a Level 2
measurement.
The fair value of derivative contracts and trade and other receivables,
principally cash-settled equity swaps, is based on a comparison of the
contractual and market rates and, in the case of other derivative contracts,
after discounting using the appropriate yield curve as at the balance sheet
date. All Level 2 fair value measurements are calculated using inputs which
are based on observable market data.
20. Related party transactions
The Group's significant related parties are disclosed in the Annual Report for
the 52 weeks to 29 March 2025. There were no material changes to these related
parties in the period, other than changes to the composition of the Board.
Other than total compensation in respect of key management, no material
related party transactions have taken place during the current period.
21. Contingent liabilities
The Group is subject to claims against it and to tax audits in a number of
jurisdictions which arise in the ordinary course of business. These typically
relate to Value Added Taxes, sales taxes, customs duties, corporate taxes,
transfer pricing, payroll taxes, various contractual claims, legal proceedings
and other matters. Where appropriate, the estimated cost of known obligations
have been provided in these financial statements in accordance with the
Group's accounting policies. The Group does not expect the outcome of current
similar contingent liabilities to have a material effect on the Group's
financial position.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that the condensed consolidated interim financial
statements have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the UK and that the
Interim Management Report and condensed consolidated interim financial
statements include a fair review of the information required by Disclosure
Guidance and Transparency Rules 4.2.7 and 4.2.8, namely:
- an indication of important events that have occurred during the
first 26 weeks of the financial year and their impact on the condensed
consolidated interim financial statements, and a description of the principal
risks and uncertainties for the remaining 26 weeks of the financial year; and
- material related party transactions in the first 26 weeks of the
financial year and any material changes in the related party transactions
described in the last Annual Report.
The Directors of Burberry Group plc are consistent with those listed in the
Burberry Group plc Annual Report for the 52 weeks to 29 March 2025 including
Stella King who was appointed on 1 April 2025, and noting that Fabiola
Arredondo, Antoine De Saint-Affrique, and Sam Fischer did not stand for
re-election at the 2025 Annual General Meeting on 16 July 2025.
A list of current directors is maintained on the Burberry Group plc website:
www.burberryplc.com (http://www.burberryplc.com) .
By order of the Board
Joshua Schulman
Chief Executive Officer
12 November 2025
Kate Ferry
Chief Financial Officer
12 November 2025
INDEPENDENT REVIEW REPORT TO BURBERRY GROUP PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the 26 weeks ended 27
September 2025 which comprises the condensed group income statement, the
condensed group statement of comprehensive income, the condensed group balance
sheet, the condensed group statement of changes in equity, the condensed group
statement of cash flows and the related explanatory notes 1 to 21. We have
read the other information contained in the half yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the 26 week period ended 27 September 2025 is not
prepared, in all material respects, in accordance with UK adopted
International Accounting Standard 34 and the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
12 November 2025
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