REG - Dr. Martens PLC - Final Results
Thu 07:00
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RNS Number : 5125L Dr. Martens PLC 05 June 2025
5 June 2025
Dr. Martens plc
Preliminary results for the 52 weeks ended 30 March 2025
Strong delivery against our FY25 objectives; guiding to a return to profit
growth in FY26
Sharing today our strategic update, Levers For Growth, with the ambition of
establishing Dr. Martens as the world's most-desired premium footwear brand
"Our single focus in FY25 was to bring stability back to Dr. Martens. We have
achieved this by returning our direct-to-consumer channel in the Americas back
to growth, resetting our marketing approach to focus relentlessly on our
products, delivering cost savings, and significantly strengthening our balance
sheet.
We are today sharing our Levers For Growth, which will increase our
opportunities by shifting the business from a channel-first to a
consumer-first mindset. We will give more people more reasons to buy more of
our products, whether that's our iconic boots and shoes, newer product
families such as Zebzag and Buzz, or adjacent categories such as sandals, bags
and leather goods. And we will tailor distribution to each market, blending
DTC and B2B, optimising brand reach and ensuring a better use of capital.
I am laser-focused on day-to-day execution, managing costs and maintaining our
operational discipline while we navigate the current macroeconomic
uncertainties. Looking ahead, there are significant markets for us to grow
into, and we currently own just 0.7% of a total relevant market of £179bn.
This, combined with the enduring demand for our products, the robustness of
our operations, the strength of our cashflow generation and balance sheet and
the expertise of our people, gives me confidence that we will deliver the
sustainable, profitable growth that this brand is capable of."
Ije Nwokorie, Chief Executive Officer
FY25 RESULTS HEADLINES
· Delivered on all four objectives set at the start of the year:
1. Americas direct-to-consumer channel ("DTC") back into growth in H2
2. Marketing approach reset to relentlessly focus on product
3. £25m of annualised cost savings delivered - the top end of
guidance
4. Balance sheet significantly strengthened ahead of target
· Group revenue of £787.6m, down 8% CC and 10% reported, in line
with guidance (FY24: £877.1m) against a challenging macroeconomic and
consumer backdrop in several of our core markets
· Adjusted PBT of £34.1m or £40.3m CC (FY24: £97.2m)
· Reported PBT (post exceptionals and adjusting items) of £8.8m
(FY24: £93.0m)
· Strong cash generation, driven by inventory reduction, leading to
significant decrease in net debt to £94.1m excluding lease liabilities (FY24:
£177.5m), or £249.5m including leases (FY24: £359.8m)
· Refinance completed successfully, securing a new £250.0m term
loan together with a £126.5m RCF
· Final dividend of 1.70p proposed, taking the total dividend to
2.55p, as previously guided
STRATEGY UPDATE HEADLINES:
Today we are sharing our strategic update, Levers For Growth. This builds on
the work undertaken in FY25 to stabilise the business: transitioning to the
new leadership team, introducing the necessary financial disciplines, and
delivering on the four objectives detailed above.
· Our four Levers For Growth are:
1. Engaging more consumers
2. Driving more product purchase occasions
3. Curating market-right distribution
4. Simplifying the operating model
· Our strategy capitalises on the strengths of our business,
including our iconic global brand, high quality products, world-class supply
chain, modern technology systems, committed wholesale and distributor partners
and our passionate and talented team, and taps into the significant new
markets and profit pools that are available to us.
· Over the medium-term, we expect to deliver sustainable,
profitable revenue growth above the rate of the relevant footwear market, with
operating leverage driving a mid to high-teens EBIT margin and underpinned by
strong cash generation.
Enquiries
Investors and analysts
Bethany Barnes, Director of Investor Relations
Bethany.Barnes@drmartens.com
+44 7825 187465
Beth Fionda, Investor Relations Manager
Beth.Fionda@drmartens.com
Press
Sodali & Co
Rob Greening
Ludo
Baynham-Herd
drmartens@client.sodali.com
+44 207 250 1446
Presentation of full year results
A video presentation from Ije Nwokorie, CEO and Giles Wilson, CFO on the FY25
results will be available to view from 07:00 (UK time) on 5 June 2025. This
will be followed by a live strategy update presentation with Q&A for
analysts and investors at 10:30 (UK time). Both the pre-recorded results
presentation and the live strategy update can be viewed on the Dr. Martens plc
website https://www.drmartensplc.com (https://www.drmartensplc.com) , with a
playback and transcripts available soon afterwards.
About Dr. Martens
Founded in 1960, Dr. Martens is an iconic British brand with a global
presence. "Docs" or "DMs" were originally produced for their durability for
workers, before being adopted by diverse youth subcultures and associated
musical movements. Today, Dr. Martens has transcended its roots while still
celebrating its proud history. It operates in over 60 countries and employs
over 3,650 people worldwide. Its operations are split across both
Direct-to-Consumer and wholesale channels, and in addition to its
world-renowned "1460" boot its product segments span shoes including the 1461
shoe and Adrian loafer, sandals including the Zebzag mule, Kids ranges, as
well as a growing line of bags and accessories. Further information can be
found at https://www.drmartensplc.com/ (https://www.drmartensplc.com/)
Cautionary statement relating to forward-looking statements
Announcements, presentations to investors, or other documents or reports filed
with or furnished to the London Stock Exchange (LSE) and any other written
information released, or oral statements made, to the public in the future by
or on behalf of Dr. Martens plc and its group companies ("the Group"), may
contain forward-looking statements.
Forward-looking statements give the Group's current expectations or forecasts
of future events. An investor can identify these statements by the fact that
they do not relate strictly to historical or current facts. They use words
such as 'aim', 'ambition', 'anticipate', 'estimate', 'expect', 'intend',
'will', 'project', 'plan', 'believe', 'target' and other words and terms of
similar meaning in connection with any discussion of future operating or
financial performance. In particular, these include statements relating to
future actions, future performance or results of current and anticipated
products, expenses, the outcome of contingencies such as legal proceedings,
dividend payments and financial results. Other than in accordance with its
legal or regulatory obligations (including under the Market Abuse Regulation,
the UK Listing Rules and the Disclosure and Transparency Rules of the
Financial Conduct Authority), the Group undertakes no obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise. The reader should, however, consult any additional
disclosures that the Group may make in any documents which it publishes and/or
files with the LSE. All readers, wherever located, should take note of these
disclosures. Accordingly, no assurance can be given that any particular
expectation will be met and investors are cautioned not to place undue
reliance on the forward-looking statements.
Forward-looking statements are subject to assumptions, inherent risks and
uncertainties, many of which relate to factors that are beyond the Group's
control or precise estimate. The Group cautions investors that a number of
important factors, including those referred to in this document, could cause
actual results to differ materially from those expressed or implied in any
forward-looking statement. Any forward-looking statements made by or on behalf
of the Group speak only as of the date they are made and are based upon the
knowledge and information available to the Directors on the date of this
report.
SHARING OUR STRATEGIC UPDATE: LEVERS FOR GROWTH
The context
Our previous strategy, 'DOCS', delivered strong historic growth in revenues
and raised brand awareness across new and existing markets, led-by DTC
expansion, taking advantage of a growing boots category driven by a style
conscious consumer. As consumer trends evolved into other footwear
categories, however, our narrow focus on boots failed to take full advantage
of our strong shoes, sandals and leather goods offering - and our focus on a
DTC-first approach led to a loss of coverage and responsiveness in our
wholesale offering, restricting growth and reducing consumer touch points.
This resulted in reduced customer acquisition, elevated inventory levels,
increased use of clearance channels, particularly in the USA and a significant
increase in capital intensity and operating cost base.
The business today has many strengths:
· We are a high quality, iconic brand that is desired by consumers
of all ages, backgrounds and demographics, and is uniquely relevant across
both footwear (boots, shoes and sandals) and adjacent categories, such as bags
and leather goods.
· We have a strong operational base, with a world-class supply
chain and modern technology systems following a decade of investment.
· We generate a high gross margin and strong cashflow underpinned
by a strong balance sheet.
· We have a world-class team with multi-sector experience and a mix
of long tenures and new perspectives.
We have a significant untapped market opportunity, with our current retail
sales value of c.£1.3bn representing just 0.7% of the total relevant market
for our 15 largest markets(1). Our brand and product range are not
over-distributed, either across wholesale accounts or in terms of price
architecture, meaning that there is sizable future growth ahead of us.
Our new strategy represents a fundamental shift from a channel-first mindset
to a consumer-first mindset in order to increase our growth opportunities.
Our ambition is to establish Dr. Martens as the world's most-desired premium
footwear brand.
Over the medium-term we expect to deliver sustainable, profitable revenue
growth above the rate of the relevant footwear market, with operating leverage
driving a mid to high-teens EBIT margin and underpinned by strong cash
generation.
We are focusing the business on four Levers For Growth:
1. Consumer
Engage more consumers
· Lead marketing with product, grounded in comfort, craft and
confidence
· Deliver a seamless omni-channel experience tailored to each
consumer
· Build post-purchase engagement to increase purchase frequency and
consumer spend
2. Product
Drive more purchase occasions
· Reinforce premium positioning of our icons through elevated
collections
· Manage hero product families to optimise newness across diverse
wearing occasions
· Extend our offer in sandals, bags and other adjacent categories
· Innovate to enhance comfort, lightness and sustainability
3. Markets
Curate market right distribution
· Expand B2B through long-term product and marketing partnerships
with top-tier accounts
· Build a differentiated DTC footprint to elevate the brand,
aligning operating models to each market
· Enter new growth markets with capital-light distribution models
4. Organisation
Simplify the operating model
· Simplify how we work to drive efficiency, scale and speed
· Optimise the cost base to support strategic priorities
· Build a culture of excellence, care and accountability,
strengthening organisational clarity, talent development and disciplined
execution
We have already started executing our new strategy. For example, under the
Consumer lever, we have implemented our Customer Data Platform, so our teams
have much greater ability to present and sell the right product to the right
person. In Product, we have launched a new product family, 'Buzz', which has
quickly become one of our bestsellers, and will be a core product family for
future seasons. In Markets, we have developed multi-year plans with key
wholesale and distributor partners, and adopted a far deeper and more
partnership-based approach than previously. And in Organisation, we are
undertaking a comprehensive review of our operating model to drive efficiency,
scale and speed. For instance, in February 2025 we commenced a project to
change and improve our global technology capabilities, through the
establishment of a new Global Technology Centre (GTC) in India.
(1) Opportunity defined as uncaptured value within total market size across
top 15 markets, calculated as relevant population × average annual footwear
spend per capita. Sources: Statista 2025; DM Headroom Model 2025.
Having stabilised the business in FY25, we see two phases of strategy
implementation in the coming years.
Firstly, for FY26 our focus will be on pivoting the organisation to ensure our
people, plans, processes and partners are set up to deliver our consumer-first
strategy. With these aims in mind, our key objectives to deliver growth for
FY26 are to:
1. Consumer: Reduce the reliance on discounted ("off-price") pairs in
Americas wholesale, increasing the full price sales mix and improving the
quality of revenue in this part of our business
2. Product: Drive pairs growth in product families such as Buzz,
Zebzag and Lowell, thereby diversifying our product revenue base
3. Markets: Open in new markets through a capital-light structure
4. Organisation: Simplify our operating model to improve speed of
execution and collaborative working across the business
Secondly, as we progress into FY27 and beyond, our focus will shift to scaling
and capitalising on the expanded growth opportunities created for the brand.
FY25 RESULTS
£m FY25 FY25 FY24 % change % change
Reported CC(2) Reported Actual CC(2)
Revenue 787.6 804.8 877.1 -10% -8%
Adjusted EBIT(1,3) 60.7 67.1 126.4
Adjusted PBT(1,3) 34.1 40.3 97.2
PBT 8.8 15.0 93.0
Adjusted basic EPS(1,3) 2.4 3.1 7.4
EPS (p) 0.5 1.1 7.0
Net Debt(1) (including leases) 249.5 - 359.8
Dividend per share (p) 2.55 - 2.55
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. Constant currency applies the prior period exchange rates to current period
results to remove the impact of FX. Previously, we presented this by applying
current period budgeted rates to both the current and prior period.
3. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. The Group has also introduced the use of adjusted performance
measures which are exclusive of the impact of exceptional costs and currency
gains/losses. Refer to the Glossary on pages 71 to 73 for further explanation
of these changes. Prior period amounts have been updated to reflect this
change and were therefore unaudited in the prior periods.
FY25 Results Summary:
· Revenue down 10% (8% constant currency (CC)), in line with
guidance and against a challenging macroeconomic and consumer backdrop in
several of our core markets. DTC revenue down 4% (2% CC) and wholesale down
20% (18% CC), as expected. Within DTC, retail revenue was down 6% (3% CC) and
ecommerce was down 3% (1% CC)
· EMEA Revenue down 11% (10% CC) driven by the UK, Americas revenue
down 11% (10% CC), and APAC revenue down 4% (up 1% CC), with a good
performance in Japan and China
· Cost savings plan delivered, with annualised £25m savings, with
some benefit delivered in FY25 due to efficient execution
· Adjusted PBT of £34.1m (£40.3m CC) excluding exceptional costs,
impairment of non-financial assets and currency losses
· Exceptional costs of £17.9m incurred. £15.1m related to items
included in the £15m guidance, with an additional £2.8m related to the
establishment of a Global Technology Centre in India
· Impairment of non-financial assets of £4.3m related to
impairment of 16 underperforming stores, mainly in the USA, which have not
fully recovered post Covid-19
· Significant reduction in both inventory and net debt, both ahead
of guidance, with inventory down £67.2m to £187.4m and net debt (incl.
leases) down £110.3m to £249.5m.
· Refinance completed successfully, securing a £250.0m term loan
together with a £126.5m RCF
· Final dividend of 1.70p proposed, taking the total FY25 dividend
to 2.55p, in line with previous guidance
Current trading and guidance
Following the delivery of DTC growth in Americas in H2 last year, the
underlying trading in this market has continued this positive momentum. EMEA
performance remains mixed, with the UK continuing to see revenue decline due
to a challenging market. APAC continues to perform well. As we look forward
into FY26, we will reduce discounting in Americas and EMEA, across both our
own ecommerce channel and through wholesale, with the aim of driving full
price sales. We have a positive Autumn/Winter wholesale order book in EMEA and
the USA order book is currently broadly in line with last year, before the
benefit of any in-season re-orders.
We anticipate FX headwinds for FY26 which, based on spot rates as at 2 June
2025, will impact our Group revenue by c.£18m and PBT by c.£3m. We expect
the FY26 Adjusted PBT to be within the range of market expectations*. Adjusted
PBT will therefore show significant year-on-year growth. We do however
recognise that there is continued macroeconomic uncertainty and the full
outcome of tariffs is still unknown, and we will monitor this closely through
the year and take action as appropriate.
Tariffs
While the USA is an important market for us, we are a truly global brand that
is sold in more than 60 countries around the world. In the USA, the entirety
of the Spring / Summer 2025 ("SS25") stock is in the market, and by the start
of July the majority of Autumn / Winter 2025 ("AW25") will be either in the
market or in transit. We generate strong product gross margins, which is
helpful given that tariffs are charged on cost, not retail price. We will
continue to assess the situation carefully, but can confirm that for SS25 and
AW25 we will be keeping average prices unchanged in the market. More broadly,
we continue to manage all costs tightly, working closely with our wholesale
and supplier partners.
*As at 3 June 2025, sell-side FY26 Adjusted PBT consensus range is £54m to
£74m
Detailed financial guidance is on page 16.
BUSINESS REVIEW
Performance summary
We delivered strongly against our four FY25 objectives set out at the start of
the year: we returned our Americas DTC to growth in H2; we pivoted our
marketing to relentlessly focus on product, with new products such as
Ambassador, Anistone, Buzz and Dunnet Flower performing very strongly for us
and our partners; we delivered £25m of annualised cost savings, at the top
end of our target, with the full benefit in FY26; and we strengthened our
balance sheet through a significant reduction in inventory and net debt, as
well as the successful refinancing of the Group.
Group revenue declined by 8% CC, in line with guidance and against a
challenging macroeconomic and consumer backdrop in several of our core
markets. Gross margin declined by 0.6pts to 65.0% mainly driven by lower DTC
revenues, together with clearance of some aged and fragmented product lines
through USA wholesale channels to reduce inventory. We tightly managed both
COGS and operating costs through the year, with operating costs broadly flat,
even after increased demand generation spend. Adjusted PBT was £34.1m, or
£40.3m on a CC basis, and PBT including adjusting items and exceptional costs
was £8.8m.
Overall, pairs were down 9%, with DTC pairs flat and wholesale pairs down 15%
as expected, as our wholesale partners normalised their inventory levels. We
saw a very strong performance in shoes, with DTC pairs up 15% with particular
success in our bestselling Adrian Loafer, as well as in new shoe families, the
Lowell and Buzz. Sandals also saw a good performance, with DTC pairs up 7%,
and we continue to see a strong performance in our mules range, led by the
Zebzag. Boots remained challenging, with DTC pairs down 9%, with our
continuity boots weaker, as expected. This was partially offset by success in
product newness, both as extensions of the core icons, for example through the
Ambassador soft leather boot and through new product lines such as the
Anistone biker boot. Our Bags & Other category is currently a relatively
small part of our business and was down 4%, however we saw particular success
with our Weekender bag (priced at £300/€320/$320) and the Top Handle bag.
We will continue to innovate around bags in future. As a proportion of FY25
Group revenue, boots accounted for 57%, shoes 26%, sandals 12% and bags &
other 5%.
Collaborations are an important part of our product strategy and allow us to
work with global brands to drive engagement and excitement with consumers.
Throughout FY25 we continued to work with long-term collaboration partners
such as Stussy and Supreme, and we also worked with some new partners in the
year including a capsule collection with hit Netflix series Wednesday.
At our FY24 results we announced that we would be implementing a cost action
plan and targeted £20m-£25m of cost savings, of which the full benefit would
be seen in FY26. We took swift action to identify and implement savings
without impacting demand-generating spend and identified savings at the top
end of our guided range of £25m, with some benefit seen in FY25 due to
efficient execution. Two-thirds of the savings came from reducing people costs
with the remaining from efficiencies and procurement savings. Additionally, we
have instilled a culture of tight cost control across the business which will
help drive further cost focus in future years. As a result of this cost action
plan, we have incurred exceptional costs of £8.9m in FY25, with further
detail provided in the Finance Review.
In February 2025, the Group commenced a project to change and improve our
global technology capabilities, through the establishment of a new Global
Technology Centre (GTC) in India. This change will allow us to build on our
existing platforms and expand our capabilities in a sustainable way. As a
result, we have incurred £2.8m of exceptional costs. The benefits of this
project will be offset by double running costs in FY26, with annualised cost
benefits seen in FY27 once the GTC is fully operational.
We are pleased to have recently announced the appointments of Carla Murphy as
Chief Brand Officer (CBO) and Paul Zadoff as Americas President. Carla joins
from adidas AG, where she served as Global Senior Vice President/General
Manager for adidas Outdoor. She has over 20 years of brand building and
leadership experience. In her role as CBO she will be responsible for driving
the business' brand strategy, vision and creative direction, and will oversee
its global product, marketing and sustainability divisions. She will assume
her role at the start of July. Paul Zadoff joined at the start of June as
Americas President. He brings 30 years of leadership experience with iconic
global brands, including two decades at NIKE. Paul will be responsible for
leading the experienced regional team in driving the performance, growth and
profitability of the Americas business.
We have made good progress implementing the strategy of our world class Supply
Chain in recent years, enhancing the flexibility of our DC network,
significantly improving the control over our supply chain inputs and
diversifying our factory base. For AW25, our planned Tier 1 footwear sourcing
is 62% Vietnam, 31% Laos, 4% Thailand, 2% Pakistan and 1% from our Made In
England factory in Wollaston, UK.
We continue to make good progress against our sustainability strategy. Our UK
repair service, in partnership with The Boot Repair Company, continues to
receive exceptionally positive feedback. We are working to expand the UK
service to cover a wider range of our products, as well as actively engaging
with potential repair partners in other markets as we work to expand the
service to more consumers. Our US resale business, ReWair, has now been live
for a year and has had strong performance with a significant proportion of
purchasers being new to the brand. We have also expanded our product range
made with our reclaimed leather, Genix Nappa. Finally, we took a step forward
in improving the traceability of our leather supply chain, with 97% of our
leather traceable in FY25.
We are nearing the end of a period of significant systems investment and are
increasingly focused on optimising our systems to enable growth and drive
efficiency. During the year, we went live with our Customer Data Platform
(CDP) in EMEA and Americas, just ahead of the peak trading period. The CDP
gives us a single view of the consumer across DTC channels in both regions. It
will allow us to gain deeper insights into customer behaviour, preferences and
customer journeys, and enable us to deliver personalised marketing and content
to our consumers. As the system gathers more data, we will see benefits
building over time. The last core system to be implemented is the Supply and
Demand Planning System. This is a modern system which will help us optimise
inventories, maximise availability and enhance agility across our business.
The system is on track to go live by the end of H1 FY26.
FINANCE REVIEW
Total revenue declined 10.2% or 8.2% in constant currency (CC), driven largely
by a 19.5% reduction in wholesale revenues (17.8% CC), together with a decline
in DTC revenue of 4.2% (2.1% CC), all in line with our expectations and
against a challenging trading backdrop. Adjusted profit before tax was £34.1m
(FY24: £97.2m) and £40.3m CC. The decline was driven by the revenue
reduction, with COGS and Opex(1) tightly managed. Adjusted earnings per share
was 2.4p (3.1p CC), compared to adjusted earnings per share of 7.4p in FY24.
In order to assist shareholders' understanding of the performance of the
Group, the narrative below is focused on the adjusted performance for the
period, using several non-GAAP and Alternative Performance Measures (APMs); in
particular adjusted EBIT(1), adjusted profit before tax(1) and adjusted
earnings per share(1).
The Directors consider these adjusted measures to be highly relevant as they
provide a clearer view of the Group's ongoing operational performance and
align with how shareholders value the business. They also reflect how the
business is managed and measured on a day-to-day basis, aid comparability
between periods and more closely correlate with the cash and working capital
position of the Group, by excluding the effect of significant non-cash
accounting adjustments.
The adjusted measures are before certain exceptional costs which include
one-off director joining costs, cost savings related costs and acceleration of
capitalised fees in relation to refinancing. Adjusted measures are also
presented before impairment and currency gains/losses, as these are
significant non-cash accounting adjustments. A glossary and a reconciliation
of these APMs to statutory figures can be found at the end of this report on
pages 71 to 73.
To aid investors' understanding of our performance, at H1 FY25 we also
introduced further disclosure in CC. In previous periods we referred only to %
changes in revenue in CC terms. We now show absolute and % change in CC terms
across the Statement of Profit or Loss and will do so going forward.
Results - at a glance
£m FY25 FY24 % change % change
Reported FY25 Reported Reported CC(1,2)
CC(1,2)
Revenue Ecommerce 268.3 273.5 276.3 -2.9% -1.0%
Retail 242.4 248.4 256.8 -5.6% -3.3%
DTC 510.7 521.9 533.1 -4.2% -2.1%
Wholesale(3) 276.9 282.9 344.0 -19.5% -17.8%
787.6 804.8 877.1 -10.2% -8.2%
Gross margin 511.7 524.8 575.2 -11.0% -8.8%
Opex(1) (378.4) (383.8) (377.7) 0.2% 1.6%
Adjusted EBIT(1,5) 60.7 67.1 126.4
Currency losses (3.1) (2.8) (4.2)
Impairment of non-financial assets (4.3) (4.5) -
Exceptional costs(1) (16.3) (16.4) -
EBIT(1,5) 37.0 43.4 122.2
Adjusted Profit before tax(1,5) 34.1 40.3 97.2
Profit before tax 8.8 15.0 93.0
Profit after tax 4.5 69.2
Adjusted basic earnings per share (p)(1,5) 2.4 3.1 7.4
Basic earnings per share (p) 0.5 7.0
Dividend per share (p) 2.55 2.55
Key metrics Pairs sold (m) 10.5 11.5 -8.8%
No. of stores(4) 239 239
DTC mix % 64.8% 64.8% 60.8% 4.0pts 4.0pts
Gross margin % 65.0% 65.2% 65.6% -0.6pts -0.4pts
EBIT margin %(1,5) 4.7% 5.4% 13.9% -9.2pts -8.5pts
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. Constant currency applies the prior period exchange rates to current period
results to remove the impact of FX. Previously, we presented this by applying
current period budgeted rates to both the current and prior period.
3. Wholesale revenue including distributor customers.
4. Own stores on streets and malls operated under arm's length leasehold
arrangements.
5. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. The Group has also introduced the use of adjusted performance
measures which are exclusive of the impact of exceptional costs, currency
gains/losses and impairment of non-financial assets. Refer to the Glossary on
pages 71 to 73 for further explanation of these changes. Prior period amounts
have been updated to reflect this change.
PERFORMANCE BY CHANNEL
Revenue decreased by 10.2% or 8.2% CC. DTC revenue declined by 4.2% or 2.1%
CC, representing 64.8% of revenue mix (FY24: 60.8%). Wholesale revenues
declined by 19.5%, or 17.8% CC, in line with expectations, with the UK and USA
contributing to the majority of the decline. Volume, represented by pairs
sold, declined 8.8% to 10.5m pairs and DTC pairs were flat year-on-year.
Wholesale pairs were down 14.8%, with the lower USA order book more than
offsetting action taken to clear aged inventory via wholesale in the USA.
Ecommerce revenue was down 2.9% or 1.0% CC. Growth of 9.5% in APAC (up 14.7%
CC) and flat performance in Americas was offset by weaker trading in EMEA
(down 6.3% CC). In EMEA we saw an improved ecommerce performance in H2, albeit
remaining down year-on-year, while Americas was marginally positive in CC in
both H1 and H2. Trading in both EMEA and Americas was impacted by decreased
website visits in both regions, although conversion rates improved. The order
management system (OMS), providing a full omnichannel offering, is now live in
the majority of stores across EMEA.
Retail revenue was down 5.6% or 3.3% CC. Growth in APAC was offset by
challenging retail environments in EMEA and Americas, driven by weaker
footfall. However, we saw an improvement in the latter part of H2 with Group
retail revenue returning to flat year-on-year in Q4. For the full period,
retail revenue was down 5.6% in EMEA, down 3.8% in Americas and grew 4.2% in
APAC, all in CC. During the period we opened 17 new stores and closed 17
stores to end the period with 239 own stores. Of the 17 stores closed during
the period, five were as a result of a site relocation. The remainder were
spread across multiple markets and were the result of normal store portfolio
management.
Wholesale revenue was down 19.5% or down 17.8% CC. Americas was down 23.0%
(20.9% CC), as previously guided we saw reduced ordering by wholesale
customers as they right-sized their inventory levels. EMEA wholesale declined
by 17.0% (down 15.6% CC), with key wholesale partners, particularly in the UK,
carefully managing their inventory levels.
PERFORMANCE BY REGION
We have changed our segmental reporting from EBITDA to EBIT. We believe that
EBIT represents a more relevant underlying earnings indicator given it
includes depreciation and amortisation, including IFRS 16 lease depreciation.
Regional EBIT therefore shows the results of core operations excluding only
income or charges related to capital and tax costs. For comparative purposes,
historical regional EBIT is disclosed on page 15.
FY25 FY24 % change % change
£m Actual CC(1)
Revenue: EMEA 384.2 431.8 -11.0% -9.6%
Americas 288.5 325.8 -11.4% -9.7%
APAC 114.9 119.5 -3.8% 0.6%
787.6 877.1 -10.2% -8.2%
EBIT(1,3): EMEA 74.4 109.7 -32.2%
Americas 9.4 41.7 -77.5%
APAC 15.0 22.1 -32.1%
Support costs(2) (61.8) (51.3) 20.5%
37.0 122.2 -69.7%
Adjusted EBIT(1,3): EMEA 77.3 109.7 -29.5%
Americas 13.6 41.7 -67.4%
APAC 16.0 22.1 -27.6%
Support costs(2) (46.2) (47.1) -1.9%
60.7 126.4 -52.0%
EBIT(1,3) margin by region: EMEA 19.4% 25.4% -6.0pts
Americas 3.3% 12.8% -9.5pts
APAC 13.1% 18.5% -5.4pts
Total(4) 4.7% 13.9% -9.2pts
Adjusted EBIT(1,3) margin by region: EMEA 20.1% 25.4% -5.3pts
Americas 4.7% 12.8% -8.1pts
APAC 13.9% 18.5% -4.6pts
Total(4) 7.7% 14.4% -6.7pts
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. Support costs represent Group-related support costs not directly
attributable to each region's operations and including Group Finance, Legal,
Group HR, Global Brand and Design, Directors, Global Supply Chain and other
Group-only related costs and expenses.
3. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. The Group has also introduced the use of adjusted performance
measures which are exclusive of the impact of exceptional costs, currency
gains/losses and impairment of non-financial assets. Refer to the Glossary on
pages 71 to 73 for further explanation of these changes. Prior period amounts
have been updated to reflect this change.
4. Total EBIT margins are inclusive of support costs.
EMEA Revenue declined 11.0% to £384.2m, or 9.6% CC. DTC declined by 7.4%
(5.9% CC) with retail and ecommerce down 7.2% and 7.6% respectively (5.6% and
6.3% CC). DTC performance was challenging, reflecting a highly promotional
competitive background, particularly in the UK, however we maintained our
discipline and participated in promotions in line with our broader discounting
strategy. EMEA wholesale revenue declined by 17.0% with partners carefully
managing their inventory levels as expected, particularly in the UK. DTC mix
grew by 2.6pts to 64.8%.
During the period we opened eight new stores, one in each of France, Spain and
Netherlands, two stores in Italy, together with our first stores in Sweden and
Austria (two stores). We closed seven stores in the period, four of which were
relocations.
EMEA adjusted EBIT was £77.3m (FY24: £109.7m), driven by the revenue
decline, with costs tightly managed.
Americas Revenue declined 11.4% to £288.5m, or 9.7% CC. DTC revenue declined
by 2.6% (1.1% CC), with broadly flat ecommerce revenues (down 0.9% reported or
up 0.6% CC) offset by retail decline of 5.2% (3.8% CC) driven by weaker
footfall. There was improvement in H2, with retail up 1.0% and ecommerce up
0.7% CC. Americas wholesale revenue declined 20.9% CC in line with our
expectations, due to a lower orderbook as wholesale customers right-sized
their inventory levels.
During the period we focused on our current store estate in the USA and slowed
down new store openings. We closed three stores where the street traffic had
permanently declined in the location and also opened our first outlet store,
giving us a more efficient clearance channel in the market.
Americas adjusted EBIT was £13.6m (FY24: £41.7m) due to the decline in
revenue partially offset by tight cost control.
APAC Revenue declined by 3.8% to £114.9m but grew 0.6% CC. This growth in CC
was driven by DTC revenues increasing 2.9% (up 8.5% CC), with DTC mix
increasing by 4.7pts to 71.6%. Retail revenue declined 1.7% but increased 4.2%
CC, driven by higher footfall in Japan and Korea. Ecommerce revenue was up
9.5% (14.7% CC), with a good performance in Japan and China. APAC Wholesale
declined 17.5% (15.4% CC), as expected, with slower sell out and inventory
management in Southeast Asia distributors as well as in Japan. We saw good
revenue growth in Australia and New Zealand of 11.6%, a distributor model,
with the opening of four new franchise stores.
During the period we opened eight new stores, with five in Japan, two in China
and one in South Korea. In Japan, in addition to the owned store openings, we
opened seven new franchise stores, with a healthy pipeline of both DTC and
franchise stores in this market. We closed seven own stores and seven
franchise stores in APAC due to strategic decisions to invest in more
profitable markets.
APAC adjusted EBIT was £16.0m (FY24: £22.1m) due to deleverage as a result
of the decline in revenue.
Adjusted Group support costs were tightly managed, declining 1.9% to
£46.2m.
RETAIL STORE ESTATE
During the period, we opened 17 (FY24: 46) new own retail stores (via arm's
length leasehold arrangements) and closed 17 stores (FY24: 11) as follows
below. Five of the closures were as a result of relocations.
Opened Closed 30 March 2025
1 April 2024
EMEA: UK 35 - (1) 34
Germany 19 - (2) 17
France 17 1 - 18
Italy 12 2 - 14
Spain 6 1 (1) 6
Other 13 4 (3) 14
102 8 (7) 103
Americas: 61 1 (3) 59
APAC: Japan 43 5 (2) 46
China 9 2 (4) 7
South Korea 17 1 (1) 17
Hong Kong 7 - - 7
76 8 (7) 77
Total 239 17 (17) 239
The Group also trades from 20 (FY24: 22) concession counters in department
stores in South Korea and a further 88 (FY24: 77) mono-branded franchise
stores around the world with 24 in Japan (FY24: 19), 27 across Australia and
New Zealand (FY24: 24) and 37 across other Southeast Asia countries and Canada
(FY24: 31). We closed all three franchise stores in the Nordics in the period
as we have two of our own stores in this region.
ANALYSIS OF PERFORMANCE BY HALF
Revenue in H2 was down 3.8% (1.8% CC) or £18.3m to £463.0m (FY24 H2:
£481.3m), with EBIT down 36.4% to £52.1m (FY24 H2: £81.9m) and adjusted
EBIT down 26.5% or £23.0m to £63.7m (FY24 H2: £86.7m). In all regions total
revenue showed improved performance on a reported and CC basis in H2 compared
to H1, with APAC achieving year-on-year growth in H2. Ecommerce revenue was
down 2.4% in H1 and down 0.3% CC in H2. In retail, revenue showed improved
performance in H2, driven by APAC up 2.6% (up 7.4% CC). Wholesale performance
also showed an improving trend in H2, driven by Americas which was down 36.2%
in H1 (34.0% CC) and down 6.1% in H2 (4.3% CC).
H1 FY25 H2 FY25
Actual CC Actual CC
Total Revenue -18.0% -16.1% -3.8% -1.8%
Revenue: Ecommerce -4.4% -2.4% -2.2% -0.3%
Retail -9.0% -6.6% -3.3% -1.0%
DTC -6.8% -4.6% -2.7% -0.6%
Wholesale(1) -29.0% -27.4% -6.4% -4.4%
Region: EMEA -16.4% -15.5% -6.6% -4.7%
Americas -22.3% -20.2% -2.4% -1.0%
APAC -11.9% -6.9% 2.7% 6.7%
1. Wholesale revenue including distributor customers.
ANALYSIS OF PERFORMANCE BY QUARTER
Our DTC performance was in line with expectations. Q1 was impacted by the
earlier timing of Easter, which fell in Q4 FY24 (as opposed to FY25 Q1 as is
typically the case). Q2 and Q3 saw improved DTC performance compared to Q1,
with Q3 growing 0.7% CC, as Autumn/Winter (AW) newness and product-led
marketing campaigns drove performance. Q4 DTC stepped back, declining 2.7%
CC, as promotional activity in the wider market impacted full price trading.
Wholesale also performed in line with expectations, with a lower order book in
Americas, as expected, together with EMEA wholesale customers carefully
managing their inventory levels.
Q1 Q2 Q3 Q4
Actual CC Actual CC Actual CC Actual CC
Total Revenue -17.6% -15.8% -18.2% -16.3% -2.8% 2.6% -5.0% -7.0%
Revenue: Ecommerce -8.8% -7.1% -0.6% 1.6% -3.9% 2.3% 0.6% -4.4%
Retail -9.7% -7.3% -8.3% -6.2% -5.4% -1.3% 0.0% -0.5%
DTC -9.3% -7.2% -4.6% -2.4% -4.5% 0.7% 0.3% -2.7%
Wholesale(1) -35.0% -33.9% -27.3% -25.6% 3.0% 9.4% -13.2% -13.9%
Region: EMEA -13.8% -13.1% -17.5% -16.7% -4.2% 0.2% -10.0% -11.1%
Americas -26.2% -25.8% -20.2% -17.2% -4.2% 2.1% -0.4% -4.2%
APAC -7.7% -0.5% -15.0% -12.0% 6.4% 14.2% -1.3% -1.6%
1. Wholesale revenue including distributor customers.
PROFITABILITY ANALYSIS
Gross margin declined marginally by 0.6pts to 65.0% or by 0.4pts CC. This was
partly due to action we took to clear aged inventory in the USA and
responsible discounting in our global DTC channels in line with our broader
discounting strategy.
Opex(1) remained broadly flat, growing by 0.2%, or £0.7m, to £378.4m or up
£6.1m to £383.8m CC, which included £3.6m incremental demand generation
spend. Opex was very tightly controlled across the business with all
investments, including demand generation, rigorously reviewed before being
committed.
EBITDA(1) decreased by 40.8% to £117.0m (FY24: £197.5m), due to the
operational deleverage from reduced revenues, despite tight cost control.
EBIT(1) decreased by 69.7% to £37.0m as a result of the decline in EBITDA
together with £4.3m impairment (FY24: £nil). Impairment was charged in
relation to 16 stores in FY25, mainly in EMEA and Americas, which were
assessed as underperforming. Currency losses were £3.1m in the period (FY24:
£4.2m loss). Adjusted EBIT decreased by 52.0% to £60.7m (FY24: £126.4m).
(1) Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
Profit after tax is analysed in the following table from EBITDA:
£m FY25 FY24
EBITDA(1) 117.0 197.5
Depreciation and amortisation (72.5) (72.3)
Impairment (4.3) -
Other (losses)/gains (0.1) 1.2
Currency losses (3.1) (4.2)
EBIT(1) 37.0 122.2
Add back: exceptional costs and adjusting items(1) 23.7 4.2
Adjusted EBIT(1) 60.7 126.4
Net bank interest costs (21.1) (20.6)
Interest on lease liabilities and unwind of provisions (7.1) (8.6)
Profit before tax 8.8 93.0
Add back: exceptional costs and adjusting items(1) 25.3 4.2
Adjusted profit before tax(1) 34.1 97.2
Tax (4.3) (23.8)
Profit after tax 4.5 69.2
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
Depreciation and amortisation charged in the period was £72.5m (FY24
£72.3m). This is analysed as follows:
£m FY25 FY24
Amortisation of intangibles(1) 6.1 5.8
Depreciation of property, plant and equipment(2) 15.0 15.2
21.1 21.0
Depreciation of right-of-use assets(3) 51.4 51.3
Total 72.5 72.3
1. Mainly represented by IT-related spend with the average useful term of 5 to
15 years.
2. Mainly represented by office and store fit out costs with a useful term of
3 to 15 years.
3. Mainly represented by depreciation of IFRS 16 capitalised leases with the
average useful term remaining of 3.2 years and 267 properties (FY24: 3.5 years
and 263 properties).
Foreign currency
Dr. Martens is a global brand selling to consumers across the world in many
different currencies, with the financial statements reported in GBP. Foreign
currency amounts in the Statement of Profit or Loss are prepared on an average
actual currency rate basis for the period. These exchange rates are calculated
monthly and applied to revenue and costs generated in that month, such that
the actual performance translated across the period is dependent on monthly
trading profiles as well as movement in currency exchange rates. To aid
comparability of underlying performance, we have also calculated constant
currency movements across the Statement of Profit or Loss, which is calculated
by applying the prior period exchange rates to current period results to
remove the impact of FX. Previously, we presented this by applying current
period budgeted rates to both the current and prior period, but believe the
new methodology provides a more relevant view of performance versus actual
prior period results.
Exchange rates mainly impacting the Group are GBP/USD, GBP/EUR and GBP/JPY.
The following table summarises average exchange rates used in the period:
GBP/USD GBP/EUR GBP/JPY
FY25 FY24 % FY25 FY24 % FY25 FY24 %
H1 1.28 1.26 1.6% 1.18 1.16 1.7% 195 178 9.6%
H2 1.27 1.26 0.8% 1.20 1.16 3.4% 194 186 4.3%
FY 1.28 1.26 1.6% 1.19 1.16 2.6% 194 182 6.6%
The Group takes a holistic approach to exchange rate risk, monitoring
exposures on a Group-wide, net cash flow basis, seeking to maximise natural
offsets wherever possible. While COGS purchases for the Group are
predominantly denominated in USD, currency risk is partially offset from USD
revenues earned in Americas and from distributor revenues, which are also
largely USD denominated. Where a net foreign currency exposure is considered
material, the Group seeks to reduce volatility from exchange movements by
using derivative financial instruments. During the period, a £3.8m gain
(FY24: £1.5m gain) was recorded in revenues related to derivatives partially
hedging the net EUR inflows.
Retranslation of foreign currency denominated monetary assets and liabilities
in the period resulted in a currency loss of £3.1m (FY24: loss of £4.2m).
This was predominantly due to the close out of derivatives used for mitigating
the GBP/EUR currency risk derived from the EUR Term Loan.
Interest
The Group's exposure to changes in interest rates relates primarily to cash
investments, borrowings and IFRS 16 lease liabilities. Total Group net
interest costs for the period were £28.2m, £1.0m lower than the prior period
(FY24: £29.2m) driven by a decrease of £1.7m of IFRS 16 interest costs due
to lower lease liabilities, increased interest receivable amounts of £0.8m
from higher cash balances and offset by the £1.6m of accelerated amortisation
of fees on debt refinancing. Interest costs related to borrowings were broadly
flat year-on-year. Following the refinancing of the Group's facilities in
November 2024, increased interest costs related to holding sterling
denominated debt relative to EUR (with the floating SONIA benchmark rate being
higher than EURIBOR) were materially offset by a reduction in gross loan
amounts of £33.0m.
Adjusting items
In May 2024, the Group announced it would be undertaking a cost action plan
with benefits of savings from FY26. We took swift action to identify and
implement savings, which came from operational efficiency and design, better
procurement and operational streamlining. We did benefit from some of these
savings in FY25 and we expect annualised savings of c.£25m in FY26. In
addition, in February 2025, the Group commenced a project to change and
improve the Global Technology organisation and capability through the
establishment of a new technology centre in India.
In FY25, the Group incurred exceptional costs of £17.9m (FY24: nil), £15.1m
related to items included in our £15m guidance, primarily relating to
headcount reduction costs (£8.9m), director joining costs relating to the new
CEO and CFO (£4.6m) and the accelerated amortisation of fees on debt
refinancing (£1.6m). An additional £2.8m was incurred in relation to
establishment of the Global Technology Centre in India.
Impairment of non-financial assets, in relation to 16 underperforming stores
mainly in EMEA and Americas, and currency losses are presented as other
adjusting items to provide a clearer view of the Group's underlying
operational performance.
£m FY25 FY24
Included in selling and administrative expenses
Exceptional costs(1)
Director joining costs 4.6 -
Cost savings related costs 11.7 -
16.3 -
Other adjusting items
Impairment of non-financial assets 4.3 -
Currency losses 3.1 4.2
Adjustments to EBIT(1) 23.7 4.2
Exceptional costs(1)
Accelerated amortisation of fees on debt refinancing 1.6 -
Adjustments to profit before tax 25.3 4.2
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
Tax was a charge of £4.3m (FY24: £23.8m) with an effective tax rate of 48.9%
(FY24: 25.6%). The effective tax rate has significantly increased in the
period due to profit before tax being comparatively lower than the previous
period at £8.8m (FY24: £93.0m). This means that any tax adjustments have
disproportionately impacted the effective tax rate as they are now a higher
percentage of profit before tax. After adding back adjusting items of £25.3m,
our adjusted effective tax rate reduces to 31.6%, higher than the UK tax rate
of 25% due to the impact of profits generated outside of the UK.
Earnings per share (basic) was 0.5p (FY24: 7.0p) or 2.4p on an adjusted basis.
EPS and diluted EPS are similar numbers due to the minimal dilutive impact of
share options on the total diluted share number. The following table
summarises these EPS figures:
FY25 pence FY25 pence FY24 pence
Reported CC(1)
Earnings per Adjusted basic(1) 2.4 3.1 7.4
share Basic 0.5 1.1 7.0
Diluted 0.5 1.1 7.0
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
CASH FLOWS
£m FY25 FY24
EBITDA(1) 117.0 197.5
Decrease/(increase) in inventories 62.7 (1.6)
Decrease in debtors 6.3 23.0
Increase/(decrease) in creditors(1) 15.3 (36.2)
Total change in net working capital 84.3 (14.8)
Share-based payments 7.2 4.0
Capex (18.7) (28.4)
Operating cash flow(1,2) 189.8 158.3
Operating cash flow conversion(1,2,3) 162.2% 80.2%
Net interest paid (28.1) (17.0)
Payment of lease liabilities (56.2) (52.2)
Taxation (12.2) (18.8)
Repurchase of shares - (50.5)
Derivatives settlement(1) (4.0) (5.5)
Proceeds from borrowings 250.0 -
Repayment of borrowings (283.0) -
Dividends paid (9.5) (57.8)
Net cash inflow/(outflow) 46.8 (43.5)
Opening cash 111.1 157.5
Net cash exchange translation (2.0) (2.9)
Closing cash 155.9 111.1
1. Comparative information has been re-presented to separately disclose the
gain realised on matured derivatives.
2. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
3. Adjusted operating cash flow conversion(2) is 149.8% (FY24: 80.2%).
Operating cash flow generated an inflow of £189.8m (FY24: £158.3m), impacted
by positive working capital cash inflows of £84.3m (FY24: outflow of
£14.8m). Inventory levels have declined by £62.7m during the period (FY24:
£1.6m increase) due to the planned reduction of purchases to reduce
inventories together with action to clear aged inventories through wholesale
channels in the USA.
Debtors have decreased by £6.3m (FY24: £23.0m decrease), predominantly
driven by wholesale customer order fulfilment ahead of peak in line with the
Group's ordinary trading cycle.
Trade debtor days increased to 58 days (FY24: 52 days) and remains within
standard terms of 60 days.
Creditors have increased by £15.3m (FY24: £37.7m decrease) due to the timing
of payments over the reporting date.
Capex was £18.7m (FY24: £28.4m) and represented 2.4% of revenue (FY24:
3.2%). The breakdown in capex by category is as follows:
£m FY25 FY24
Retail stores 6.5 14.4
Supply Chain 1.4 2.7
IT/Tech 10.8 11.3
18.7 28.4
Net interest paid was £28.1m (FY24: £17.0m), higher than FY24 by £11.1m.
Debt interest payments were £8.0m higher following a change in interest term
periods (from six to three months) along with £3.8m of one-off transaction
costs paid related to the refinancing, which were capitalised with the new
loan on the balance sheet. Cash investment interest received grew by £0.7m,
primarily from higher average cash balances held during the period.
Payment of lease liabilities was £56.2m (FY24: £52.2m) higher than FY24 by
£4.0m primarily due to indexation increases in rent following annual reviews.
Funding and Leverage
The Group is funded by internally generated operating cash flows, bank debt
and equity. During FY25 the Group successfully negotiated with existing and
new lenders to refinance its debt facilities, with the new facilities drawn on
19 November 2024. The new facilities are entirely GBP denominated and consist
of a £250.0m term loan (FY24: €337.5m EUR denominated) and £126.5m RCF
(FY24:£200.0m) for an initial term of three years, with the option to extend
both facilities by two additional one-year terms through to November 2029,
subject to lender approval. Further details on the capital structure and
debt are given in note 18 of the Consolidated Financial Statements.
The facilities are subject to a Net Debt/EBITDA leverage covenant of <3x
every six months, consistent with the terms of the previous loan. The total
net leverage test is calculated with a full 12 months of EBITDA (covenant
calculation basis) and net debt being inclusive of IFRS 16 lease liabilities
at the balance sheet date. As at 30 March 2025, the Group had total net
leverage of 1.8 times (FY24: 1.8 times).
BALANCE SHEET
£m 30 March 2025 31 March 2024
Freehold property 6.7 7.0
Right-of-use assets 143.2 173.5
Other fixed assets 76.2 81.7
Inventory 187.4 254.6
Debtors 63.4 70.4
Creditors(1) (111.4) (100.7)
Working capital 139.4 224.3
Other(2) 6.0 (1.5)
Operating net assets 371.5 485.0
Goodwill 240.7 240.7
Cash 155.9 111.1
Bank debt (250.0) (288.6)
Unamortised bank fees 3.7 2.3
Lease liabilities (155.4) (182.3)
Net assets/equity 366.4 368.2
1. Includes bank interest of £2.4m (FY24: £8.4m).
2. Other includes investments, deferred tax assets, income tax assets, income
tax payables, deferred tax liabilities and provisions.
Inventory
As previously disclosed, inventory levels were elevated in FY24 and reducing
inventory by £40m was a key target for FY25. We exceeded this target, with
inventory down £67.2m compared to the 31 March 2024 position. The inventory
reduction was primarily achieved through reduced purchases from our suppliers,
and we additionally cleared some aged inventory via the wholesale channel in
the USA.
30 March 2025 31 March 2024
Inventory (£m) 187.4 254.6
Turn (x)(1) 1.5x 1.2x
Weeks cover(2) 35 44
1. Calculated as historic LTM COGS divided by average LTM inventory.
2. Calculated as 52 weeks divided by inventory turn.
Net debt
Another focus through FY25 was a reduction in our net debt, with overall net
debt reducing year-on-year by £110.3m to £249.5m, ahead of guidance of
£310m to £330m.
£m 30 March 2025 31 March 2024
Bank loans (excluding unamortised bank fees) (250.0) (288.6)(2)
Cash 155.9 111.1
Net bank loans (94.1) (177.5)
Lease liabilities (155.4) (182.3)
Net debt(1) (249.5) (359.8)
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. Previously reported net of unamortised bank fees of £2.3m.
Lease liabilities
New lease commitments and remeasurements during the period were £26.0m,
largely relating to £16.7m of additions. This was offset by £56.2m of lease
repayments. Average lease length is low, at 2.6 years to break, with the
average lease length we expect to utilise being 3.2 years reflected on the
balance sheet.
31 March 2024 Average lease length to break (years)
£m 30 March 2025
Stores 111.4 123.3 2.8
Offices, warehouses and other 44.0 59.0 1.7
Lease liabilities 155.4 182.3 2.6
Equity of £366.4m can be analysed as follows:
£m 30 March 2025 31 March 2024
Share capital 9.6 9.6
Hedging reserve 0.7 0.9
Capital redemption reserve 0.4 0.4
Merger reserve (1,400.0) (1,400.0)
Non-UK translation reserve 6.6 9.7
Retained earnings 1,749.1 1,747.6
Equity 366.4 368.2
RETURNS TO SHAREHOLDERS
Our capital allocation philosophy guides our view of returns to shareholders
and usage of excess cash. The first priority is to use excess cash for
business priorities and we will continue to invest in a targeted manner to
support long-term growth and resilience of the Group. Beyond this, our
priority is to return excess cash to shareholders through a regular dividend
and, when possible, further returns.
Dividends
At the FY24 results in May 2024, the Board shared the intention to hold the
FY25 dividend flat to FY24 in absolute terms, at 2.55p, before returning to an
earnings payout in line with our dividend policy (of 25% to 35% payout) in
FY26 onwards. We also shared that going forward we would adopt a consistent
approach to setting the interim dividend, with this dividend set at one-third
of the previous period's total dividend. Finally, we announced changes to the
dividend payment dates to better reflect the trading cash profile of the
Group.
In line with this guidance, the Board declares a final dividend of 1.70p,
taking the total dividend for FY25, including the interim dividend of 0.85p,
to 2.55p (FY24: 2.55p). This will be paid to shareholders on the register as
at 29 August 2025 with payment on 8 October 2025.
£m FY25 FY24
Dividends paid during the period/year:
Prior period/year final dividend paid 9.5 42.8
Interim dividend paid - 15.0
Total dividends paid during the period/year 9.5 57.8
Profit for the period/year 4.5 69.2
Dividend in respect of the period/year:
Interim dividend: 0.85p (FY24: 1.56p) 8.2 15.0
Final dividend: 1.70p (FY24: 0.99p) 16.4 9.5
Total dividend in respect of the period/year 24.6 24.5
Payout ratio % 547% 35%
HISTORICAL EBIT ANALYSIS
As the Group has moved from EBITDA to EBIT disclosure for segmental reporting,
historical data on this basis has been provided below alongside revenue for
comparability across periods.
FY25 FY24 FY23 % change % change
Actual CC
£m Revenue EMEA 384.2 431.8 443.0 -11.0% -9.6%
(reported): Americas 288.5 325.8 428.2 -11.4% -9.7%
APAC 114.9 119.5 129.1 -3.8% 0.6%
£m EBIT: EMEA 74.4 109.7 120.7 -32.2%
Americas 9.4 41.7 80.7 -77.5%
APAC 15.0 22.1 25.5 -32.1%
% EBIT EMEA 19.4% 25.4% 27.2% -6.0pts
margin: Americas 3.3% 12.8% 18.8% -9.5pts
APAC 13.1% 18.5% 19.8% -5.4pts
FY26 GUIDANCE
Our guidance for FY26 is:
· New own store openings of 20 to 25
· Depreciation and Amortisation of £75m to £80m
· Net finance costs of £25m to £27m
· Blended tax rate of c.26%
· Capex of £20m to £25m
· Inventory broadly flat year-on-year
· Net debt of around £200m, including lease liabilities
We anticipate FX headwinds for FY26 which, based on spot rates as at 2 June
2025, will impact our Group revenue by c.£18m and PBT by c.£3m. FX revenue
sensitivities are as follows: for every 1%pt movement in US dollar c.£3.0m;
Japanese Yen c.£0.5m and Euro c.£2.5m.
Consolidated Statement of Profit or Loss
For the 52 weeks ended 30 March 2025
Note FY25 FY24
£m £m
Revenue 3 787.6 877.1
Cost of sales (275.9) (301.9)
Gross margin 511.7 575.2
Selling and administrative expenses 5 (474.7) (453.0)
Finance income 3.8 3.0
Finance expense 8 (32.0) (32.2)
Profit before tax 8.8 93.0
EBIT(1,2) 3 37.0 122.2
Net finance expense (28.2) (29.2)
Profit before tax 8.8 93.0
Tax expense 9 (4.3) (23.8)
Profit for the period 4.5 69.2
Reconciliation of adjusted EBIT(1): Note(s) FY25 FY24
£m £m
EBIT(1,2) 3 37.0 122.2
Exceptional costs(1) 3, 4 16.3 -
Impairment of non-financial assets 3, 4 4.3 -
Currency losses 3, 4 3.1 4.2
Adjusted EBIT(1) - non-GAAP measure 60.7 126.4
Reconciliation of adjusted profit before tax(1): Note(s) FY25 FY24
£m £m
Profit before tax 3 8.8 93.0
Exceptional costs(1) 3, 4 17.9 -
Impairment of non-financial assets 3, 4 4.3 -
Currency losses 3, 4 3.1 4.2
Adjusted profit before tax(1) - non-GAAP measure 34.1 97.2
Earnings per share Note FY25 FY24
Basic 10 0.5p 7.0p
Diluted 10 0.5p 7.0p
Adjusted earnings per share(1) - non-GAAP measure Note FY25 FY24
Adjusted basic(1) 10 2.4p 7.4p
Adjusted diluted(1) 10 2.4p 7.3p
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change.
The results for the periods presented above are derived from continuing
operations and are entirely attributable to the owners of the Parent Company.
The notes on pages 22 to 59 form part of these Consolidated Financial
Statements.
Consolidated Statement of Comprehensive Income
For the 52 weeks ended 30 March 2025
Note FY25 FY24
£m £m
Profit for the period 4.5 69.2
Other comprehensive (expense)/income
Items that may subsequently be reclassified to profit or loss
Foreign currency translation differences (3.1) (2.8)
Cash flow hedges: Fair value movements in equity (0.3) (1.8)
Cash flow hedges: Reclassified and reported in profit or loss 20 (0.2) 3.9
Tax in relation to share schemes 9 (0.7) 0.5
Tax in relation to cash flow hedges 9 0.3 (0.7)
(4.0) (0.9)
Total comprehensive income for the period 0.5 68.3
The notes on pages 22 to 59 form part of these Consolidated Financial
Statements.
Consolidated Balance Sheet
As at 30 March 2025
Note(s) FY25 FY24
£m £m
ASSETS
Non-current assets
Intangible assets 12 274.0 270.0
Property, plant and equipment 13 49.6 59.4
Right-of-use assets 13 143.2 173.5
Investments 21 1.0 1.0
Derivative financial assets 20 - 0.1
Deferred tax assets 23 11.1 11.2
478.9 515.2
Current assets
Inventories 14 187.4 254.6
Trade and other receivables 15 62.4 68.8
Income tax assets 4.2 1.2
Derivative financial assets 20 1.0 1.5
Cash and cash equivalents 16 155.9 111.1
410.9 437.2
Total assets 889.8 952.4
LIABILITIES
Current liabilities
Trade and other payables 17 (108.9) (92.2)
Borrowings 18 (2.4) (8.4)
Lease liabilities 18, 29 (45.9) (47.0)
Income tax liabilities (1.3) (5.8)
Derivative financial liabilities 20 (0.1) (0.1)
(158.6) (153.5)
Non-current liabilities
Borrowings 18 (246.3) (286.3)
Lease liabilities 18, 29 (109.5) (135.3)
Provisions 19 (6.5) (6.3)
Deferred tax liabilities 23 (2.5) (2.8)
(364.8) (430.7)
Total liabilities (523.4) (584.2)
Net assets 366.4 368.2
EQUITY
Equity attributable to the owners of the Parent
Ordinary share capital 24, 26 9.6 9.6
Treasury shares 25, 26 - -
Hedging reserve 26 0.7 0.9
Capital redemption reserve 26 0.4 0.4
Merger reserve 26 (1,400.0) (1,400.0)
Foreign currency translation reserve 26 6.6 9.7
Retained earnings 26 1,749.1 1,747.6
Total equity 366.4 368.2
The notes on pages 22 to 59 form part of these Consolidated Financial
Statements.
The Consolidated Financial Statements on pages 17 to 59 were approved and
authorised by the Board of Directors on 4 June 2025 and signed on its behalf
by:
Ije
Nwokorie
Giles Wilson
Chief Executive
Officer
Chief Financial Officer
Consolidated Statement of Changes in Equity
For the 52 weeks ended 30 March 2025
Ordinary share capital Treasury shares Hedging reserve Merger reserve Foreign translation reserve Retained earnings Total equity
Capital redemption reserve
Note(s) £m £m £m £m £m £m £m £m
At 1 April 2023 10.0 - (0.5) - (1,400.0) 12.5 1,782.2 404.2
Profit for the period - - - - - - 69.2 69.2
Other comprehensive income/(expense) - - 1.4 - - (2.8) 0.5 (0.9)
Total comprehensive income/(expense) for the period - - 1.4 - - (2.8) 69.7 68.3
Dividends paid 11 - - - - - - (57.8) (57.8)
Shares issued 24 - - - - - - - -
Share-based payments 27 - - - - - - 4.0 4.0
Repurchase of ordinary share capital 24, 25 - (50.0) - - - - (0.5) (50.5)
Cancellation of repurchased ordinary share capital 24, 25 (0.4) 50.0 - 0.4 - - (50.0) -
At 31 March 2024 9.6 - 0.9 0.4 (1,400.0) 9.7 1,747.6 368.2
Profit for the period - - - - - - 4.5 4.5
Other comprehensive expense - - (0.2) - - (3.1) (0.7) (4.0)
Total comprehensive (expense)/ income for the period - - (0.2) - - (3.1) 3.8 0.5
Dividends paid 11 - - - - - - (9.5) (9.5)
Shares issued 24 - - - - - - - -
Share-based payments 27 - - - - - - 7.2 7.2
At 30 March 2025 9.6 - 0.7 0.4 (1,400.0) 6.6 1,749.1 366.4
The notes on pages 22 to 59 form part of these Consolidated Financial
Statements.
Consolidated Statement of Cash flows
For the 52 weeks ended 30 March 2025
Note(s) FY25 FY24
£m £m
Profit after taxation 4.5 69.2
Add back: 9 4.3 23.8
income tax expense
finance income (3.8) (3.0)
finance expense 8 32.0 32.2
depreciation, amortisation and impairment 12, 13 76.8 72.3
other losses/(gains) 0.1 (1.2)
currency losses 3.1 4.2
gain realised on matured derivatives(1) (3.8) (1.5)
share-based payments charge 27 7.2 4.0
Decrease/(increase) in inventories 62.7 (1.6)
Decrease in trade and other receivables 6.3 23.0
Increase/(decrease) in trade and other payables(1) 15.3 (36.2)
Change in net working capital 84.3 (14.8)
Cash flows from operating activities
Cash generated from operations 204.7 185.2
Taxation paid (12.2) (18.8)
Settlement of matured derivatives 3.8 1.5
Net cash inflow from operating activities 196.3 167.9
Cash flows from investing activities
Additions to intangible assets 12 (10.3) (10.2)
Additions to property, plant and equipment 13 (8.4) (18.2)
Finance income received 3.4 2.9
Net cash outflow from investing activities (15.3) (25.5)
Cash flows from financing activities
Finance expense paid (31.5) (19.9)
Payment of lease interest 29 (6.9) (8.6)
Payment of lease liabilities 29 (49.3) (43.6)
Repurchase of 24 - (50.5)
shares
Revolving credit facility drawdown - 30.0
Revolving credit facility repayment - (30.0)
Proceeds from borrowings 18 250.0 -
Repayment of borrowings 18 (283.0) -
Settlement of matured derivatives (4.0) (5.5)
Dividends paid 11 (9.5) (57.8)
Net cash outflow from financing activities (134.2) (185.9)
Net increase/(decrease) in cash and cash equivalents 46.8 (43.5)
Cash and cash equivalents at beginning of period 111.1 157.5
Effect of foreign exchange on cash held (2.0) (2.9)
Cash and cash equivalents at end of period 16 155.9 111.1
1.Comparative information has been re-presented to separately disclose the
gain realised on matured derivatives.
The notes on pages 22 to 59 form part of these Consolidated Financial
Statements.
Notes to the Consolidated Financial Statements
For the 52 weeks ended 30 March 2025
1. General information
Dr. Martens plc (the 'Company') is a public company limited by shares
incorporated in the United Kingdom, and registered and domiciled in England
and Wales, whose shares are traded on the London Stock Exchange. The Company's
registered office is: 28 Jamestown Road, Camden, London NW1 7BY. The principal
activity of the Company and its subsidiaries (together referred to as the
'Group') is the design, development, procurement, marketing, selling and
distribution of footwear under the Dr. Martens brand.
2. Accounting policies
The principal accounting policies adopted in the preparation of the financial
statements are set out below. The policies have been consistently applied to
the periods presented, unless otherwise stated. Amounts are presented in GBP
and to the nearest million pounds (to one decimal place) unless otherwise
noted. The reporting period is defined as the 52 weeks ended 30 March 2025 and
year ended 31 March 2024 for the comparative period.
2.1 Basis of preparation
The Consolidated Financial Statements of the Group have been prepared in
accordance with UK-adopted International Accounting Standards in conformity
with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards. The Group's Consolidated Financial Statements
have been prepared on a going concern basis under the historical cost
convention, except for equity investments, derivative financial instruments,
money market funds, share-based payments and pension scheme assets that have
been measured at fair value.
Certain amounts in the Statement of Profit or Loss and the Balance Sheet have
been grouped together for clarity, with their breakdown being shown in the
notes to the financial statements. The distinction presented in the Balance
Sheet between current and non-current entries has been made on the basis of
whether the assets and liabilities fall due within more than one year.
Consideration of climate risk matters
The Group continues to assess the impact of climate risk matters on many
aspects of the business, including climate-related scenario analysis as
required by the Task Force on Climate-related Financial Disclosures. Building
on this scenario analysis, consideration has been given to the impact of
climate-related risk on management judgements and estimates, and compliance
with existing accounting requirements. The incurred costs and investments
associated with our sustainability strategy are reflected in the Group's
Financial Statements. The impact of climate-related risk matters is not
expected to be material to the 30 March 2025 Consolidated Financial
Statements, the Group going concern assessments to 28 June 2026, or the
viability of the Group over the next three years.
Financial calendar
During FY24, the Group amended the basis of preparation of the Consolidated
Financial Statements to align with the operational trading of the business, by
moving from a calendar year to a retail calendar basis. The retail calendar
will report a 52-week year, split into monthly 5-4-4 Monday to Sunday week
formats. A 53-week year will be reported approximately every six years to
avoid the retail calendar deviating by more than seven days from the calendar
year and the accounting reference date of 31 March. The FY25 period began on 1
April 2024 and the Consolidated Financial Statements report the 52 weeks ended
30 March 2025 to conform to the retail calendar. The comparative period is the
year to 31 March 2024.
Going concern
The financial statements have been prepared on the going concern basis. The
going concern assessment covers at least the 12-month period from the date of
the signing of the financial statements, and the going concern basis is
dependent on the Group maintaining adequate levels of resources to operate
during the period. To support this assessment, detailed trading and cash flow
forecasts, including forecast liquidity and covenant compliance, were prepared
for the 13-month period to 28 June 2026. The Directors' assessment used the
same assumptions and methods as the viability assessment on pages 42 and 43 of
the Annual Report.
The key stages of the assessment process are summarised as follows:
· The Group planning process forms the basis of the going concern
review, this consists of a review of strategy and producing outputs for long,
medium and short-term financial plans, based on key assumptions which are
agreed with the GLT and Board
· The trading outlook over the long, medium and short term is
evaluated, contextualising our assessments within the broader macroeconomic
environment
· Micro and macro central planning assumptions are identified and
incorporated into the assessments
· The Directors of the Group have considered the future position
based on current trading and a number of potential downside scenarios which
may occur, including the impact of appropriate principal risks crystallising
· Further details on the potential downside scenarios relevant to
the going concern assessment period have been included below
The Directors also considered the Group funding arrangements as at 30 March
2025. The term loan and revolving credit facility were successfully refinanced
in November 2024. As at 30 March 2025 the Group reports cash of £155.9m, term
loan of £250.0m, as well as available undrawn facilities of £122.8m. The
initial term of the loan ends on 19 November 2027, there are two one-year
extension options, subject to lender approval.
Consistent with the Viability Statement on pages 42 and 43 of the Annual
Report, management have modelled and the Directors have reviewed 'top-down'
sensitivity and stress testing, including a review of the cash flow
projections and covenant compliance under a severe but plausible scenario in
relation to certain main risks and specific events assessed which are detailed
below:
· The impact of a factory closure in one key production geographic
area due to climate change (e.g. flooding)
· The impact of a reduction in factory capacity due to climate
change (e.g. heatwave)
· US cyber-attack resulting in one-month loss of ecommerce sales
during peak trading period
· Weaker consumer sentiment and lower demand
'Top-down' sensitivity and stress testing included a review of the cash flow
projections and covenant compliance under a severe but plausible scenario in
relation to the downside scenarios described above. In the unlikely event of
all the above scenarios occurring together, the Group can withstand material
revenue decline and without applying available mitigations, headroom above
covenant requirements remains, in line with expectation and the Group
continues to have satisfactory liquidity and covenant headroom throughout the
period under review. Experience over four years of FY22 to FY25 has indicated
minimal wholesale bad debt risk and minimal margin risk with the principal
risk to meeting covenant compliance being lower revenue.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.1 Basis of preparation (continued)
Going concern (continued)
In modelling our severe but plausible downside we have incorporated the impact
of a double-digit decrease in revenue from the base plan in the short term,
whilst holding stock purchases in line with the base plan. Under this
scenario, mitigations have not been included, but are available if required,
including some cost and cash savings that materialise immediately if the
Group's performance is below budget and other planned and standard cost
reductions.
A more extreme downside scenario is not considered plausible.
A more severe variation of the severe but plausible downside was also
prepared, which overlaid the impact of a 'worst-case' scenario for US tariffs.
Given this is a live and uncertain situation, the severe but plausible
downside was adjusted to include the impact of the highest set of reciprocal
tariffs charged on the full volumes included in the base plan. This model
reflects the tariffs announced on 3 April 2025, and does not reflect the
impact of the 90-day pause on tariffs due to end on 8 July 2025. The
combination of the above specific events and US tariffs is not considered
plausible but illustrates that the Group can withstand the pressure of these
tariffs on top of reduced demand, climate events and a cyber attack.
Reverse stress tests have been modelled to determine what could break covenant
compliance estimates and liquidity before mitigating actions. A covenant
breach test was performed as at March 2026, and it was concluded that the
business could weather extreme growth reductions without mitigation vs the
base plan. The business would have to experience -19%pts decline in growth
relative to the base plan before covenants are breached in March 2026. A
further scenario, modelling the revenue decline required to reach -£50m cash
at the end of the going concern period was also performed. Modelling of -£50m
cash, rather than the full utilisation of the revolving credit facility, is
performed as this would trigger special cash monitoring measures. The business
would have to experience -45%pts decline in revenue growth vs the base plan
during the 52 week period to 28 June 2026. The Directors have assessed the
likelihood of both scenarios to be remote.
We have also assessed the qualitative and quantitative impact of
climate-related risks, as noted in our TCFD scenario analysis and above, on
asset recoverable amounts and concluded that there would not be a material
impact on the business and cash flows in the viability period.
We will continue to monitor the impact of the macroeconomic backdrop and
geopolitical events on the Group in the countries where we operate, and we
plan to maintain flexibility to react as appropriate.
2.2 Basis of consolidation
The Consolidated Financial Statements comprise the financial statements of the
Company and its subsidiaries as at 30 March 2025 and 31 March 2024. Control is
achieved when the Group has rights to variable returns from its involvement
with the investee and the ability to use its power over the investee to affect
the amount of the investor's returns. Specifically, the Group controls an
investee if, and only if, the Group has:
· power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee);
· exposure, or rights, to variable returns from its involvement with
the investee; and
· the ability to use its power over the investee to affect its
returns.
Generally, there is a presumption that a majority of voting rights results in
control. To support this presumption and when the Group has less than a
majority of the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has power over an
investee, including:
· the contractual arrangement(s) with the other vote holders of the
investee;
· rights arising from other contractual arrangements; and
· the Group's voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of
the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the period are included in the Consolidated
Financial Statements from the date the Group gains control until the date the
Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed
to the equity holders of the parent of the Group. When necessary, adjustments
are made to the financial statements of subsidiaries to bring their accounting
policies in line with the Group's accounting policies. All intra-group assets
and liabilities, equity, income, expenses and cash flows relating to
transactions between members of the Group are eliminated in full on
consolidation.
A change in the ownership interest of a subsidiary, without a loss of control,
is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related
assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognised in profit
or loss. Any investment retained is recognised at fair value.
2.3 Adoption of new and revised standards
A number of new or amended standards became applicable for the current
reporting period. These standards, amendments or interpretations do not have
an impact on the Group in the current reporting period, and are not expected
to have a material impact in future reporting periods:
· Amendments to IAS 1 - Presentation of financial statements:
non-current liabilities with covenants
· Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements
· Amendments to IFRS 16 - Leases on sale and leaseback
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.3 Adoption of new and revised standards
(continued)
The following new or amended IFRS accounting standards, amendments and
interpretations are not yet adopted and it is expected that where applicable,
these standards and amendments will be adopted on each respective effective
date:
· Amendments to IAS 21 - Lack of exchangeability
· IFRS 18 - Presentation and disclosure in financial statements
· IFRS 19 - Subsidiaries without public accountability: disclosures
· Annual Improvements to IFRS - Volume II
IFRS 18 will replace IAS 1 Presentation of financial statements, introducing
new requirements that will help to achieve comparability of the financial
performance of similar entities and provide more relevant information and
transparency to users. Even though IFRS 18 will not impact the recognition or
measurement of items in the financial statements, its impacts on presentation
and disclosure are expected to be pervasive. In particular, those related to
the Statement of Profit or Loss and providing management-defined performance
measures within the financial statements. Management is currently assessing
the detailed implications of applying the new standard on the Group's
Consolidated Financial Statements.
The Group will apply the new standard from its mandatory effective date of 1
January 2027. Retrospective application is required, and so the comparative
information for the financial period ending 29 March 2026 will be restated in
accordance with IFRS 18.
Other accounting standards, amendments and interpretations not yet adopted are
not expected to have a material impact.
2.4 Alternative Performance Measures (APMs)
Management exercises judgement in determining the adjustments to apply to IFRS
measurements in order to derive suitable APMs. As set out in the Glossary on
pages 71 to 73, APMs are used as management believes these measures provide
additional useful information on the underlying trends, performance and
position of the Group. These measures are used for performance analysis. The
APMs are not defined by IFRS and therefore may not be directly comparable with
other companies' APMs. These measures are not intended to be a substitute for,
or superior to, IFRS measurements.
Adjusting items
For the 52 weeks ended 30 March 2025, the Group has utilised the term
'adjusting items' which are used within adjusted performance measures as
defined in the Glossary on pages 71 to 73. Adjusted results are presented to
provide a clearer view of the Group's ongoing operational performance,
reflecting how the business is managed and measured on a day-to-day basis, and
to aid comparability between periods.
Adjusting items include exceptional costs, impairment of non-financial assets
and currency gains/losses.
Exceptional costs are items of income/expense that are significant in nature
and/or quantum, and/or are considered unusual or non-recurring, such that they
are not considered part of the core operations of the business. The following
items were included as exceptional costs for the 52 weeks ended 30 March 2025;
refer to note 4 for further detail:
· Director joining costs relating to sign-on packages that are not
considered to be part of the normal operating costs of the business.
· Cost savings related costs arising from operational changes that
are not considered to be part of the normal and ongoing operating costs of the
business.
· Accelerated bank fees incurred on the refinancing of the Group's
loan facilities that are not considered to be part of the normal costs of the
business.
2.5 Foreign currency translation
The Consolidated Financial Statements are presented in GBP, which is the
Group's presentational currency. The Group includes foreign entities whose
functional currencies are not GBP. On consolidation, the assets and
liabilities of the Group entities that have a functional currency different
from the presentation currency are translated into GBP at the closing rate at
the date of that Balance Sheet. Income and expenses for each Statement of
Profit or Loss are translated at average foreign exchange rates for the
period. Foreign exchange differences are recognised in other comprehensive
income. The functional currency of each company in the Group is that of the
primary economic environment in which the entity operates.
2.6 Revenue
The Group's revenue arises from the sale of goods to customers. Contracts with
customers generally have one performance obligation. The Group has concluded
that the revenue from the sale of goods should be recognised at a point in
time when control of the goods is transferred to the customer, which is
dependent on the revenue channel. Revenue is recognised at the invoiced price
less any associated discounts and sales taxes.
The Group assessed its revenue channels against the IFRS 15 five-step model,
identifying the contracts, the performance obligations and the transaction
price, and then allocating this to determine the timing of revenue
recognition. The revenue channels that have been separately assessed are as
follows:
· ecommerce revenue, including delivery charge income;
· retail revenue; and
· wholesale revenue.
Control is passed to the customer on the following basis under each of the
revenue channels as follows:
· ecommerce channel: upon receipt of the goods by the consumer;
· retail channel: upon completion of the transaction; and
· wholesale channel: upon delivery of the goods or upon dispatch to
the customer if the customer takes responsibility for delivery.
The payment terms across each of these revenue channels vary. The payments for
retail are received at the transfer of control. Ecommerce payments are
mainly made in advance of transfer of control by less than one week as there
is a timing difference between receipt of cash on order and receipt of goods
by the consumer. Wholesale customers pay on terms generally between 30 and 60
days.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.6 Revenue (continued)
Some contracts for the sale of goods provide customers with a right of return
and rebates. Under IFRS 15, this gives rise to variable consideration, which
is constrained such that it is highly probable that significant reversal will
not occur.
Rights of return
When a contract provides a customer with a right of return, under IFRS 15, the
consideration is variable because the contract allows the customer to return
the product. The Group uses the expected value method to estimate the goods
that will be returned and recognise a refund liability and an asset for the
goods to be recovered. Provisions for returned goods are calculated based on
future expected levels of returns for each channel, assessed across a variety
of factors such as historical trends, economic factors and other measures.
Rebates
Under IFRS 15, rebates give rise to variable consideration. To estimate this
the Group applies the most likely amount method.
2.7 Finance income and expenses
Finance expenses consist of interest payable on various forms of debt and
finance income consists of interest receivable amounts from cash held. Both
are recognised in the Statement of Profit or Loss under the effective interest
rate method.
2.8 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax movement recognised. The tax currently payable is based on taxable profit.
Taxable profit differs from net profit as reported in the Statement of Profit
or Loss because it excludes items of income or expense that are taxable or
deductible in other periods and it further excludes items that are never
taxable or deductible. The Group's liability for current tax is calculated by
using tax rates that have been enacted or substantively enacted by the end of
each reporting period.
Tax provisions are recognised when there is a potential exposure to an
uncertain tax position and an outflow of resources is probable. The Group
applies IFRIC 23 Uncertainty over Income Tax Treatments to measure uncertain
tax positions. The Group calculates each provision using either the expected
value method or the most likely outcome method in line with the guidance
contained within IFRIC 23. The uncertain tax positions are reviewed regularly
and there is ongoing monitoring of tax cases and rulings which could impact
the provision.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amount of assets and liabilities in the historical
financial information and the corresponding tax bases used in the computation
of taxable profit and is accounted for using the Balance Sheet liability
method based on rates that are enacted or substantively enacted by the end of
each reporting period. Deferred tax liabilities are recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and liabilities
are not recognised if the temporary difference arises from goodwill or from
the initial recognition (other than in a business combination) of other assets
and liabilities in a transaction which affects neither the taxable profit nor
the accounting profit. Deferred tax liabilities are recognised for taxable
temporary differences arising in investments in subsidiaries except where the
Group is able to control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the foreseeable
future. The carrying amount of deferred tax assets is reviewed at the end of
each reporting period and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply to the
period when the asset is realised, or the liability is settled. Deferred tax
is charged or credited in the Statement of Profit or Loss, except when it
relates to items credited or charged directly to equity, in which case the
deferred tax is also dealt with in equity. Both deferred tax assets and
liabilities and current tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against current tax
liabilities, when they relate to income taxes levied by the same taxation
authority, and the Group intends to settle its current tax assets and
liabilities on a net basis.
On 23 May 2023, the IASB issued an amendment to IAS 12 'Income Taxes' to
clarify how the effects of the global minimum tax framework should be
accounted for and disclosed effective 1 January 2023. This was endorsed by the
UK Endorsement Board on 19 July 2023 and has been adopted by the Group for
2025 reporting. The Group has applied the exemption to recognising and
disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes.
2.9 Dividends
Final dividends are recorded in the financial statements in the period in
which they are approved by the Company's shareholders. Interim dividends are
recorded in the period in which they are paid.
2.10 Intangible assets
Goodwill
Business combinations are accounted for by applying the acquisition method.
Goodwill acquired represents the excess of the fair value of the consideration
over the fair value of the identifiable net assets acquired.
After initial recognition, positive goodwill is measured at cost less any
accumulated impairment losses. At the date of acquisition, the goodwill is
allocated to cash generating units, usually at business segment level or
statutory company level as the case may be, for the purpose of impairment
testing and is tested at least annually for impairment, or if an indicator of
impairment exists. On subsequent disposal or termination of a business
acquired, the profit or loss on termination is calculated after charging the
carrying value of any related goodwill. Negative goodwill is recognised
directly in the Statement of Profit or Loss.
Separately acquired intangible assets
Separately acquired intangible assets comprise other intangibles. Other
intangibles that have finite useful lives are carried at cost less accumulated
amortisation and any provision for impairment. Other intangibles with a finite
life are amortised on a straight line basis over the expected useful economic
life of each of the assets, which is considered to be 5 to 15 years.
Amortisation expense is charged to selling and administrative expenses. Other
intangibles with an indefinite useful life are carried at cost less
impairment. These are other intangibles for which the estimated useful life is
indefinite. The carrying value of intangible assets is reviewed for impairment
whenever events or changes in circumstances indicate the carrying value may
not be recoverable.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.10 Intangible assets (continued)
Software
Software comprises internally generated software development. Research
expenditure is charged to income in the period in which it is incurred.
Development expenditure is charged to income in the period it is incurred
unless it meets the recognition criteria of IAS 38 Intangible Assets to be
capitalised as an intangible asset. Following initial recognition of the
development expenditure as an asset, the asset is carried at cost less any
accumulated amortisation and impairment losses. Amortisation begins when
development is complete, and the asset is available for use. These assets are
considered to have finite useful lives and are amortised on a straight line
basis over the expected useful economic life of the assets, which is
considered to be 5 to 15 years. Amortisation expense is charged to selling and
administrative expenses. The carrying value of intangible assets is reviewed
for impairment whenever events or changes in circumstances indicate the
carrying value may not be recoverable.
2.11 Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation
and provision for impairment. Depreciation is calculated to write down the
cost of the assets less estimated residual value over its expected useful life
on a straight line basis as follows:
Freehold property 50 years
Freehold improvements 10 years
Leasehold improvements Over the life of the lease
Plant and machinery 15 years
Fixtures and fittings 5-15 years
Office and computer equipment 3 years for computer equipment and 5 years for all other office equipment
Depreciation expense is charged to selling and administrative expenses. Any
gain or loss arising on the derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the
asset) is included in the Statement of Profit or Loss in the period that the
asset is derecognised.
2.12 Lease accounting
The Group assesses at contract inception whether a contract is, or contains, a
lease. That is, if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all
leases, except for short-term leases and leases of low-value assets. As part
of the measurement approach, the Group uses its incremental borrowing rate
which is adjusted by both property type and geography. The Group recognises
lease liabilities to make lease payments and right-of-use assets representing
the right to use the underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease
(i.e. the date the underlying asset is available for use). Right-of-use assets
are measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are
depreciated on a straight line basis over the shorter of the lease term and
the estimated useful lives of the assets, as follows:
Right-of-use-assets Shorter of lease term and estimated useful life (3 to 15 years)
If ownership of the leased asset transfers to the Group at the end of the
lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset. The
right-of-use assets are also subject to impairment. Refer to the accounting
policies in the Impairment of non-financial assets section.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities
measured at the present value of lease payments to be made over the lease
term. The lease payments include fixed payments (including in substance fixed
payments) less any lease incentives receivable, variable lease payments that
depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a
purchase option reasonably certain to be exercised by the Group and payments
of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate. Variable lease payments that do not
depend on an index or a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which the event or condition
that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its
incremental borrowing rate (adjusted by both property type and geography) at
the lease commencement date as often the interest rate implicit in the lease
is not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the interest charge and reduced for the
lease payments made. In addition, the carrying amount of lease liabilities is
remeasured if there is a modification that does not increase the scope of the
lease, a change in the lease term, a change in the lease payments (e.g.
changes to future payments resulting from a change in an index or rate used to
determine such lease payments) or a change in the assessment of an option to
purchase the underlying asset. A lease modification is accounted for as a
separate lease where the modification increases the scope of the lease, and
the lease consideration increases by an amount reflecting the stand-alone
price for the increase in scope. The Group's lease liabilities are included in
interest-bearing loans and borrowings (note 18).
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term
leases of machinery and equipment (i.e. those leases that have a lease term of
12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption
to leases of office equipment that are considered to be low value. Lease
payments on short-term leases and leases of low-value assets are recognised as
an expense on a straight line basis over the lease term.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.13 Impairment of non-financial assets
The carrying amounts of the Group's relevant assets are reviewed at each
period-end date to determine whether there is any indication of impairment,
and if an indicator is present the asset is tested for impairment. For
goodwill and intangible assets that have an indefinite useful life, an
impairment test is also performed each period-end. If an impairment test is
required, the Group estimates the asset's recoverable amount. An asset's
recoverable amount is the higher of its fair value less costs of disposal and
its value in use. An impairment is present if the recoverable amount is less
than the carrying value of the asset. Impairment losses are recognised in the
Statement of Profit or Loss in those expense categories consistent with the
function of the impaired asset.
2.14 Inventories
Inventories are stated at the lower of cost and net realisable value. The cost
of inventories consists of all costs of purchase, costs of design and other
costs incurred in bringing the inventory to its first point of sale location
and condition. Inventories are valued at weighted average cost, including
freight to warehouse and duty. Net realisable value is based on estimated
selling price less any costs expected to be incurred to completion or
disposal.
2.15 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of
one entity and a financial liability or equity instrument of another entity.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is
reported in the Consolidated Balance Sheet if there is a currently enforceable
legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets, and to settle the liabilities
simultaneously.
Categorisation of inputs for fair value measurements
Assets and liabilities held at fair value are categorised into levels that
have been defined according to IFRS 13 'Fair Value Measurement' measurement
hierarchy as follows:
· quoted prices (unadjusted) in active markets for identical assets
or liabilities (Level 1);
· inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (Level 2); and
· inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (Level 3).
The fair values of derivatives are calculated using valuation models based on
observable market curves such as forward foreign exchange rates, discounted
back to present value using risk free interest rates. The impacts of
counterparty credit, volatility and currency basis are also considered as part
of the fair valuation where appropriate.
All financial instruments that are held at fair value use Level 2 inputs
except for equity investments which use Level 3 inputs. Furthermore, under
IFRS 9, cost has been used as the best estimate for fair value for equity
investments due to insufficient recent information available to measure fair
value.
2.16 Financial assets
Recognition and derecognition
Purchases and sales of financial assets are recognised on trade date being the
date on which the Group commits to purchase or sell the asset. Financial
assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership.
Investments
Equity investments that are not held for trading have been irrevocably
designated as fair value through other comprehensive income. After initial
recognition at fair value plus transaction costs, these assets are recorded at
fair value at each period end with the movements recognised in other
comprehensive income until derecognition or impaired. On derecognition, the
cumulative gain or loss previously recognised in other comprehensive income is
never recycled to the income statement. Dividends on financial assets at fair
value through other comprehensive income are recognised in the income
statement when the entity's right to receive payment is established. Equity
investments are recorded in non-current assets unless they are expected to be
sold within one year.
Trade and other receivables
Trade receivables are assessed under IFRS 9 and measured at amortised cost
using the effective interest rate method. The Group recognises an allowance
for expected credit losses (ECLs) for all debt instruments not held at fair
value through profit or loss (FVPL). The most significant financial assets of
the Group are its cash and trade receivables. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all
the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate.
Cash and cash equivalents
Cash and cash equivalents primarily comprise cash held within bank accounts,
money market funds (MMFs) and bank term deposits maturing less than 90 days
from inception. All cash is held short term in highly liquid investments that
are readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Included within cash and cash equivalents are debit and credit card payments
made by customers which are receivable from card acquiring financial
institutions along with cash in transit from various payment processing
intermediaries that provide receipting services to the Group. All cash and
cash equivalents are measured at amortised cost except MMFs which are held at
fair value through profit or loss.
Summary of the Group's financial assets:
Financial asset IFRS 9 classification
Investments Fair value through other comprehensive income
Trade and other receivables excluding prepayments Amortised cost
Derivative financial assets Fair value through profit and loss
Cash and cash equivalents Amortised cost, except for cash amounts held within money market funds which
are held at fair value through profit or loss
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.17 Financial liabilities
The Group classifies and measures all of its non-derivative financial
liabilities at amortised cost.
Initial recognition
Financial liabilities are classified according to the substance of the
contractual arrangements entered into.
Derecognition
A financial liability is derecognised when the obligation under the liability
is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the Statement of Profit or Loss.
Trade and other payables
Trade payables are obligations to pay for goods or services that have been
acquired in the course of ordinary business from suppliers. Accounts payable
are classified as current liabilities if payment is due within one year or
less. If not, they are presented as non-current liabilities. Trade payables
are recognised initially at fair value and subsequently held at amortised cost
using the effective interest rate method.
Summary of the Group's financial liabilities:
Financial liability IFRS 9 classification
Bank debt Amortised cost
Bank interest Amortised cost
Lease liabilities Amortised cost
Derivative financial instruments Fair value through profit and loss
Trade and other payables excluding non-financial liabilities Amortised cost
2.18 Derivative financial instruments and hedging
activities
The Group uses foreign exchange forward contracts to hedge its foreign
currency risks. Such derivative financial instruments are initially recognised
at fair value on the date a derivative contract is entered into and are
subsequently remeasured at fair value. The method of recognising the resulting
gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged.
Gains or losses arising from changes in fair value related to derivatives held
in a cash flow hedge relationship are recognised in other comprehensive
income/(expense) and deferred in the hedging reserve to the extent that the
hedges are deemed effective. Amounts are transferred to the income statement
in the same period in which the hedged risk affects the income statement and
against the same line item.
Where cash flow hedging is applied, the Group designates foreign exchange
derivative hedges on a full forward or spot basis. Where only the spot element
of a foreign exchange derivative is designated, the cost of hedging election
is applied to the forward points with fair value movements recognised in other
comprehensive income and released to profit or loss depending on the nature of
the underlying hedged item.
The Group performs regular hedge effectiveness testing. For cash flow hedges
where the forecast transaction is no longer expected to occur, hedge
accounting is discontinued, and all accumulated gains or losses held in the
hedging reserve are immediately recognised in profit or loss. Where hedge
accounting is discontinued as a result of expiry, disposal or termination of
the derivative instrument (and where the hedge relationship was deemed to be
effective), accumulated gains or losses up to the point of discontinuation are
held in the hedging reserve and released to profit or loss in line with the
hedged item.
Derivative financial instruments consist of foreign currency exchange forward
contracts, which are categorised within Level 2 under the IFRS 13 measurement
hierarchy (refer to note 2.15 for further detail on fair value level
categorisation).
The full fair values of derivatives are classified as a non-current asset or
liability if the remaining maturity of the derivatives are more than 12 months
and as a current asset or liability if the maturity of the derivatives are
less than 12 months.
2.19 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs
incurred, and subsequently carried at amortised cost using the effective
interest rate method so that any difference between the proceeds (net of
transaction costs) and the redemption value is recognised in the Statement of
Profit or Loss over the period of the borrowings. Details of the Group's
borrowings are included in note 18.
Borrowing costs
The Group expenses borrowing costs in the period the costs are incurred. Where
borrowing costs are attributable to the acquisition, construction or
production of a qualifying asset, such costs are capitalised as part of the
specific asset and amortised over the estimated useful life of the asset.
Details of the Group's borrowings are included in note 18.
2.20 Ordinary share capital
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.21 Segmental analysis
IFRS 8 'Operating Segments' requires operating segments to be determined by
the Group's internal reporting to the Chief Operating Decision Maker (CODM).
The CODM has been determined to be both the CEO and CFO, who receive
information on this basis of the Group's revenue in key geographical regions
based on the Group's management and internal reporting structure. The CODM
assesses the performance of geographical segments based on a measure of
revenue and EBIT(1). To increase transparency the Group also includes
additional voluntary disclosure analysis of global revenue within different
operating channels.
In previous periods EBITDA(1) was presented. However, this has been replaced
with EBIT(1) as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change. Prior period amounts have been updated to reflect this change.
In July 2024, the IFRS Interpretations Committee (IFRIC) provided more
clarification on the requirements under IFRS 8 on segmental disclosures.
Specified items of income and expense are presented by reporting segment and
other material items of income and expense are no longer limited to unusual or
non-recurring items. Prior period amounts have been updated to reflect this
change.
2.22 Pension arrangements
The Group provides pension benefits which include both defined benefit and
defined contribution arrangements.
Defined contribution pension schemes
For defined contribution schemes the amount charged to the Statement of Profit
or Loss represents the contributions payable to the plans in the accounting
period. Differences between contributions payable in the period and
contributions actually paid are shown as either accruals or prepayments in the
Balance Sheet.
Defined benefit pension scheme
The Group operates a defined benefit pension scheme, which requires
contributions to be made to separately administered funds for administration
expenses. The Group did not make any contributions to the scheme in the period
(FY24: £nil). The UK defined benefit scheme was closed to new members on 6
April 2002, from which time membership of a defined contribution plan was
available. It was then closed to all future accrual for all existing members
on 31 January 2006. A valuation of the Plan is carried out at least once every
three years to determine whether the Statutory Funding Objective is met. The
last valuation was carried out at 30 June 2022, the next valuation is due at
30 June 2025. No asset is recognised in the Balance Sheet in respect of
defined benefit pension plans due to the uncertainty over the Group's right to
a refund of the surplus from the scheme as set out in note 2.25. The defined
benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit
obligation is determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are denominated in
the currency in which the benefits will be paid, and that have terms to
maturity approximating to the terms of the related pension obligation.
Past-service costs are recognised immediately in income.
The net interest cost is calculated by applying the discount rate to the net
balance of the defined benefit obligation and the fair value of plan assets.
The net interest cost is limited by the asset ceiling. When occurring, this
cost is included in employee benefit expense in the Statement of Profit or
Loss. Actuarial gains and losses arising from experience adjustments and
changes in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise.
2.23 Share Incentive Plan (SIP) Trusts
The Group operates two SIP Trusts for the benefit of its employees. Under
accounting standard IFRS 10 Consolidated Financial Statements, control for
accounting purposes has a different test threshold than under a legal basis
and as a result the Group's SIP Trusts are deemed to be under the control of
Dr. Martens plc. The Trust deed for the Dr. Martens plc UK Share Incentive
Plan Trust was adopted by the Board on 10 September 2021.
2.24 Share-based payments and share schemes
The Group provides benefits to employees in the form of share-based payment
transactions, whereby employees render services as consideration in exchange
for equity instruments ('equity-settled transactions').
The cost of equity-settled transactions is measured by reference to the fair
value of the equity instruments at the date on which they are granted and is
recognised as an expense over the vesting period, which ends on the date the
relevant employee becomes fully entitled to the award. The fair value is
calculated using an appropriate option pricing model and takes into account
the impact of any market performance conditions. The impact of non-market
performance conditions is not considered in determining the fair value at the
date of grant. Vesting conditions which relate to non-market conditions are
allowed for in the assumptions used for the number of options expected to
vest. The level of vesting is reviewed at each Balance Sheet date and the
charge adjusted to reflect actual and estimated levels of vesting. The cost of
share-based payment transactions is recognised as an expense over the vesting
period of the awards, with a corresponding increase in equity. Further details
of share-based awards granted in the period can be found in note 27.
A proportion of the annual Executive Bonus Scheme is settled in the form of
purchased Parent Company shares. This is accounted for as a cash-settled
scheme as although participants received equity, it is driven by a cash amount
that is paid and converted into shares at a point in time. The proximity of
the date of communication of the bonus to when the shares are received means
that there would be minimal difference between cash- and equity-settled
treatment.
( )
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.25 Significant judgements and estimates
The preparation of the Group's financial statements in conforming with IFRS
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts in the financial statements.
These judgements and estimates are based on management's best knowledge of the
relevant facts and circumstances. However, the nature of estimation means that
actual outcomes could differ from those estimates. Information about such
judgements and estimation is contained in the accounting policies and/or notes
to the financial statements and the key areas are summarised below:
Key judgements
The following judgement has had the most significant effect on amounts
recognised in the financial statements:
Defined benefit scheme surplus
The Group acknowledges that the recognition of pension scheme surplus is an
area of accounting judgement, which depends on the interpretation of the
Scheme Rules and the relevant accounting standards including IAS 19 and IFRIC
14. The surplus under the scheme is not recognised as an asset benefitting the
Group on the Balance Sheet, as the Group believes there is uncertainty in
relation to the recoverability of any surplus, which is therefore unlikely to
derive any economic benefits from that surplus. In the Group's view there is
uncertainty over whether the Scheme Rules provide the Group with an
unconditional right to a refund of the surplus from the scheme due to
third-party discretionary investment powers which could use up any surplus
prior to wind-up. Consistent with previous years, given this uncertainty, the
Group has applied an asset ceiling to the pension scheme surplus of zero. As
such, an asset ceiling has been applied to the Balance Sheet, and the net
surplus of £8.7m (FY24: £9.1m) has not been recognised on the Balance Sheet.
The net surplus has been capped to £nil (FY24: £nil). The key sensitivities
of the defined benefit obligation to the actuarial assumptions are shown in
note 30.
Other areas of judgement and accounting estimates
The Consolidated Financial Statements include other areas of judgement and
accounting estimates. While these areas do not meet the definition under IAS 1
of significant accounting estimates or critical accounting judgements, the
recognition and measurement of certain material assets and liabilities are
based on assumptions and/or are subject to longer-term uncertainties. The
other areas of judgement and accounting estimates are listed below:
Judgements
Determining the lease term of contracts with renewal and termination options -
Group as lessee
The Group determines the lease term as the non-cancellable term of the lease,
together with any periods covered by an option to extend the lease if it is
reasonably certain to be exercised, or any periods covered by an option to
terminate the lease if it is reasonably certain not to be exercised.
The Group has several lease contracts that include extension and termination
options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or terminate the lease.
That is, it considers all relevant factors that create an economic incentive
for it to exercise either the renewal or termination. After the commencement
date, the Group reassesses the lease term if there is a significant event or
change in circumstances that is within its control and affects its ability to
exercise or not to exercise the option to renew or to terminate (e.g.
construction of significant leasehold improvements or significant
customisation to the leased asset).
The Group included the renewal period as part of the lease term for leases of
plant and machinery with shorter non-cancellable periods (i.e. three to five
years). The Group typically exercises its option to renew these leases because
there will be a significant negative effect on production if a replacement
asset is not readily available. The renewal periods for leases of leasehold
property with longer non-cancellable periods (i.e. 10 to 15 years) are not
included as part of the lease term, unless there is an economic incentive to
extend the lease, as these are not reasonably certain to be exercised.
Furthermore, the periods covered by termination options are included as part
of the lease term only when they are reasonably certain not to be exercised.
Exceptional costs
The classification of exceptional costs requires management judgement after
considering the nature and intentions of a transaction. The Group's
definitions of exceptional costs are outlined within both the Group accounting
policies and the Glossary. Note 4 provides further details on current period
exceptional costs and their adherence to Group policy.
Indicators of impairment of non-financial assets
The assessment of indicators of impairment for non-financial assets involves a
degree of management judgement. This judgement is applied both in identifying
potential indicators and in determining whether such indicators are considered
to be present. The Group considers relevant internal and external sources of
information in making this determination, for example market capitalisation
and comparison of performance to budget. Once this assessment has been made,
any required impairment testing is performed in accordance with the prescribed
valuation methodologies, in line with the applicable accounting standards.
Sources of estimation uncertainty and assumptions
The following estimates are dependent upon assumptions which could change in
the next financial year and have an effect on the carrying amount of assets
and liabilities recognised at the Balance Sheet date:
Inventory net realisable value
and provisions
The assessment of the valuation of inventory requires the determination of net
realisable value. Sales prices, patterns and other assumptions are reviewed to
estimate net realisable value. Inventory provisioning also requires
significant assumptions to be made. When classifying inventory lines to be
provided against, the Group identifies stock that is at a higher risk of not
being sold at its current value by identifying products sold at a loss and
products which do not meet defined quality standards.
Uncertain tax positions
The Group recognises liabilities for anticipated tax issues based on estimates
of whether additional taxes will be due. Where the final tax outcome of these
matters is different from the amounts that were initially recorded, such
differences will impact the current and deferred tax assets and liabilities in
the period in which the determination is made. Management is required to
determine the amount of deferred tax assets that can be recognised, based upon
the likely timing and level of future taxable profits together with
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
2.25 Significant judgements and estimates (continued)
Uncertain tax positions (continued)
an assessment of the effect of future tax planning strategies (see notes 9 and
23). In addition, the assessment of uncertain tax positions is based on
management's interpretation of relevant tax rules and decided cases, external
advice obtained, statutes of limitations, the status of the negotiations and
past experience with tax authorities. In evaluating whether a provision is
needed it is assumed that tax authorities have full knowledge of the facts and
circumstances applicable to each issue.
Carrying value of non-financial assets
The Group assesses at each reporting date whether there is an indication that
an asset may be impaired. If any indication exists, or when annual impairment
testing for an asset is required, the Group performs an impairment test and
estimates the asset's recoverable amount. An asset's recoverable amount is the
higher of its fair value less costs of disposal and its value in use. An
impairment is present if the recoverable amount is less than the carrying
value of the asset.
The recoverable amount is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount. If assessing value in use, estimates
of future cash flows are discounted to present value using pre-tax discount
rates derived from risk-free rates based on long-term government bonds,
adjusted for risk factors such as region and market risk in the territories in
which the Group operates and the time value of money. The future cash flows
are then extended into perpetuity using long-term growth rates. If determining
fair value less costs of disposal, recent market transactions are considered.
If no such transactions can be identified, an appropriate valuation model is
used. These calculations are corroborated by valuation multiples, quoted share
prices for publicly traded companies or other available fair value indicators.
For details of relevant non-financial assets, see notes 12 and 13.
Defined benefit pension scheme
assumption
Determining the fair value of the defined benefit pension scheme, which
relates to the pension of the Group, requires assumptions to be made by
management and the Group's independent qualified actuary around the actuarial
valuations of the scheme's assets and liabilities. For details see note 30.
Leases - estimating the
incremental borrowing rate
The Group cannot readily determine the interest rate implicit in most leases;
therefore it uses its incremental borrowing rate (IBR) to measure lease
liabilities. The IBR is the rate of interest that the Group would have to pay
to borrow over a similar term, and with a similar security, the funds
necessary to obtain an asset of a similar value to the right-of-use asset in a
similar economic environment. The IBR therefore reflects what the Group 'would
have to pay', which requires estimation when no observable rates are available
(such as for subsidiaries that do not enter into financing transactions) or
when they need to be adjusted to reflect the terms and conditions of the lease
(for example, when leases are not in the subsidiary's functional currency).
The Group estimates the IBR using observable inputs (such as market interest
rates) when available and is required to make certain entity-specific
estimates (such as the subsidiary's stand-alone credit rating). The IBR is
reassessed when there is a reassessment of the lease liability or a lease
modification.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
3. Segmental analysis
FY25
EMEA Americas APAC Support costs(5) Total
£m £m £m £m £m
Revenue(1,2) 384.2 288.5 114.9 - 787.6
Gross margin 261.1 169.5 81.1 - 511.7
Staff and operating costs (150.1) (134.4) (55.8) (54.4) (394.7)
Depreciation, amortisation, impairment and other losses (36.6) (25.7) (10.3) (4.3) (76.9)
Currency losses - - - (3.1) (3.1)
EBIT(3,4) 74.4 9.4 15.0 (61.8) 37.0
Exceptional costs(3) 0.8 2.1 0.9 12.5 16.3
Impairment of non-financial assets 2.1 2.1 0.1 - 4.3
Currency losses - - - 3.1 3.1
Adjusted EBIT(3) 77.3 13.6 16.0 (46.2) 60.7
Net finance income and expense (28.2)
Exceptional costs(3) (16.3)
Impairment of non-financial assets (4.3)
Currency losses (3.1)
Profit before tax 8.8
FY24(6)
EMEA Americas APAC Support costs(5) Total
£m £m £m £m £m
Revenue(1,2) 431.8 325.8 119.5 - 877.1
Gross margin 290.1 200.2 84.9 - 575.2
Staff and operating costs (149.4) (135.9) (53.2) (39.2) (377.7)
Depreciation, amortisation, impairment and other gains (31.0) (22.6) (9.6) (7.9) (71.1)
Currency losses - - - (4.2) (4.2)
EBIT(3,4) 109.7 41.7 22.1 (51.3) 122.2
Exceptional costs(3) - - - - -
Impairment of non-financial assets - - - - -
Currency losses - - - 4.2 4.2
Adjusted EBIT(3) 109.7 41.7 22.1 (47.1) 126.4
Net finance income and expense (29.2)
Exceptional costs(3) -
Impairment of non-financial assets -
Currency losses (4.2)
Profit before tax 93.0
1. Revenue by geographical market represents revenue from external customers;
there is no inter-segment revenue.
2. Included in EMEA revenue is £142.1m (FY24: £168.5m) in relation to
trading in the UK.
3. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
4. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change. Prior period amounts have been updated to reflect this change.
5. All currency gains/losses are included in support costs. Currency
gains/losses are a product of how trading is managed by legal entity globally.
Inclusion in support costs allows performance for each region to be evaluated
exclusive of the currency impact of global operations. EMEA trading entities
incurred a £5.1m currency loss (FY24: £4.6m loss). Americas trading entities
incurred a £0.5m currency gain (FY24: £0.3m gain). APAC trading entities
incurred a £0.5m currency loss (FY24: £2.3m loss).
6. Segmental presentation has been changed in response to the July 2024 IFRIC
decision on segmental reporting. Comparative periods have been re-presented.
Additional analysis
The Group derives its revenue
in geographical markets from the following sources:
FY25 FY24
£m £m
Revenue by channel
Ecommerce 268.3 276.3
Retail 242.4 256.8
Total DTC revenue(7) 510.7 533.1
Wholesale 276.9 344.0
Total revenue 787.6 877.1
7. DTC revenue consists of revenue from the Group's direct-to-consumer (DTC)
channel which is ecommerce plus retail revenue, as defined in the Glossary on
pages 71 to 73.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
3. Segmental analysis (continued)
FY25 FY24
£m £m
Non-current assets(8)
EMEA(9) 135.8 153.4
Americas 77.3 92.2
APAC 14.0 17.7
Goodwill 240.7 240.7
Deferred tax 11.1 11.2
Total non-current assets 478.9 515.2
8. Assets are monitored by
the CODM on an entity basis, not by reporting segment. Therefore,
non-current assets are disclosed by geographical location with goodwill and
deferred tax being representative of the Group.
9. Included in the EMEA
non-current assets is £75.3m (FY24: £83.9m) in relation to the UK legal
entities.
4. Adjusting items
Total adjustments to profit after tax for the 52 weeks ended 30 March 2025 are
a net charge of £18.9m (FY24: £nil). Adjustments include exceptional
costs(1) and other adjusting items. EBIT(1) includes exceptional costs(1) of
£16.3m (FY24: £nil) and profit before tax includes £17.9m (FY24: £nil) of
exceptional costs(1). Adjusted results are presented to provide a clearer view
of the Group's ongoing operational performance, reflecting how the business is
managed and measured on a day-to-day basis, and to aid comparability between
periods.
The adjustments made to reported profit measures are:
FY25 FY24
£m £m
Included in selling and administrative expenses
Exceptional costs(1)
Director joining costs 4.6 -
Cost savings related costs 11.7 -
Total exceptional costs(1) included in selling and administrative expenses 16.3 -
Other adjusting items
Impairment of non-financial assets 4.3 -
Currency losses 3.1 4.2
Total other adjusting items included in selling and administrative expenses 7.4 4.2
Adjustments to EBIT(1) 23.7 4.2
Included in finance expense
Exceptional costs(1)
Accelerated amortisation of fees on debt refinancing 1.6 -
Total exceptional(1) costs included in finance expense 1.6 -
Adjustments to profit before tax 25.3 4.2
Tax impact of adjustments:
Exceptional costs(1,2)
Director joining costs (0.6) -
Cost savings related costs (2.9) -
Accelerated amortisation of fees on debt refinancing (0.4) -
Total tax impact of exceptional costs(1) (3.9) -
Other adjusting items
Impairment of non-financial assets(3) (1.0) -
Currency losses(4) (1.5) (1.1)
Total tax impact of other adjusting items (2.5) (1.1)
Adjustments to profit after tax 18.9 3.1
1. Alternative Performance
Measure (APM) as defined in the Glossary on pages 71 to 73.
2. The tax impact of
exceptional costs has been calculated by applying the statutory tax rate for
the entities where these costs have been incurred.
3. The tax impact of impairment
has been calculated by applying the effective tax rate or statutory tax rate
for the relevant jurisdiction depending on local treatment.
4. The tax impact of currency
losses/gains has been calculated by applying the Group's effective tax
rate.
Exceptional costs
Director joining costs
The Group recognises significant costs associated with the appointment of the
new CFO and CEO as exceptional costs due to their quantum and nature as
sign-on packages related to their specific appointment, rather than being a
standard practice for the Group. These costs relate only to discretionary
compensation for the new Directors relating to the share scheme value they
lost because of leaving previous employment, outside of the Group's LTIP
scheme. The change in Directors has resulted in the initiation of broader
changes within the Group, which are outlined below (refer to cost savings
related costs) and are considered exceptional costs.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
4. Adjusting items (continued)
Director joining costs (continued)
During the period, the Group recognised costs associated with the appointment
of the Directors of £4.6m (FY24: £nil). £1.6m relates to cash-settled
compensation for a portion of their share scheme values lost and associated
payroll taxes. £0.4m relates to other professional fees related to the
recruitment of the Directors and £0.4m relates to costs of the CEO handover
period. £2.2m of this has been paid in cash. An additional £1.9m of the cost
incurred relates to share-based payment expenses recognised in the period
relating to the equity-settled compensation for their share scheme values
lost, which is non-cash. A further £0.3m of expense relates to payroll taxes
on the share-based payment expense which will be paid in cash when the schemes
vest. A further £1.3m of share-based payment expense is expected to be
incurred.
Cost savings related costs
In May 2024, the Group announced it would be undertaking a cost action plan in
FY25, to create savings from operational efficiency and design, better
procurement and operational streamlining. In February 2025, the Group also
commenced a project to change and improve the Global Technology organisation
and capability through the establishment of the Global Technology Centre in
India. Costs in relation to these schemes were incurred with respect to
severance payments of £9.2m, and other related costs of £2.5m. This
corresponds to a cash outflow during the period of £8.3m. These costs are
reported as exceptional costs due to their size, and due to the unusual and
non-recurring nature of such programmes.
Accelerated fees on debt refinancing
In November 2024, following the refinancing and replacement of its €337.5m
EUR Term Loan the Group incurred costs relating to the immediate acceleration
of unamortised prepaid transaction costs related to the previous debt
extinguishment. These have been classified as exceptional costs due to their
non-recurring nature. This approach ensures that the financial statements
present a clearer view of the Group's ongoing operational performance by
excluding these one-time adjustments related to refinancing. In the current
period, the Group recognised costs amounting to £1.6m, with no cash flow
impact.
Other adjusting items
Impairment of non-financial assets
The Group has carried out an assessment for indicators of impairment of
non-current assets, including the store portfolio. Where an impairment
indicator has been identified, the Group has performed impairment testing
based on the latest Board approved budget and five-year plan future cash flow
projections.
As a result, store impairment testing has identified stores where the current
and anticipated future performance does not support the carrying value of the
stores. A non-cash charge of £4.3m (FY24: £nil) has been recorded, of which
£1.1m (FY24: £nil) relates to property, plant and equipment, and £3.2m
(FY24: £nil) relates to right-of-use assets. Refer to note 13 for further
details on the impairments.
Impairment charges have been classified as adjusting items due to their nature
as volatile non-cash accounting charges which do not represent controllable
core operational costs. They are presented separately to provide clarity on
the Group's underlying operational performance excluding these non-cash,
non-underlying charges and to aid comparability between periods.
Currency gains and losses
Currency gains and losses have been classified as adjusting items due to the
volatility in magnitude and directionality over financial periods. By
eliminating the effect of these gains/losses, comparability between periods is
improved and there is greater clarity on the Group's underlying operational
performance.
5. Expenses analysis
Profit before tax is stated after charging and crediting:
Note FY25 FY24
£m £m
Selling and administrative expenses
Staff costs(1) 7 179.6 155.8
Operating costs(2) 215.1 221.9
394.7 377.7
Amortisation of intangible assets 12 6.1 5.8
Depreciation of property, plant and equipment 13 15.0 15.2
Depreciation of right-of-use assets 13 51.4 51.3
Impairment of property, plant and equipment 13 1.1 -
Impairment of right-of-use assets 13 3.2 -
Currency losses 3.1 4.2
Other losses/(gains) 0.1 (1.2)
Depreciation, amortisation, impairment, currency losses and other 80.0 75.3
losses/(gains)
Total selling and administrative expenses 474.7 453.0
1. Included within staff
costs is £14.4m of exceptional costs (FY24: £nil) relating to Director
joining costs and cost savings related costs.
2. Included within operating costs is £1.9m of exceptional costs (FY24:
£nil) relating to Director joining costs and cost savings related costs.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
6. Auditors' remuneration
FY25 FY24
£m £m
Audit services in respect of the financial statements of the Parent Company 1.9 2.0
and consolidation(1,2)
Audit services in respect of the financial statements of subsidiary 0.7 0.6
companies(1)
Other non-audit related services 0.2 0.2
2.8 2.8
1. In FY25, audit fees are split between consolidated and subsidiary company
audits based on an approximate allocation of the audit work performed. FY24
figures have been restated to reflect the change in methodology.
2. Charge for the period includes £0.2m (FY24: £0.3m) of additional fees
relating to the audit of the prior period, which were agreed and have been
incurred as an accounting expense in the current period.
7. Staff costs
The aggregate payroll costs were as follows:
FY25 FY24
£m £m
Wages and salaries(1,4) 138.1 124.9
Termination benefits(2,4) 7.3 1.8
Social security costs 15.2 14.2
Pension costs 5.2 5.4
Other benefits(3) 13.8 9.5
179.6 155.8
1. Included within wages and salaries is £2.5m of exceptional costs (FY24:
£nil) relating to Director joining costs and cost savings related costs.
2. Included within termination benefits is £6.5m of exceptional costs (FY24:
£nil) relating to cost savings related costs.
3. Includes share-based payments of £7.2m (FY24: £4.0m).
4. FY24 costs have been re-presented to split out termination benefits from
wages and salaries.
For details of remuneration relating to Directors, please refer to the
Directors' Remuneration Report on pages 131 to 144 of the Annual Report.
The monthly number of employees (including Directors) employed by the Group
during the period was:
FTE(5) Average(6)
As at 30 March 2025 As at 31 March 2024 For the 52 weeks ended 30 March 2025 For the year ended 31 March 2024
No. No. No. No.
EMEA 971 1,044 1,720 1,853
Americas 549 599 802 819
APAC 293 385 546 553
Global support functions 535 602 583 600
2,348 2,630 3,651 3,825
5. FTE (Full Time Equivalent) is calculated by dividing the employee's
contracted hours by the Group's standard full time contract hours.
6. Average is the average actual employees of the Group during the period
calculated on a monthly basis.
8. Finance expense
FY25 FY24
£m £m
Bank debt and other charges 22.1 22.3
Interest on lease liabilities 6.9 8.6
Discount unwind of dilapidation provision 0.2 -
Amortisation of bank loan issue costs 1.2 1.2
Accelerated amortisation of fees on debt refinancing(1) 1.6 -
Other interest charges - 0.1
Total financing expense 32.0 32.2
1. Classified as an exceptional cost - see note 4 for detail.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
9. Tax expense
The Group calculates the tax expense for the period using the tax rate that
would be applicable to the expected total annual earnings. The major
components of tax expense in the Consolidated Statement of Profit or Loss are:
FY25 FY24
£m £m
Current tax
Current tax on UK profit for the period 1.7 17.2
Adjustment in respect of prior periods (0.1) (0.6)
Current tax on overseas profits for the period 3.8 6.4
5.4 23.0
Deferred tax
Origination and reversal of temporary differences (0.8) (0.8)
Adjustment in respect of prior periods (0.3) 1.6
(1.1) 0.8
Total tax expense in the Consolidated Statement of Profit or Loss 4.3 23.8
Other comprehensive income
Tax in relation to share schemes 0.7 (0.5)
Tax in relation to cash flow hedges (0.3) 0.7
Total tax expense in the Consolidated Statement of Comprehensive Income 4.7 24.0
FY25 FY24
£m £m
Factors affecting the tax expense for the period:
Profit before tax 8.8 93.0
Profit before tax multiplied by standard rate of UK corporation tax of 25% 2.2 23.3
(FY24: 25%)
Effects of:
Non-deductible expenses 1.8 0.2
Share-based payments 0.9 0.3
Difference in foreign tax rates (0.1) (0.8)
Other adjustments (0.1) (0.2)
Adjustments in respect of prior periods(1) (0.4) 1.0
Total tax expense in the Consolidated Statement of Profit or Loss 4.3 23.8
Other comprehensive income
Tax in relation to share schemes 0.7 (0.5)
Tax in relation to cash flow hedges (0.3) 0.7
Total tax expense in the Consolidated Statement of Comprehensive Income 4.7 24.0
Effective tax rate(2) 48.9% 25.6%
1. The adjustments in respect of the prior periods are in relation to current
and deferred tax on temporary differences and movement in uncertain tax
provisions.
2. Adjusted effective tax rate for the period is 31.6% (FY24: 25.6%). Tax
impact of adjusting items is detailed in note 4. Adjusted effective tax rate
is calculated by dividing the post-adjusting items tax charge for the period
by adjusted profit before tax.
Factors that may affect future tax charges
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK,
introducing a global minimum effective tax rate of 15% for large groups for
financial years beginning on or after 31 December 2023.
All territories in which the Group operates are expected to qualify for one of
the safe harbour exemptions such that top-up taxes should not apply. To the
extent that this is not the case there is the potential for Pillar Two taxes
to apply, but these are not expected to be material.
10. Earnings per share
The calculation of basic earnings per share is based on the profit
attributable to ordinary shareholders of the Parent Company divided by the
weighted average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by dividing the profit for the period
attributable to ordinary equity holders of the Parent Company by the weighted
average number of ordinary shares in issue during the period plus the weighted
average number of ordinary shares that would be issued on the conversion of
all dilutive potential ordinary shares into ordinary shares.
Note FY25 FY24
£m £m
Profit after tax 4.5 69.2
Adjustments to profit after tax 4 18.9 3.1
Adjusted profit after tax(1) 23.4 72.3
1. Alternative Performance
Measure (APM) as defined in the Glossary on pages 71 to 73.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
10. Earnings per share (continued)
FY25 FY24
No. No.
Weighted average number of shares for calculating basic earnings per share 962.3 983.5
(millions)
Potentially dilutive share awards (millions) 11.8 2.1
Weighted average number of shares for calculating diluted earnings per share 974.1 985.6
(millions)
FY25 FY24
Earnings per share
Basic earnings per share 0.5p 7.0p
Diluted earnings per share 0.5p 7.0p
Adjusted earnings per share(1)
Adjusted basic earnings per share(1) 2.4p 7.4p
Adjusted diluted earnings per share(1) 2.4p 7.3p
During the year to 31 March 2024 the Group repurchased 39.9 million shares.
The cash outflow was £50.5m (including transaction costs of £0.5m) pursuant
to the share buyback scheme that was announced on 14 July 2023 and concluded
on 19 December 2023.
11. Dividends
FY25 FY24
£m £m
Dividends paid during the period/year
Prior period/year final dividend paid 9.5 42.8
Interim dividend paid -(1) 15.0
Total dividends paid during the period/year 9.5 57.8
Dividend in respect of the period:
Interim dividend: 0.85p (FY24: 1.56p) 8.2 15.0
Final dividend: 1.70p (FY24: 0.99p) 16.4 9.5
Total dividend in respect of the period/year 24.6 24.5
Payout ratio % 547% 35%
1. The FY25 interim dividend was paid on 8 April 2025.
The Board has proposed, subject to shareholder approval, a final dividend of
1.70p (FY24: 0.99p), taking the total dividend for FY25, including the interim
dividend of 0.85p, to 2.55p, a 547% payout ratio.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
12. Intangible assets
Software intangibles(1) Other intangibles Goodwill Total
£m £m £m £m
Cost
At 1 April 2023 48.2 1.2 240.7 290.1
Additions 10.2 - - 10.2
Disposals (1.0) - - (1.0)
Foreign exchange (0.1) - - (0.1)
At 31 March 2024 57.3 1.2 240.7 299.2
Additions 10.3 - - 10.3
Disposals (3.6) - - (3.6)
Foreign exchange (0.1) - - (0.1)
At 30 March 2025 63.9 1.2 240.7 305.8
Accumulated amortisation and impairment
At 1 April 2023 24.5 - - 24.5
Charge for the year 5.7 0.1 - 5.8
Disposals (1.0) - - (1.0)
Foreign exchange (0.2) 0.1 - (0.1)
At 31 March 2024 29.0 0.2 - 29.2
Charge for the period 6.1 - - 6.1
Disposals (3.4) - - (3.4)
Foreign exchange (0.1) - - (0.1)
At 30 March 2025 31.6 0.2 - 31.8
Net book value
At 30 March 2025 32.3 1.0 240.7 274.0
At 31 March 2024 28.3 1.0 240.7 270.0
1. Software intangible
additions in the period of £10.3m (FY24: £10.2m) include permanent employee
staff costs capitalised of £0.6m (FY24: £0.8m).
Goodwill impairment assessment
Goodwill is required to be tested for impairment on an annual basis by
estimating the asset's recoverable amount. An asset's recoverable amount is
the higher of its fair value less costs of disposal and its value in use. An
impairment is present if the recoverable amount is less than the carrying
value of the asset. The recoverable amount is estimated for goodwill with
reference to the cash generating units (CGUs) to which goodwill was originally
allocated and each of these CGUs has been separately assessed and tested. The
CGUs were agreed by the Directors as the geographical regions in which the
Group operates. These regions are the lowest level at which goodwill is
monitored and represent identifiable operating segments. There have been no
changes to the composition of the Group's CGUs during the period.
The aggregate carrying amount of goodwill allocated to each CGU was as
follows:
FY25 FY24
£m £m
EMEA 66.6 66.6
Americas 114.1 114.1
APAC 60.0 60.0
240.7 240.7
All CGUs were tested for impairment. No impairment charge was made in the
current period (FY24: £nil).
Judgements, assumptions and estimates
The results of the Company's impairment tests are dependent upon estimates and
judgements made by management. All CGUs' recoverable amounts are measured
using a value in use calculation. The value in use calculation uses cash flow
forecasts based on financial projections reviewed by the Board covering a
five-year period (pre-perpetuity). The forecasts are based on annual budgets
and strategic projections representing the best estimate of future
performance. Management considers forecasting over this period to
appropriately reflect the business cycle of the CGUs. These cash flows are
consistent with those used to review going concern and viability, however, are
required by IAS 36 to be adjusted for use within an impairment review to
exclude new retail development to which the Group is not yet committed.
In determining the value in use of CGUs it is necessary to make a series of
assumptions to estimate the present value of future cash flows. The following
key assumptions have been made by management reflecting past experience and
are consistent with relevant external sources of information.
Pre-tax risk adjusted discount rates
Future cash flows are discounted to present value using pre-tax discount rates
derived from risk-free rates based on long-term government bonds, adjusted for
risk factors such as region and market risk in the territories in which the
Group operates and the time value of money. Consistent with the 2019 IFRS IASB
Staff Paper, post-tax discount rates and post-tax cash flows are used as
observable inputs, and then the pre-tax discount rates are calculated from
this to comply with the disclosure requirements under IAS 36.
The pre-tax risk adjusted discount rates have been calculated to be 12.7% for
EMEA (FY24: 12.7%), 12.2% for Americas (FY24: 12.6%), and 11.8% for APAC
(FY24: 12.4%).
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
12. Intangible assets (continued)
Long-term growth rates
To forecast beyond the five-year detailed cash flows into perpetuity, a
long-term average growth rate has been used. The long-term growth rates
applied for the regions are 2.0% for EMEA (FY24: 1.9%), 2.2% for Americas
(FY24: 2.2%), and 3.2% for APAC (FY24: 3.4%). The rates used are in line with
geographical forecasts included within industry reports.
Operating cash flows
The main assumptions within the forecast operating cash flows include the
achievement of future growth in ecommerce, retail and wholesale channels,
sales prices and volumes (including reference to specific customer
relationships and product lines), raw material input costs, the cost structure
of each CGU, the impact of foreign currency rates upon selling price and cost
relationships and the levels of capital expenditure required to support each
sales channel.
Sensitivity analysis
Sensitivity analysis to potential changes in these key assumptions has been
reviewed. For the EMEA and APAC CGUs there are no reasonably possible changes
to key assumptions that would cause the carrying amount of these CGUs to
exceed their recoverable amount. The Americas CGU was noted to be sensitive to
the assumptions relating to sales growth and EBITDA margin. Future sales are
estimated to increase on a compound annual growth rate (CAGR) basis for the
Americas CGU by 7.9% over the five years pre-perpetuity from FY25 sales in the
base plan. Potential changes in these assumptions have been sensitised without
cost mitigation as follows:
FY25
Americas £m
Original headroom 129.7
Headroom/(deficit) using a 10% decrease in forecasted sales (50.8)
Headroom/(deficit) using a 10% increase in forecasted sales 308.4
Headroom/(deficit) using a 25% decrease in forecasted EBITDA (21.4)
Headroom/(deficit) using a 25% increase in forecasted EBITDA 280.7
Headroom/(deficit) combining a 10% decrease in forecasted sales, a further 10% (120.6)
decrease in EBITDA and a 1%pt increase in pre-tax discount rate
Sales
Sensitivities have been modelled in the table above based on a +/- 10%
movement in sales relative to the base plan, applied each year and into
perpetuity. A decrease in forecasted sales of -10% would result in the
carrying amount being above the recoverable amount. A decrease in forecast
sales of -10% results in a revised compound annual growth rate (CAGR) over the
five years pre-perpetuity from FY25 sales of 5.6%, and an increase of 10%
results in a revised CAGR of 10.0%.The reduction in forecast sales, for each
of the five years and into perpetuity, that would result in the carrying
amount and the recoverable amount being equal, is a decrease of -7.2%.
Additionally, the effect of applying published industry sales growth rates
lower than the growth assumed within the base plan was assessed. Revenue and
performance related cost mitigations were applied in this assessment, with
other assumptions held consistent with the base plan. This assessment resulted
in headroom above the carrying amount.
EBITDA
Sensitivities have been modelled in the table above based on a +/- 25%
movement in EBITDA relative to the base plan each year and into perpetuity. A
decrease in forecasted EBITDA of -25% would result in the carrying amount
being above the recoverable amount. The reduction in forecast EBITDA, for each
of the five years and into perpetuity, that would result in the carrying
amount and the recoverable amount being equal, is a decrease of -21.5%. This
would result in an FY26 EBITDA % of 8.8%.
Additional illustration
An additional sensitivity as set out in the table above, which is not
considered reasonably possible, has been included for illustrative purposes
which models a scenario where forecasted sales decline by -10%, EBITDA
deteriorates by a further 10% (in addition to the EBITDA decline from reducing
forecasted sales) and the pre-tax discount rate also increases by 1%pt. This
would result in the carrying amount being above the recoverable amount.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
13. Property, plant and equipment
Freehold property and improvements Leasehold improvements Plant, machinery, fixtures and fittings Office and computer equipment Total
£m £m £m £m £m
Cost
At 1 April 2023 8.0 76.3 16.2 8.7 109.2
Additions 0.1 14.7 0.1 1.3 16.2
Disposals (0.1) (3.9) - (1.3) (5.3)
Reclassifications to right-of-use assets - (3.3) - - (3.3)
Foreign exchange (0.2) (1.8) (0.3) (0.2) (2.5)
At 31 March 2024 7.8 82.0 16.0 8.5 114.3
Additions 0.1 6.7 0.2 0.7 7.7
Disposals (0.1) (4.4) (1.3) (2.0) (7.8)
Reclassifications to right-of-use assets - (0.7) - - (0.7)
Foreign exchange (0.1) (1.5) (0.3) (0.1) (2.0)
At 30 March 2025 7.7 82.1 14.6 7.1 111.5
Accumulated depreciation and impairment
At 1 April 2023 0.6 38.7 3.4 5.2 47.9
Charge for the year 0.3 11.9 0.8 2.2 15.2
Impairment - - - - -
Eliminated on disposal (0.1) (3.9) - (1.3) (5.3)
Reclassifications to right-of-use assets - (1.6) - - (1.6)
Foreign exchange - (1.2) - (0.1) (1.3)
At 31 March 2024 0.8 43.9 4.2 6.0 54.9
Charge for the period 0.2 12.2 0.9 1.7 15.0
Impairment - 1.0 0.1 - 1.1
Eliminated on disposal - (4.3) (1.3) (2.0) (7.6)
Reclassifications to right-of-use assets - (0.6) - - (0.6)
Foreign exchange - (0.8) - (0.1) (0.9)
At 30 March 2025 1.0 51.4 3.9 5.6 61.9
Net book value
At 30 March 2025 6.7 30.7 10.7 1.5 49.6
At 31 March 2024 7.0 38.1 11.8 2.5 59.4
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
13. Property, plant and equipment (continued)
Set out below are the carrying amounts of right-of-use assets recognised and
the movements during the period:
Right-of-use assets
£m
Cost or valuation
At 1 April 2023 235.4
Additions(1) 77.0
Reassessments of leases(2) (4.0)
Reclassifications from property, plant and equipment 3.3
Modifications of leases 10.1
Disposals (10.1)
Foreign exchange (8.8)
At 31 March 2024 302.9
Additions(1) 18.6
Reassessments of leases(2) 2.6
Reclassifications from property, plant and equipment 0.7
Modifications of leases 6.3
Disposals (14.4)
Foreign exchange (5.8)
At 30 March 2025 310.9
Accumulated depreciation and impairment
At 1 April 2023 91.3
Charge for the year 51.3
Reclassifications from property, plant and equipment 1.6
Disposals (10.0)
Foreign exchange (4.8)
At 31 March 2024 129.4
Charge for the period 51.4
Reclassifications from property, plant and equipment 0.6
Impairment 3.2
Disposals (14.4)
Foreign exchange (2.5)
At 30 March 2025 167.7
Net book value
At 30 March 2025 143.2
At 31 March 2024 173.5
1. Additions include £0.7m of
direct costs (FY24: £2.0m) and £1.2m (FY24: £2.5m) in relation to costs of
removal and restoring.
2.Lease reassessments relate to measurement adjustments for rent reviews and
stores that have exercised lease breaks.
Impairment of property, plant and equipment and right-of-use assets
The Group has determined that each retail store is a separate CGU. Each CGU
is assessed for indicators of impairment at the Balance Sheet date and tested
for impairment if any indicators exist. The Group has some leases that meet
the IAS 36 definition of corporate assets, such as offices, as they do not
generate independent cash flows. These are assessed for impairment indicators
and if required to be tested for impairment, are done so using the two-step
impairment process under IAS 36 in which they are allocated to the
Regional-level CGUs as determined for goodwill impairment (note 12). There has
been no change to the way in which CGUs are determined in the period.
During the period, the Group has recognised an impairment charge of £3.2m
(FY24: £nil) to right-of-use assets and £1.1m (FY24: £nil) to related
property, plant and equipment in relation to the ongoing store estate. These
stores were impaired to their value in use recoverable amount of £0.9m, which
is their carrying value at the period end.
Judgements, assumptions and estimates - retail stores
The results of the Company's impairment tests are dependent upon estimates and
judgements made by management. If an indicator of impairment has been
identified, a CGU's recoverable amount is measured using the value in use
method. The value in use calculation uses cash flow forecasts based on
financial projections reviewed by the Board covering a five-year period. The
forecasts are based on annual budgets and strategic projections representing
the best estimate of future performance. Management considers forecasting over
this period to appropriately reflect the business cycle of the CGUs. These
cash flows are consistent with those used to review going concern and
viability, however, are adjusted for relevance to the nature and tenure of the
retail store lease.
If determining the value in use of CGUs it is necessary to make a series of
assumptions to estimate the present value of future cash flows which reflect
past experience and are consistent with relevant external sources of
information.
Operating cash flows - retail stores
If an indicator of impairment has been identified and a CGU's recoverable
amount is required to be estimated, the main assumptions within the forecast
operating cash flows include the achievement of future growth in retail sales,
sales prices and volumes, raw material input costs, the cost structure of each
CGU, the impact of foreign currency rates upon selling price and cost
relationships and the levels of capital expenditure required to support the
associated sales.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
13. Property, plant and equipment (continued)
Pre-tax risk adjusted discount
rate - retail stores
If an indicator of impairment has been identified and a CGU's recoverable
amount is required to be estimated, future cash flows are discounted to
present value using a pre-tax discount rate derived from risk-free rates based
on long-term government bonds, adjusted for risk factors such as region and
market risk in the territories in which the Group operates and the time value
of money. Consistent with the 2019 IFRS IASB Staff Paper, a post-tax discount
rate and post-tax cash flows are used as observable inputs, and then the
pre-tax discount rate is calculated from this to comply with the disclosure
requirements under IAS 36. The pre-tax discount rate for the Group has been
calculated to be 12.4% (FY24: 12.7%).
Sensitivity analysis - retail stores
The results of the Group's impairment tests are dependent upon estimates and
judgements made by management, particularly in relation to the key assumptions
of the Group. The cash flow projections include assumptions on store
performance throughout the remaining contractual lease term. In particular,
the retail revenue recovery profile in the budget for future periods
represents a source of estimation uncertainty. The projections and sensitivity
analysis for future periods are consistent with the long-term forecast
approved by the Board. We have concluded no material reasonable possible
changes in assumptions will result in an impairment and therefore no
sensitivity analysis has been disclosed. In FY24, no indicators of
impairment were identified.
14. Inventories
FY25 FY24
£m £m
Raw materials 1.6 2.2
Finished goods 185.8 252.4
Inventories net of provisions 187.4 254.6
FY25 FY24
£m £m
Inventory provision 2.5 2.6
Inventory written off to Consolidated Statement of Profit or Loss 1.0 0.9
The cost of inventories recognised as an expense and included in cost of sales
amounted to £253.4m (FY24: £284.3m). The remainder of total cost of sales of
£275.9m (FY24: £301.9m) relates to freight including shipping out costs.
15. Trade and other receivables
FY25 FY24
£m £m
Trade receivables 50.6 55.1
Less: allowance for expected credit losses (0.9) (0.8)
Trade receivables - net 49.7 54.3
Other receivables 7.1 7.7
56.8 62.0
Prepayments 5.6 6.8
62.4 68.8
All trade and other receivables are expected to be recovered within 12 months
of the period end date. Due to the short-term nature of the current
receivables, their carrying amount is considered to be the same as their fair
value. The carrying value of trade receivables represents the maximum exposure
to credit risk. For some trade receivables, the Group may obtain security in
the form of guarantees, insurances or letters of credit which can be called
upon if the counterparty is in default under the terms. As at 30 March 2025
the amount of collateral held was £0.3m (FY24: £0.3m).
As at 30 March 2025 trade receivables of £1.4m (FY24: £1.9m) were due over
90 days, trade receivables of £0.3m (FY24: £0.7m) were due between 60-90
days and trade receivables of £48.9m (FY24: £52.5m) were due in less than 60
days. The Group establishes a loss allowance that represents its estimate of
potential losses in respect of trade receivables, where it is deemed that a
receivable may not be recovered, and considers factors which may impact risk
of default.
Where appropriate, we have grouped these receivables with the same overall
risk characteristics. When the receivable is deemed irrecoverable, the
provision is written off against the underlying receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses which uses a lifetime expected loss allowance for all trade
receivables.
To measure expected credit losses, trade receivables have been grouped based
on customer segment, geographical location, and the days past due. The
expected loss rates are based on the historical credit losses experienced in
previous periods. The rates are adjusted to reflect current and
forward-looking information, including macroeconomic factors, by obtaining and
reviewing relevant market data affecting the ability of customers to settle
the receivables based on their customer segment and geographical location.
Where objective evidence exists that a trade receivable balance may be
impaired, provision is made for the difference between its carrying amount and
the present value of the estimated cash that will be recovered. Evidence of
impairment may include such factors as a customer entering insolvent
administration proceedings.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
15. Trade and other receivables (continued)
As at 30 March 2025 trade receivables were carried net of expected credit
losses of £0.9m (FY24: £0.8m). The individually impaired receivables
relate mainly to accounts which are outside the normal credit terms. The
ageing analysis of these provisions against trade receivables is as follows:
FY25 FY24
£m £m
Up to 60 days - 0.1
60 to 90 days - -
Over 90 days 0.9 0.7
0.9 0.8
FY25 FY24
£m £m
At 1 April 0.8 1.8
Change in provision for expected credit losses 0.1 (1.0)
At 30 March 2025 and 31 March 2024 0.9 0.8
Debtors days 58 52
The carrying amount of the Group's trade and other receivables is denominated
in the following currencies:
FY25 FY24
£m £m
UK Sterling 3.9 4.9
Euro 12.8 13.1
US Dollar 26.3 27.4
Japanese Yen 2.5 2.5
Other currencies 4.2 6.4
49.7 54.3
16. Cash and cash equivalents
FY25 FY24
£m £m
Cash and cash equivalents(1) 155.9 111.1
1. Cash includes £58.7m of investments in high-quality overnight money market
funds (FY24: £58.9m). A further £58.5m sits in term deposits with terms of
less than 90 days (FY24: £11.9m).
17. Trade and other payables
FY25 FY24
£m £m
Trade payables 27.5 33.0
Taxes and social security costs 10.6 12.2
Other payables 7.1 7.6
45.2 52.8
Accruals(1) 63.7 39.4
108.9 92.2
1. Included within accruals is the refund liability of £3.9m (FY24: £3.9m),
deferred income of £2.4m (FY24: £2.5m), accruals for royalties of £9.5m
(FY24: £10.9m), goods received not invoiced of £6.5m (FY24: £0.6m), and
other accruals of £41.4m (FY24: £21.5m).
All trade and other payables are expected to be settled within 12 months of
the period end date. Due to the short-term nature of the current payables,
their carrying amount is considered to be the same as their fair value. At 30
March 2025, other payables included £5.2m (FY24: £6.3m) in relation to
employment-related payables.
18. Borrowings
FY25 FY24
£m £m
Current
Bank interest 2.4 8.4
Lease liabilities (note 29) 45.9 47.0
Total current 48.3 55.4
Non-current
Bank loans (net of unamortised bank fees) 246.3 286.3
Lease liabilities (note 29) 109.5 135.3
Total non-current 355.8 421.6
Total borrowings(1) 404.1 477.0
1. From total borrowings, only bank loans (excluding unamortised bank fees)
and lease liabilities are included in net debt for bank loan covenant
calculation purposes.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
18. Borrowings (continued)
FY25 FY24
£m £m
Analysis of bank loan:
Non-current bank loans (net of unamortised bank fees) 246.3 286.3
Add back unamortised fees 3.7 2.3
Total gross bank loan 250.0 288.6
On 19 November 2024, the Group agreed with existing and new lenders to
refinance its debt facilities, previously comprising a €337.5m Term Loan and
revolving credit facility (RCF) of £200.0m. The refinanced facility ('New
Facilities') consists of a £250.0m Term Loan and RCF of £126.5m for an
initial term of three years (ending 19 November 2027), with two one-year
extension options, subject to lender approval.
The New Facilities continue to include a committed ancillary facility (carved
out of the RCF) of which £3.7m (FY24: £3.4m) has been utilised primarily for
landlord bank guarantees.
The New Facilities were accounted for as an extinguishment of the previous
debt under IFRS 9, as the terms were deemed substantially different from the
prior arrangements. As a result, the previous €337.5m Term Loan was
derecognised, and the new £250.0m loan recognised as a financial liability at
fair value of £245.8m when including transaction costs directly related to
the refinancing of £4.2m. Unamortised fees relating to the previous debt
extinguishment totalling £1.6m were recognised in the Consolidated Statement
of Profit or Loss as an exceptional cost for the period.
The New Facilities include a single financial covenant on leverage that is
tested semi-annually on a rolling 12-month basis at the Group level. Interest
on the new Term Loan is charged with a variable margin depending on the Group
leverage over compounded daily SONIA. The weighted total interest rate for
this instrument in FY25 was 8.1% at an annualised rate. Interest on the Euro
Term Loan B was charged with a variable margin depending on the Group leverage
over floating EURIBOR. The weighted total interest rate for this instrument in
FY25 up to extinguishment was 6.8% (FY24: 6.6%).
Bank loans
Loan repayments will occur as
follows:
Term Loan
£m
2027 (19 November 2027) 250.0
Total 250.0
FY25 FY24
£m £m
Revolving credit facility utilisation
Guarantees 3.7 3.4
Total utilised facility 3.7 3.4
Available facility (unutilised) 122.8 196.6
Total revolving facility 126.5 200.0
% %
Interest rate charged on unutilised facility 1.23 0.90
The bank loans are secured by a fixed and floating charge over assets of the
Group.
The fair value of the items classified as loans and borrowings is shown above.
The book and fair values of borrowings are deemed to be materially equal.
Movements in loans and borrowings were as follows:
1 April 2024 Cash movements Fee amortisation Interest expense Settlement Working capital Fair value movement Foreign exchange movement 30 March 2025
£m £m £m £m £m £m £m £m £m
Euro Term Loan B 288.6 (283.0) - - - - - (5.6) -
Term Loan - 250.0 - - - - - - 250.0
Capitalised fees 2.3 3.8 (2.8) - - 0.4 - - 3.7
Loan interest payable 8.4 (27.6) - 21.6 - - - - 2.4
Loan-related derivatives - - - - 4.0 - (4.0) - -
Total borrowings 299.3 (56.8) (2.8) 21.6 4.0 0.4 (4.0) (5.6) 256.1
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
18. Borrowings (continued)
1 April 2023 Cash movements Fee amortisation Interest expense Settlement Working capital Fair value movement Foreign exchange movement 31 March 2024
£m £m £m £m £m £m £m £m £m
Euro Term Loan B 296.8 - - - - - - (8.2) 288.6
Capitalised fees 3.5 - (1.2) - - - - - 2.3
Loan interest payable 6.2 (19.5) - 21.6 - - - 0.1 8.4
Loan-related derivatives (0.2) - - - 5.5 - (5.3) - -
Total borrowings 306.3 (19.5) (1.2) 21.6 5.5 - (5.3) (8.1) 299.3
Movements in the lease
liabilities are not included above but are detailed in note 29.
Net debt(1) reconciliation
The breakdown of net debt(1) was as follows:
FY25 FY24
£m £m
Cash and cash equivalents 155.9 111.1
Bank loans (excluding unamortised bank fees)(2) (250.0) (288.6)
Lease liabilities (155.4) (182.3)
Net debt(1) (249.5) (359.8)
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. In previous periods, bank loans were presented net of unamortised bank fees
of £2.3m.
19. Provisions
Total
£m
At 1 April 2023 4.4
Arising during the year 2.5
Amounts utilised (0.4)
Foreign exchange (0.2)
At 31 March 2024 6.3
Arising during the period 1.2
Remeasurements during the period(1) (0.7)
Amounts utilised (0.3)
Discount rate unwind(1) 0.2
Foreign exchange (0.2)
At 30 March 2025 6.5
1. The Group adjusted property provisions during the period to their present
value. Interest expense is now recognised for the unwinding of the discounting
of the provisions.
All provisions are property provisions that relate to the estimated repair and
restoration costs for properties at the end of the lease.
20. Derivative assets and liabilities
FY25 FY24
£m £m
Assets
Foreign exchange forward contracts - Current 1.0 1.5
Foreign exchange forward contracts - Non-current - 0.1
Liabilities
Foreign exchange forward contracts - Current (0.1) (0.1)
Foreign exchange forward contracts - Non-current - -
Derivative financial instruments consist of foreign exchange forward
contracts, which are categorised within Level 2 (refer to note 2.15 for
details on fair value hierarchy categorisation). The full fair value of a
derivative is classified as a non-current asset or liability if the remaining
maturity is more than 12 months and as a current asset or liability if the
maturity of the derivative is less than 12 months.
Foreign exchange forward derivatives
The Group takes a holistic approach to foreign exchange risk, viewing
exposures on Group-wide net cash flow basis, seeking to maximise natural
offsets wherever possible. Where considered material, the Group manages its
exposure to variability in GBP from foreign exchange by hedging highly
probable future cash flows arising in other currencies. The Group's principal
net currency exposures are to USD, EUR, JPY and CAD.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
20. Derivative assets and liabilities
(continued)
The Group adopts a rolling, layered approach to hedging its operating cash
flows using forward foreign exchange contracts on an 18-month horizon. Other
derivative contracts and longer tenors may be used provided these are approved
by the Board and Audit and Risk Committee. The Group also utilised foreign
exchange derivatives in a hedging relationship to partially hedge the foreign
exchange translation risk (into functional GBP) on its EUR Term Loan
extinguished on 19 November 2024.
The following table represents the nominal amounts and types of derivatives
held as at each Balance Sheet date:
FY25 FY24
Average foreign exchange rate
Cash flow hedges: sell GBP buy EUR - 1.1539
Cash flow hedges: sell EUR buy GBP 1.1684 1.1366
Derivatives measured at fair value through profit or loss: sell EUR buy GBP - 1.1448
Nominal amounts
Cash flow hedges: sell GBP buy EUR €m €m
Less than a year - 130.0
More than a year but less than two years - -
Cash flow hedges: sell EUR buy GBP £m £m
Less than a year 82.2 66.5
More than a year but less than two years 7.0 2.1
Derivatives measured at fair value through profit or loss: sell EUR buy GBP £m £m
Less than a year - 1.9
More than a year but less than two years - -
For hedges of forecast receipts and payments in foreign currencies, the
critical terms of the hedging instruments match exactly with the terms of the
hedged items and, therefore, the Group performs a qualitative assessment of
effectiveness. The fair value of forecast hedge items is assessed to move
materially equally and opposite to continuing cash flow hedge instruments.
Ineffectiveness may arise if the timing of the forecast transaction changes
from what was originally estimated or if there are changes in the credit risk
of the Group or the derivative counterparty. The hedge ratio is 1:1.
If a hedged item is no longer expected to occur, the hedge instruments are
immediately de-designated from a cash flow hedge relationship. Amounts
recognised in relation to de-designated derivatives are released from the
hedging reserve and thereafter movements are classified as fair value through
profit or loss. Following the refinancing in November 2024, foreign exchange
derivatives with a notional amount of €160.0m in a cash flow hedge
relationship to mitigate the GBP/EUR currency risk from the EUR Term Loan were
de-designated. At the same time these derivatives were economically closed out
by the entering of equal and opposite foreign exchange forward contracts. All
de-designated and close out trades had matured at 30 March 2025 with none
remaining on Balance Sheet. Fair value movements related to de-designated
derivatives and their corresponding close out trades in the period ended 30
March 2025 were not material on a net basis.
Gains/losses reclassified from the Consolidated Statement of Comprehensive
Income to the Consolidated Statement of Profit or Loss during the period are
as follows:
FY25 FY24
£m £m
Revenue 3.8 1.5
Foreign exchange losses (3.6) (5.4)
0.2 (3.9)
Derivative financial assets and liabilities are subject to offsetting,
enforceable master netting arrangements with counterparties. However, these
amounts are presented gross on the face of the Balance Sheet as the conditions
for netting specified in IAS 32 'Financial Instruments Presentation' are not
met.
FY25
Gross carrying amounts Amounts not offset Net amounts
£m £m £m
Derivative financial assets 1.0 (0.1) 0.9
Derivative financial liabilities (0.1) 0.1 -
FY24
Gross carrying amounts Amounts not offset Net amounts
£m £m £m
Derivative financial assets 1.6 (0.1) 1.5
Derivative financial liabilities (0.1) 0.1 -
21. Investments
FY25 FY24
£m £m
Investments 1.0 1.0
On 16 January 2023 the Group made an investment of £1.0m in the share capital
of Generation Phoenix Ltd (GP), a company that specialises in producing a
sustainable alternative to leather and produces a recycled leather product
using part-processed offcuts.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
22. Financial instruments
IFRS 13 requires the classification of financial instruments measured at fair
value to be determined by reference to the source of inputs used to derive
fair value. The fair values of all financial instruments, except for leases,
in both years are materially equal to their carrying values. All financial
instruments are measured at amortised cost with the exception of derivatives,
cash amounts held within money market funds, and investments in equity
instruments which are measured at fair value. Derivatives and money market
funds are classified as Level 2 under the fair value hierarchy, and
investments in equity instruments as Level 3, which is consistent with the
definitions in note 2.15.
30 March 2025
Assets at amortised cost Fair value through other comprehensive income Fair value through profit or loss Total
£m £m £m £m
Assets as per Balance Sheet
Investments - 1.0 - 1.0
Trade and other receivables excluding 56.8 - - 56.8
prepayments
Derivative financial assets - Current - 1.0 - 1.0
Derivative financial assets - Non-current - - - -
Cash and cash equivalents 97.2 - 58.7(1) 155.9
154.0 2.0 58.7 214.7
1. A proportion of cash is invested in high-quality overnight money market
funds to mitigate concentration and counterparty risk.
Liabilities at amortised cost Fair value through other comprehensive income Fair value through profit or loss Total
£m £m £m £m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees) 250.0 - - 250.0
Bank interest - Current 2.4 - - 2.4
Lease liabilities - Current 45.9 - - 45.9
Lease liabilities - Non-current 109.5 - - 109.5
Derivative financial instruments - Current - 0.1 - 0.1
Trade and other payables excluding non-financial liabilities (mainly tax and 95.9 - - 95.9
social security costs)
503.7 0.1 - 503.8
31 March 2024
Assets at amortised cost Fair value through other comprehensive income Fair value through profit or loss Total
£m £m £m £m
Assets as per Balance Sheet
Investments - 1.0 - 1.0
Trade and other receivables excluding prepayments 62.0 - - 62.0
Derivative financial assets - Current - 1.5 - 1.5
Derivative financial assets - Non-current - 0.1 - 0.1
Cash and cash equivalents 52.2 - 58.9(1) 111.1
114.2 2.6 58.9 175.7
1. A proportion of cash is invested in high-quality overnight money market
funds to mitigate concentration and counterparty risk.
Liabilities at amortised cost Fair value through other comprehensive income Fair value through profit or loss Total
£m £m £m £m
Liabilities as per Balance Sheet
Bank debt (excluding unamortised bank fees) 288.6 - - 288.6
Bank interest - Current 8.4 - - 8.4
Lease liabilities - Current 47.0 - - 47.0
Lease liabilities - Non-current 135.3 - - 135.3
Derivative financial instruments - Current - 0.1 - 0.1
Trade and other payables excluding non-financial liabilities (mainly tax and - - 77.5
social security costs)
77.5
556.8 0.1 - 556.9
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
22. Financial instruments (continued)
Group financial risk factors
The Group's activities expose it to a wide variety of financial risks
including liquidity, credit and market risk (including foreign exchange and
interest rate risks). The Group's treasury policies seek to manage residual
financial risk to within the Board agreed tolerance in a cost-effective manner
and taking advantage of natural offsets that exist or can be created through
its operating activities. Where appropriate the Group uses derivative
financial instruments to hedge certain risk exposures (for example to reduce
the impacts of foreign exchange volatility).
Risk management is carried out by a central Group Treasury department under
policies approved by the Board of Directors and the Audit and Risk Committee.
Group Finance and Group Treasury identify, evaluate and hedge financial risks
in close cooperation with the Group's regional operating units. The Board
agrees written principles for overall risk management as well as written
policies covering specific areas such as foreign exchange risk, interest rate
risk, credit risk and liquidity risk. These policies cover the allowable use
of selective derivative financial instruments and investment management
processes for excess liquidity.
Liquidity risk
Cash flow forecasting is regularly performed in the operating entities of the
Group and aggregated by Group Treasury. Group Treasury monitors rolling
forecasts of the Group's liquidity requirements to ensure that it has
sufficient cash to meet operational needs while maintaining sufficient
headroom in its undrawn committed borrowing facilities at all times so that
the Group does not breach borrowing limits or covenants. Surplus cash held by
operating entities over and above balances required for working capital are
transferred to Group Treasury to be managed centrally. Group Treasury policy
is to invest surplus cash in high-quality, short-term, interest bearing
instruments including current accounts, term deposit and low volatility money
market funds.
The Group continually reviews any medium to long-term financing requirements
to ensure cost effective access to funding is available if and when it is
needed (including any debt refinancing).
The table below sets out the contractual maturities (representing undiscounted
contractual cash flows) of loans, borrowings and other financial liabilities:
At 30 March 2025
Up to 3 months Between 3 & 12 months Between 1 & 5 years More than 5 years Total
£m £m £m £m £m
Bank loans - Principal - - 250.0 - 250.0
Bank loans - Interest(1) 5.2 15.0 31.7 - 51.9
Total bank loans 5.2 15.0 281.7 - 301.9
Lease liabilities 13.6 37.9 97.4 22.8 171.7
Derivative financial instruments - 0.1 - - 0.1
Trade and other payables excluding non-financial liabilities 95.9 - - - 95.9
114.7 53.0 379.1 22.8 569.6
At 31 March 2024
Up to 3 months Between 3 & 12 months Between 1 & 5 years More than 5 years Total
£m £m £m £m £m
Bank loans - Principal - - 288.6 - 288.6
Bank loans - Interest(1) 10.7 11.6 22.3 - 44.6
Total bank loans 10.7 11.6 310.9 - 333.2
Lease liabilities 14.0 39.5 118.5 30.7 202.7
Derivative financial instruments - 0.1 - - 0.1
Trade and other payables excluding non-financial liabilities 77.5 - - - 77.5
102.2 51.2 429.4 30.7 613.5
1. FY25 future interest cash flows are determined by a variable margin
depending on the Group leverage forecast over a three-month average compounded
SONIA forward curve. FY24 future interest cash flows were determined by a
variable margin depending on the Group leverage forecast over a six-month
average EURIBOR forward curve.
Credit risk
Credit risk is managed on a Group basis, except for credit risk relating to
accounts receivable balances. Each local entity is responsible for managing
and analysing the credit risk of their new customers before standard payment
and delivery terms and conditions are offered. Credit risk arises from cash
and cash equivalents, derivative financial instruments, as well as credit
exposures to wholesale and retail customers, including outstanding receivables
and committed transactions. Cash investments and derivative transactions are
only executed with financial institutions who hold an investment grade rating
with at least one of Moody's, Standard & Poor's or Fitch's rating
agencies. The Group's treasury policy defines strict limits that do not allow
concentration of risk with individual counterparties.
For wholesale customers, risk control assesses the credit quality of the
customer, taking into account its financial position, past experience and
other factors. Individual risk limits are regularly monitored. Sales to
wholesale customers are settled primarily by bank transfer and retail
consumers are settled in cash or by major debit or credit cards. The Group has
no significant concentration of credit risk as exposure is spread over a large
number of consumers.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
22. Financial instruments (continued)
Market risk
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk
arising from the various currency exposures, primarily with respect to the US
Dollar, Euro, Canadian Dollar and Japanese Yen. Foreign exchange risk arises
from future commercial transactions, recognised assets and liabilities and net
investments in overseas operations. Foreign exchange risk arises when future
commercial transactions or recognised assets and liabilities are denominated
in a currency that is not the entity's functional currency.
The Group purchases the vast majority of its inventory from factories in Asia
which are paid in US Dollars. On a net basis, the majority of Group EBIT is
earned in currencies other than Pounds Sterling. In addition, the Group has
other currency denominated investments in overseas operations whose net assets
are exposed to foreign currency translation risk upon consolidation.
Cash flow and fair value interest rate risk
The Group's interest rate risk arises from its floating rate bank debt and
cash amounts held. Borrowings issued at fixed rates expose the Group to fair
value interest rate risk. The Group's bank debt borrowings are denominated in
GBP, and incur interest at variable rates subject to compounded daily SONIA.
At 30 March 2025, if interest rates on bank borrowings had been 50 basis
points higher or lower with all other variables held constant, the calculated
pre-tax profit for the period would change by £1.4m (FY24: £1.5m).
Capital risk
The Group manages its capital to ensure that entities in the Group will be
able to continue as going concerns while maximising the return to stakeholders
through the optimisation of the debt and equity balances. The Group's overall
strategy remains consistent with that from the past few years.
The capital structure of the Group consists of net debt disclosed in note 18
and equity attributable to equity holders of the parent, comprised of issued
ordinary share capital, reserves and retained earnings as disclosed in notes
24 and 26 and the Consolidated Statement of Changes in Equity. The Group's
Board of Directors reviews the capital structure on an annual basis. The Group
is not subject to any externally imposed capital requirement.
Foreign currency risk
The Group has analysed the impact of a movement in foreign exchange rate of
the major non-GBP currencies on its EBIT(1,2) (all other foreign exchange
rates remaining unchanged) as follows:
10% appreciation of currency FY25 FY24
£m £m
US Dollar (12.6) (7.3)
Euro 13.4 16.7
Yen 3.4 3.8
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change. Prior period amounts have been updated to reflect this change.
The majority of the Group's inventory is purchased in US Dollars however the
net foreign currency exposure is largely offset by income from the Group's US
operations and US Dollar-denominated sales to distributors.
23. Deferred taxation
The analysis of deferred tax assets and liabilities is as follows:
FY25 FY24
£m £m
Non-current
Assets 11.1 11.2
Liabilities (2.5) (2.8)
8.6 8.4
The gross movement on the deferred income tax is as follows:
FY25 FY24
£m £m
Credit for the period in the Consolidated Statement of Comprehensive Income 0.2 1.6
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
23. Deferred taxation (continued)
The deferred tax asset provided in the financial statements is supported by
budgets and trading forecasts and relates to the following temporary
differences:
· accelerated capital allowances are the differences between the
net book value of fixed assets and their tax base;
· other temporary differences are the other differences between the
carrying amount of an asset/liability and its tax base that eventually will
reverse;
· unrealised profits in intra-group transactions and expenses;
· trade losses expected to be utilised in future periods; and
· deferred tax on share-based payments in relation to the expected
future tax deduction on the exercise of granted share options spread over the
vesting period.
The movement in deferred income tax assets and liabilities during the period
is as follows:
Accelerated capital allowances Unrealised intra-group profits Other temporary differences Tax losses Share-based payments Total
£m £m £m £m £m £m
At 1 April 2023 (2.4) 4.0 7.4 0.7 0.3 10.0
Statement of Profit or Loss (charge)/credit (0.8) 0.5 (0.1) -
(0.4) (0.8)
(Charged)/credited directly to equity - (0.7) - 0.5 (0.2)
-
Foreign exchange - (0.3) (0.3) - - (0.6)
At 31 March 2024 (3.2) 3.3 6.9 0.6 0.8 8.4
Statement of Profit or Loss credit/(charge) 0.1 - 0.9 (0.4) 0.5 1.1
Credited/(charged) directly to equity - - 0.3 - (0.7) (0.4)
Adjustment for Korea concession income(1) - - (0.3) - - (0.3)
Foreign exchange - (0.1) (0.1) - - (0.2)
At 30 March 2025 (3.1) 3.2 7.7 0.2 0.6 8.6
1. This adjustment relates to the release of a historic Korean deferred tax
asset arising from differences in income recognition in concessions between
Korean GAAP and Korean tax rules. This asset was released due to a claim with
the Korean tax authorities being resolved.
Deferred taxation not provided in the financial statements:
FY25 FY24
£m £m
Tax losses(2) 8.9 9.1
2. This is the tax affected amount of losses that have not been provided for
in the financial statements, calculated using the rate at which the losses
would be expected to be used. There is £35.4m (FY24: £36.3m) of gross tax
losses that have not been provided for because they are either capital losses
(which can only be used against future capital gains which we are not
forecasting) or they are non-trade loan relationship losses which can only be
used in the same company (and are in companies we don't expect to have any
loan relationship profits).
The deferred tax assets and liabilities have been measured at the corporation
tax rate expected to apply to the reversal of the timing difference, based on
rates that are enacted or substantively enacted by the end of each reporting
period. There are no material temporary differences associated with
investments in subsidiaries, branches and associates and interests in joint
arrangements, for which deferred tax liabilities have not been recognised.
24. Ordinary share capital
FY25 FY25 FY24 FY24
No. £m No. £m
Authorised, called up and fully paid
Ordinary shares of £0.01 each 964,537,323 9.6 961,878,608 9.6
The movements in the ordinary share capital during the 52 weeks ended 30 March
2025 and the year ended 31 March 2024 were as follows:
FY25 FY25 FY24 FY24
No. £m No. £m
At 1 April 961,878,608 9.6 1,000,793,898 10.0
Shares issued 2,658,715 - 953,845 -
Repurchase and cancellation of ordinary share capital - - (39,869,135) (0.4)
At 30 March 2025 and 31 March 2024 964,537,323 9.6 961,878,608 9.6
The cost of shares purchased by the Share Incentive Plan (SIP) Trusts is
offset against the profit and loss account, as the amounts paid reduce the
profits available for distribution by the Company.
During the year ended 31 March 2024 Dr. Martens plc repurchased 39.9 million
ordinary shares for a total consideration of £50.5m, including transaction
costs of £0.5m, as part of a share repurchase programme announced on 1 July
2023. All shares purchased were for cancellation. The repurchased shares
represented 4.1% of ordinary share capital. The number of shares in issue is
reduced where shares are repurchased.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
25. Treasury shares
The movements in treasury shares held by the Company during the 52 weeks ended
30 March 2025 and year ended 31 March 2024 were as follows:
FY25 FY25 FY24 FY24
No. £m No. £m
At 1 April 394,923 - 110,153 -
Repurchase of shares for cancellation - - 39,869,135 50.0
Cancellation of shares - - (39,869,135) (50.0)
Shares issued for share schemes held in trust 447,685 - 284,770 -
Shares vested from share schemes held in trust (107,248) - - -
At 30 March 2025 and 31 March 2024 735,360 - 394,923 -
On 14 July 2023 Dr. Martens plc announced a share buyback programme. Treasury
shares existed during the year ended 31 March 2024 as a result of the timing
delay between the repurchase of shares under this programme and the subsequent
cancellation of these shares. The programme concluded on 19 December 2023.
26. Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Ordinary share capital Nominal value of subscribed shares.
Treasury shares This reserve relates to shares held by SIP Trusts as 'treasury shares'. The
shares held by the SIP Trusts were issued directly to the Trusts in order to
satisfy outstanding employee share options and potential awards under the
employee share incentive schemes. The Company issued 447,685 shares directly
to the Trusts during the 52 week period and held 735,360 as at 30 March 2025
(31 March 2024: 394,923). This reserve was previously referred to as 'capital
reserve - own shares'. This reserve also included treasury shares repurchased
but not yet cancelled, pursuant to the share buyback programme, which
concluded during FY24.
Hedging reserve Represents the movements in fair value on designated hedging instruments.
Capital redemption reserve A non-distributable reserve into which amounts are transferred following the
redemption or purchase of own shares. The reserve was created in order to
ensure sufficient distributable reserves were available for the purpose of
redeeming preference shares in the prior periods.
Merger reserve The difference between the nominal value of shares acquired by Dr. Martens plc
(the Parent Company) in the share-for-share exchange with Doc Topco Limited
and the nominal value of shares issued to acquire them on 11 December 2020.
Foreign currency translation reserve Includes translation gains or losses on translation of foreign subsidiaries'
financial statements from the functional currencies to the presentational
currency.
Retained earnings Retained earnings represent the profits of the Group made in current and
preceding periods, net of distributions and equity-settled share-based awards.
Included in retained earnings are distributable reserves.
27. Share-based payments and share schemes
Executive Share Plan - The Dr. Martens Long Term Incentive Plan (LTIP)
Awards of shares to Executive Directors and other senior executives are made
under the Long Term Incentive Plan (LTIP): the Performance Share Plan (PSP)
for the Executive Directors and Global Leadership Team (GLT) and the
Restricted Share Unit Plan (RSU) for GLT direct reports and other employees.
The LTIP is a discretionary share plan under which awards are approved and
granted at the discretion of the Remuneration Committee.
Long Term Incentive Plan - Performance Share Plan (PSP)
Awards of conditional shares are granted to the Executive Directors and GLT.
These awards are currently capable of vesting subject to the achievement of
set performance conditions over a three-year performance period and continued
service. There are three performance conditions attached to the awards which
are Total Shareholder Return (TSR), which is a market-based performance
condition, and Operating Cash Flow Conversion (OCFC) and EPS growth, which are
non-market-based performance conditions. In prior years, only the TSR and EPS
conditions applied. The fair value of the TSR element of the performance
conditions is calculated and fixed at the date of grant using a Stochastic
options pricing model. The fair value of the EPS and OCFC elements of the
performance conditions are reviewed at each Balance Sheet date and adjusted
through the number of awards expected to vest. The fair value of the PSP is
the face value of the awards at the date of grant (calculated using the
closing share price on the day preceding grant). The awards will vest to
participants at the end of the vesting period subject to the performance
conditions of the award being met. The entitlement of any of the awards for
leavers are subject to the leaver provisions as set out in the Plan Rules.
There are no cash settlement alternatives and the Group accounts for the PSP
as an equity-settled plan. Full details on the performance conditions for all
the LTIP awards can be found in the Remuneration Report on pages 138 and 139
of the Annual Report.
Long Term Incentive Plan - Restricted Share Unit Plan (RSU)
Conditional awards of shares under the RSU are granted to GLT direct reports
and other employees of the Group. There are no performance conditions attached
to the awards; the awards will only vest should the participants remain
employed on the vesting date. If participants leave the Group their awards
would usually lapse in full, subject to the leaver provisions set out in the
Plan Rules. The fair value of Restricted Share Unit awards is the face value
of the awards at the date of grant (calculated using the closing share price
on the day preceding grant). The Group accounts for the Restricted Share Unit
awards as an equity-settled plan.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
27. Share-based payments and share schemes
(continued)
Movements during the period
The following table illustrates the number and weighted average exercise
prices (WAEP) of, and movements in, shares subject to LTIP schemes during the
period:
FY25 FY24
LTIP LTIP
No. WAEP No. WAEP
Outstanding at the beginning of the period 15,324,569 - 6,788,582 -
Granted 20,262,208 £0.00 10,597,184 £0.00
Vested (2,768,104) - (653,105) -
Forfeited (5,736,703) - (1,408,092) -
Outstanding at the end of the period 27,081,970 £0.00 15,324,569 £0.00
Weighted average contractual life remaining (years) 1.8 £0.00 1.6 £0.00
Fair value measurement
The following table lists the inputs to the models used for the plans granted
during the 52 weeks ended 30 March 2025 and year ended 31 March 2024:
FY25
LTIP
PSP RSU RSU RSU RSU RSU
Date of grant 14/06/2024 14/06/2024 14/06/2024 14/06/2024 05/12/2024 05/12/2024
Share price (pence) 84.1 84.1 84.1 84.1 69.9 69.9
Fair value at grant date (pence) 72.8 84.1 84.1 84.1 69.9 69.9
Exercise price (pence) 0 0 0 0 0 0
Dividend yield (%) Nil Nil Nil Nil Nil Nil
Expected volatility (%) 56.88% Nil Nil Nil Nil Nil
Risk-free interest rate (%) 4.12% Nil Nil Nil Nil Nil
Expected life (years) 3.0 years 3.0 years 3.3 years 0.7 years 2.5 years 1.6 years
Model used Monte Carlo N/A N/A N/A N/A N/A
FY24
LTIP
PSP RSU RSU
Date of grant 30/06/2023 30/06/2023 14/12/2023
Share price (pence) 119.3 119.3 88.5
Fair value at grant date (pence) 96.7 119.3 88.5
Exercise price (pence) 0 0 0
Dividend yield (%) Nil Nil Nil
Expected volatility (%) 55.05% Nil Nil
Risk-free interest rate (%) 5.13% Nil Nil
Expected life (years) 3.0 years 3.0 years 3.0 years
Model used Monte Carlo N/A N/A
The following schemes granted in FY23 were also still in existence during FY24
and FY25:
FY23
LTIP
PSP RSU RSU
Date of grant 15/06/2022 15/06/2022 08/12/2022
Share price (pence) 238 238 193
Fair value at grant date (pence) 205 238 193
Exercise price (pence) 0 0 0
Dividend yield (%) Nil Nil Nil
Expected volatility (%) 50.71% Nil Nil
Risk-free interest rate (%) 2.23% Nil Nil
Expected life (years) 3.0 years 3.0 years 2.7 years
Model used Monte Carlo N/A N/A
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
27. Share-based payments and share schemes
(continued)
The following schemes granted in FY22 were also still in existence during
FY24:
FY22
LTIP
PSP RSU RSU
Date of grant 15/12/2021 06/07/2021 15/12/2021
Share price (pence) 388 453 388
Fair value at grant date (pence) 301 453 388
Exercise price (pence) 0 0 0
Dividend yield (%) Nil Nil Nil
Expected volatility (%) 54.57% Nil Nil
Risk-free interest rate (%) 0.42% Nil Nil
Expected life (years) 2.3 years 2.7 years 2.3 years
Model used Monte Carlo N/A N/A
Volatility
For determining expected volatility, IFRS 2 requires the fair value to take
into account historical volatility over the expected term. Where Dr. Martens
plc has been listed for less than the expected life of the plans it does not
have sufficient information on historical volatility, and it computes
volatility for the longest period for which trading activity is available. It
also considered the historical volatility of similar entities in the same
industry for the equivalent period of their listed share price history.
All-employee Plan - Share Incentive Plan (SIP) and International Share
Incentive Plan
The Group has two SIP Trusts, Dr. Martens plc UK Share Incentive Plan Trust
('SIP-UK') and Dr Martens plc International Share Incentive Plan Trust
('SIP-International'), for the purpose of facilitating the holding of shares
in Dr. Martens plc for the benefit of employees of the Group. The assets of
the employee share trusts are held by the separate trusts, of which the
Directors consider that Dr. Martens plc has control for accounting purposes.
Share Incentive Plan (SIP): Buy As You Earn
In October 2021 employees were granted Free Shares under the Share Incentive
Plan (SIP); these shares vested and became available to employees in October
2024. In September 2022 the Company launched the purchase and matching element
of the SIP known as Buy As You Earn (BAYE). Employees can elect to make a
monthly contribution from their gross pay to purchase shares in Dr. Martens
plc ('partnership shares'). For each partnership share acquired, the Company
will award a 'matching' share. Matching shares are subject to a three-year
forfeiture period, and employees will receive the matching shares if they
remain employed at the end of this period of service.
The matching shares fall within the scope of IFRS 2 and are classed as
equity-settled share-based payments with a three-year forfeiture period, due
to the condition of continued service for three years from the allocation
date. A new invitation to join the plan will be rolled out each year effective
1 September. On 11 November 2022, the first matching shares were allocated to
employees who had opted into the plan and purchased partnership shares. These
awards are subject to a three-year forfeiture period after the date of
purchase of the corresponding partnership shares. There are no cash settlement
alternatives and the Group accounts for the SIP as an equity-settled plan.
Global Share Incentive Plan (SIP): International Buy As You Earn
In March 2023 the Company launched the purchase and matching element of the
International SIP known as International Buy As You Earn (BAYE). Employees can
elect to make a monthly contribution from their net pay to purchase shares in
Dr. Martens plc ('partnership shares'). Partnership shares are purchased
quarterly with the first purchase in July 2023. For each partnership share
acquired, the Company will allocate a 'matching' share. Matching shares vest
after a period of between two and three years depending on the allocation
date. The average weighted vesting period is 2.7 years. The matching shares
fall within the scope of IFRS 2 and are classed as equity-settled share-based
payments, and employees will receive the matching shares if they remain
employed at the end of this period of service. A new invitation to join the
plan will be rolled out each year effective 1 September.
The following table illustrates the number and weighted average exercise
prices (WAEP) of, and movements in, SIP shares during the period:
FY25 FY24
SIP SIP
No. No.
Outstanding at the beginning of the period 385,523 92,318
Granted 634,772 335,940
Vested (107,248) -
Forfeited (75,836) (42,735)
Outstanding at the end of the period 837,211 385,523
Weighted average contractual life remaining (years) 2.1 years 2.4 years
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
27. Share-based payments and share schemes (continued)
Fair value measurement
The following table lists the inputs to the model used for the SIP plans for
the period ended 30 March 2025 and year ended 31 March 2024:
FY25 FY24 FY23
SIP
Date of grant 20/09/2024 22/09/2023 15/09/2022
Share price (pence) 55-95 82-165 128-290
Fair value at grant date (pence) 55-95 82-165 128-290
Exercise price (pence) 0 0 0
Dividend yield (%) Nil Nil Nil
Expected volatility (%) 0 0 0
Risk-free interest rate 0 0 0
Weighted average expected life (years) 3.4 years 3.3 years 3.2 years
Model used N/A N/A N/A
Share schemes - additional information
Employer payroll taxes are being accrued, where applicable, at local rate,
which management expects to be the prevailing rate when the awards are
exercised, based on the share price at the reporting date. The total employer
payroll taxes for the period relating to all the awards was £0.4m (FY24:
£0.2m). Within this amount is £0.3m of exceptional costs relating to
Director joining costs. There were £nil exceptional costs in FY24.
Included in staff costs and accruals is £nil (FY24: £0.1m) in relation to
expenses arising from cash-settled share-based payments.
Included in staff costs is £7.2m (FY24: £4.0m) in relation to expenses
arising from equity-settled share-based payments. Within this amount is
£0.3m (FY24: £0.1m) in relation to the SIP, £1.9m of exceptional costs
relating to Director joining costs and £0.1m of exceptional costs relating to
the cost action plan. There were £nil exceptional costs in FY24.
Global Bonus Scheme Share Plan
The Remuneration Committee of the Group has determined that a proportion of
the annual Executive Bonus Scheme will be utilised (on a net basis) to
purchase Parent Company shares. There were no cancellations or modifications
during the period.
28. Financial commitments
The Group is party to a number of warehousing agreements whereby it is
committed to certain costs which are not required to be reflected on the
Balance Sheet. These costs pertain to storage costs for some warehouses that
do not meet the recognition requirements of IFRS 16, and the fixed-cost
elements of the additional services that the Group's warehouse operators
provide.
The below table discloses the contractual cash flows that the Group is
committed to under these arrangements, excluding the effects of future rate
increases allowable within the agreements.
FY25 FY24
£m £m
Within 1 year 7.0 7.4
1 to 5 years 6.5 9.0
Over 5 years - -
13.5 16.4
Short-term leases for retail stores are not required to be included above as
the portfolio of short-term leases to which the Group is committed to at the
end of the reporting period is not dissimilar to the portfolio of short-term
leases to which the short-term lease expense disclosed in note 29 relates.
Guarantees exist in the form of rent guarantees to various landlords of £5.9m
(FY24: £5.3m) and other guarantees of £0.2m (FY24: £0.2m). £3.7m of issued
guarantees (FY24: £3.4m) are secured by an ancillary carve-out from the
Group's revolving credit facility.
The Group has additional commitments relating to leases where the Group has
entered into an obligation but does not yet have control of the underlying
asset. The future lease payments to which the Group is committed, over the
expected lease term, but are not recorded on the Group's Balance Sheet are as
follows:
FY25 FY24
£m £m
Within 1 year 0.2 0.3
1 to 5 years 1.4 0.9
Over 5 years 1.0 0.1
2.6 1.3
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
29. Leases
Set out below are the carrying amounts of lease liabilities (included under
interest-bearing loans and borrowings) and the movements during the period:
Note FY25 FY24
£m £m
At 1 April 182.3 152.4
Additions(1) 16.7 72.5
Reassessments 3.0 (4.7)
Modifications 6.3 10.1
Interest expense 8 6.9 8.6
Lease capital and interest repayments (56.2) (52.2)
Foreign exchange (3.6) (4.4)
At 30 March 2025 and 31 March 2024 155.4 182.3
Current 18 45.9 47.0
Non-current 18 109.5 135.3
1. Additions comprises right-of-use asset additions less working capital of
£1.9m (FY24: £4.5m).
The following amounts were recognised in the Consolidated Statement of Profit
or Loss:
Note FY25 FY24
£m £m
Depreciation expense of right-of-use assets 13 51.4 51.3
Impairment of right-of-use assets 13 3.2 -
Gain on remeasurement of leases (0.3) (1.1)
Interest expense on lease liabilities 8 6.9 8.6
Expenses relating to short-term leases 0.3 0.3
Variable lease payments 2.9 3.5
Total operating expenses recognised in profit 3.2 3.8
Total amount recognised in profit 64.4 62.6
Variable lease payments on sales
Some leases of retail stores contain variable lease payments that are based on
sales that the Group makes at the store. These payment terms are common in
retail stores in some countries where the Group operates. Fixed and variable
payments for the 52 weeks ended 30 March 2025 were as follows:
Fixed payments Variable payments Total payments Estimated annual impact on rent of a 1% increase in sales
£m
£m £m £m
FY25: Leases with lease payments based on sales 16.2 2.9 19.1 0.1
FY24: Leases with lease payments based on sales 13.5 3.5 17.0 0.1
Turnover related rent is where the contract states the lease rent is the
higher of the fixed base rent or percentage of turnover of the store. Unless
specified otherwise in the lease, turnover rent is defined as net turnover
(i.e. excluding returns), not including click and collect. To verify the
correct rent, the landlord often requests 'turnover certificates' on a regular
basis, e.g. monthly/quarterly/annually. The rent is invoiced in arrears based
on this calculation and accrued monthly. It is paid as invoiced depending on
the lease terms. The fixed base element is capitalised as above and the
variable element (based on turnover) is expensed to the Consolidated Statement
of Profit or Loss.
Extension options
Some leases contain extension options exercisable by the Group up to one year
before the end of the non-cancellable contract period. Where practicable, the
Group seeks to include extension options in new leases to provide operational
flexibility. The extension options held are exercisable only by the Group and
not by the lessors. The Group will reassess and remeasure when there is a
significant event or change in circumstances. For example, lease renewals or
business decisions to exercise lease breaks. These are reviewed and embedded
to the model by the Property Accountant as they occur.
Lease liabilities recognised (discounted) Potential future lease payments not included in lease liabilities
(undiscounted)
£m
£m
FY25: Leases with lease extension options 38.2 84.5
FY24: Leases with lease extension options 43.3 84.0
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
30. Pensions
Defined contribution scheme
The Group operates a defined contribution pension scheme for its employees.
The Group's expenses in relation to this scheme were £5.2m for the period
ended 30 March 2025 (FY24: £5.4m) and at 30 March 2025 £0.2m (FY24: £1.0m)
remained payable to the pension fund.
Defined benefit scheme
Dr Martens Airwair Group Limited and Airwair International Limited
(subsidiaries of the Group) operate a pension arrangement called the Dr
Martens Airwair Group Pension Plan (the Plan). The Plan has a defined benefit
section that provides benefits based on final salary and length of service on
retirement, leaving service or death. The defined benefit section closed to
new members on 6 April 2002 and closed to future accrual with effect from 31
January 2006. The Plan also has a defined contribution section that provides
money purchase benefits to some current and former employees.
The Plan is managed by a board of Trustees appointed in part by Airwair
International Limited and in part from elections by members of the Plan. The
Trustees have responsibility for obtaining valuations of the fund,
administering benefit payments and investing the Plan's assets. The Trustees
delegate some of these functions to their professional advisers where
appropriate.
The defined benefit section of the Plan is subject to the Statutory Funding
Objective under the Pensions Act 2004. A valuation of the Plan is carried out
at least once every three years to determine whether the Statutory Funding
Objective is met. The last valuation was carried out at 30 June 2022 which
confirmed that the Plan had sufficient assets to meet the Statutory Funding
Objective. The next valuation is due at 30 June 2025. The Statutory Funding
Objective does not currently impact on the recognition of the Plan in these
financial statements.
Following a request from the Trustees, in August 2024 the Company agreed to a
one-off discretionary pension increase for three members of the Plan. No other
discretionary benefits were awarded.
The weighted average duration of the defined benefit obligation is
approximately 11 years (FY24: 12 years). Around 50% of the undiscounted
benefits are due to be paid beyond 17 years' time, with the projected
actuarial cash flows declining to zero in about 70 years.
Key risks
The defined benefit section of the Plan exposes Airwair International Limited
to a number of risks:
· Investment risk. The Plan holds investments in asset classes,
such as equities, which have volatile market values and while these assets are
expected to provide real returns over the long term, the short-term volatility
can cause additional funding to be required if a deficit emerges
· Interest rate risk. The value of the Plan's liabilities is
assessed using market yields on high-quality corporate bonds to discount the
liabilities. As the Plan holds assets such as equities, the value of the
assets and liabilities may not move in the same way. The Plan holds
derivatives to manage a proportion of the interest rate risk
· Inflation risk. A significant proportion of the benefits under
the Plan are linked to inflation. Although the Plan's assets are expected to
provide a good hedge against inflation over the long term, movements in
inflation expectations over the short term could lead to a deficit emerging.
The Plan holds some derivatives to hedge a proportion of the potential changes
in the value of the liabilities due to changes in market inflation
expectations
· Mortality risk. In the event that members live longer than
assumed, a deficit could emerge in the Plan
Although the Lloyds Banking Group Pensions Trustees Limited vs Lloyds Bank PLC
(and others) court judgment on 26 October 2018 (and the subsequent court
judgment on 20 November 2020) provided some clarity in respect of GMP
equalisation and the obligations that this places on schemes, the actual
impact of equalising the Plan's GMPs remains uncertain. An approximate
allowance equivalent to 1.1% (FY24: 1.1%) of the value of the liabilities has
been made in the disclosures for the impact of GMP equalisation. There were no
other plan amendments, curtailments or settlements during the period.
The Group's Annual Report for the year ended 31 March 2024 disclosed
considerable uncertainty of whether a judgment in the High Court case of
Virgin Media vs NTL Trustees will stand following appeal. The appeal to this
judgment was dismissed on 25 July 2024. The judge ruled that where benefit
changes were made without a valid 'section 37' certificate from the Scheme
Actuary, those changes could be considered void. This judgment could have
material consequences for some defined benefit schemes.
The Company has considered the extent to which it should investigate the
implications of the Virgin Media ruling on its IAS 19 disclosures as at 30
March 2025 in relation to the Dr Martens Airwair Group Pension Plan. The
Plan was contracted-out of the State Pension during the relevant period and
therefore is in scope of the ruling. To date, the Company has not commenced
investigations into the potential impact of the ruling, as there remains
uncertainty regarding whether additional rulings will provide further
clarification in some areas, or whether the government will intervene to
resolve the issue for some or all schemes. This view is consistent with the
views of the Trustees of the Plan. Equally, the Group is not aware of any
evidence that there are any amendments that were made during the relevant
period that did not receive the appropriate actuarial confirmation.
In light of the above, the Group's view is that it is appropriate to continue
to disclose that the judgment could have material consequences but that, in
the absence of any further specific information, it is not in a position to
provide further details at this point.
Effect of the Plan on the Company's future cash flows
Airwair International Limited is required to agree a Schedule of Contributions
with the Trustees of the Plan following a valuation, which must be carried out
at least once every three years. Following the valuation of the Plan at 30
June 2022, a Schedule of Contributions was agreed under which Airwair
International Limited was not required to make any contributions to the
defined benefit section of the Plan (other than payments in respect of
administrative expenses). Accordingly, Airwair International Limited does not
expect to contribute to the defined benefit section of the Plan, although it
will continue to contribute to the defined contribution section in line with
the Schedule of Contributions. The next valuation of the Plan is due at 30
June 2025. If this reveals a deficit then Airwair International Limited may be
required to pay contributions to the Plan to repair the deficit over time.
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
30. Pensions (continued)
The amounts recognised in the
Balance Sheet (under IAS 19 Employee Benefits) are determined as follows:
FY25 FY24
£m £m
Fair value of plan assets - defined benefit section 42.4 46.7
Present value of funded obligations - defined benefit section (33.7) (37.6)
Surplus of funded plans 8.7 9.1
Impact of asset ceiling (8.7) (9.1)
Net pension asset - -
Although the Plan has a surplus, this is not recognised on the grounds that
Airwair International Limited is unlikely to derive any future economic
benefits from the surplus. As such, an asset ceiling has been applied to the
Balance Sheet, and the net surplus of £8.7m (FY24: £9.1m) has not been
recognised on the Balance Sheet. The net surplus has been capped to £nil
(FY24: £nil).
A reconciliation of the net defined benefit asset over the period is given
below:
FY25 FY24
£m £m
Net defined benefit asset at beginning of the period - -
Total defined benefit charge in the Statement of Profit or Loss - -
Remeasurement losses in the Statement of Comprehensive Income - -
Employer's contributions - -
Net defined benefit asset at end of the period - -
The amount charged to the Consolidated Statement of Profit or Loss and
Consolidated Statement of Comprehensive Income in respect of the defined
benefit section of the Plan was £16k (FY24: £nil). Costs in respect of the
defined contribution section of the Plan, and other defined contribution
arrangements operated by Airwair International Limited, are allowed for
separately.
The remeasurements in respect of the defined benefit section of the Plan, to
be shown in the Consolidated Statement of Comprehensive Income, are shown
below:
FY25 FY24
£m £m
Losses on defined benefit assets in excess of interest 4.3 3.0
Experience loss on defined benefit obligation - 0.3
Gains from changes to demographic assumptions - (0.4)
Gains from changes to financial assumptions (3.4) (0.4)
Change in effect of asset ceiling (0.9) (2.5)
Total remeasurements to be shown in other comprehensive income - -
The change in defined benefit scheme assets over the period was:
FY25 FY24
£m £m
At 1 April 46.7 49.5
Interest on defined benefit assets 2.2 2.3
Movement on defined benefit section assets less interest (4.3) (3.0)
Benefits paid from the defined benefit section (2.2) (2.1)
At 30 March 2025 and 31 March 2024 42.4 46.7
The change in the defined benefit scheme funded obligations over the period
was:
FY25 FY24
£m £m
At 1 April 37.6 38.4
Past service cost - -
Interest cost on defined benefit obligation 1.7 1.8
Experience loss on defined benefit obligation - 0.3
Changes to demographic assumptions - (0.4)
Changes to financial assumptions (3.4) (0.4)
Benefits paid from the defined benefit section (2.2) (2.1)
At 30 March 2025 and 31 March 2024 33.7 37.6
The change in the effect of the asset ceiling over the period was as follows:
FY25 FY24
£m £m
At 1 April 9.1 11.1
Net interest charge on asset ceiling 0.5 0.5
Changes in the effect of the asset ceiling excluding interest (0.9) (2.5)
At 30 March 2025 and 31 March 2024 8.7 9.1
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
30. Pensions (continued)
A breakdown of the assets is set out below, split between those assets that
have a quoted market value in an active market and those that do not. The
assets do not include any investment in shares of Airwair International
Limited, nor any property owned or occupied by the Group.
FY25 FY24
£m £m
Assets with a quoted market value in an active market:
Cash and other
Domestic - 0.1
- 0.1
Assets without a quoted market value in an active market:
Equities and property
Domestic 0.1 3.0
Foreign 2.0 4.3
2.1 7.3
Fixed interest bonds
Unspecified 13.0 6.3
13.0 6.3
Index linked gilts
Domestic 25.9 30.0
25.9 30.0
Alternatives
Unspecified 0.5 1.8
0.5 1.8
Property
Unspecified - 0.4
- 0.4
Insured annuities
Domestic 0.8 0.9
0.8 0.9
Cash and other
Domestic 0.1 1.5
Foreign - -
Unspecified - (1.6)
0.1 (0.1)
Fair value of plan assets 42.4 46.7
A full actuarial valuation was carried out at 30 June 2022. The results of
that valuation were updated to 30 March 2025 by a qualified independent
actuary. The principal assumptions selected by Airwair International Limited
and used by the actuary to calculate the Plan's defined benefit obligation
were:
FY25 FY24
Discount rate 5.7% 4.9%
Inflation assumption (RPI) 3.2% 3.2%
Inflation assumption (CPI) 2.5% 2.5%
LPI pension increases subject to 5% cap 3.1% 3.1%
LPI pension increases subject to 3% cap 2.5% 2.5%
Revaluation in deferment 2.5% 2.5%
Post retirement mortality assumption 105% (males) and 111% (females) of S3PA tables, with allowance for future 105% (males) and 111% (females) of S3PA tables, with allowance for future
improvements in line with the CMI_2022 core projection model using 0% 2020 and improvements in line with the CMI_2022 core projection model using 0% 2020 and
2021 weight parameters, a 15% 2022 weight parameter, a long-term rate of 2021 weight parameters, a 25% 2022 weight parameter, a long-term rate of
improvement of 1.0% p.a. and an initial addition of 0.2% improvement of 1.0% p.a. and an initial addition of 0.2%
Tax free cash Members are assumed to take 50% of the maximum tax free cash possible Members are assumed to take 50% of the maximum tax free cash possible
Proportion married at retirement or earlier death 80% of male members and 65% of female members are assumed to be married at 80% of male members and 65% of female members are assumed to be married at
retirement or earlier death retirement or earlier death
Notes to the Consolidated Financial Statements (continued)
For the 52 weeks ended 30 March 2025
30. Pensions (continued)
FY25 FY24
Age difference Males three years older than dependant, females one year younger than Males three years older than dependant, females one year younger than
dependant dependant
Assumed life expectancies on retirement at age 65 are:
Retiring today: Male 21.1 21.1
Female 23.3 23.2
Retiring in 20 years' time: Male 22.2 22.1
Female 24.4 24.3
The key sensitivities of the defined benefit obligation to the actuarial
assumptions are shown below:
FY25 FY24
£m £m
Discount rate
Plus 0.5% (1.7) (2.7)
Minus 0.5% 1.9 3.0
Plus 1.0% (3.2) (4.6)
Minus 1.0% 3.9 5.7
Rate of inflation
Plus 0.5% 1.4 2.0
Minus 0.5% (1.5) (1.8)
Life expectancy
Plus 1.0 year 1.4 1.6
Minus 1.0 year (1.4) (1.6)
The sensitivity illustrations set out above are approximate. They show the
likely effect of an assumption being adjusted while all other assumptions
remain the same. Only the impact on the liability value (i.e. the defined
benefit obligation) is considered - in particular:
· no allowance is made for any changes to the value of the Plan's
invested assets in scenarios where interest rates or market inflation
expectations change; and
· no allowance is made for changes in the value of the annuity
policies held by the Plan, which is calculated using the same actuarial
assumptions as for the Plan's defined benefit obligation.
Such changes to the asset values would be likely to partially offset the
changes in the defined benefit obligation.
The net Balance Sheet and Consolidated Statement of Profit or Loss are not
sensitive to the actuarial assumptions used at the current time, due to the
effect of the asset ceiling.
31. Related party transactions
Transactions between the Company and its wholly owned subsidiaries, which are
related parties of the Company, have been eliminated on consolidation and are
not disclosed in this note. A list of investments in subsidiary undertakings
can be found in note 14 to the Parent Company financial statements.
FY25 FY24
£000 £000
GFM GmbH Trademarks(1)
Amounts incurred 80.0 64.7
Amounts payable by/(owed) at the period end - (4.6)
1. GFM GmbH Trademarks is related to the Group as it is an equity-accounted
joint venture under joint control of the Group.
The compensation of key management (including Executive and Non-Executive
Directors) for the period was as follows:
FY25 FY24
£m £m
Salaries and benefits 9.1 5.1
Termination benefits 0.3 -
Pensions 0.2 0.3
LTIPs - Share-based payments 3.5 0.6
Parent Company Balance Sheet
As at 30 March 2025
Company registration number 12960219
Note FY25 FY24
£m £m
Fixed assets
Investments 6 1,413.4 1,413.4
1,413.4 1,413.4
Current assets
Debtors 7 6.2 3.1
Cash and cash equivalents 8 - 0.1
6.2 3.2
Total assets 1,419.6 1,416.6
Current liabilities
Trade and other payables 9 (2.1) (1.2)
Total liabilities (2.1) (1.2)
Net assets 1,417.5 1,415.4
Equity
Ordinary share capital 10 9.6 9.6
Treasury shares 11 - -
Capital redemption reserve 12 0.4 0.4
Retained earnings 12 1,407.5 1,405.4
Total equity 1,417.5 1,415.4
As permitted by section 408 of the Companies Act 2006, the Company's Statement
of Profit or Loss has not been included in these financial statements.
The Company generated a profit for the period ended 30 March 2025 of £4.4m
(year ended 31 March 2024: £114.9m).
The notes on pages 62 to 67 are an integral part of these financial
statements.
The financial statements on pages 60 to 67 were approved and authorised by the
Board of Directors on 4 June 2025 and signed on its behalf by:
Ije
Nwokorie
Giles Wilson
Chief Executive
Officer
Chief Financial Officer
Parent Company Statement of Changes in Equity
For the 52 weeks ended 30 March 2025
Ordinary share capital Treasury shares Capital redemption reserve Retained earnings Total equity
Note £m £m £m £m £m
At 1 April 2023 10.0 - - 1,394.8 1,404.8
Profit for the year - - - 114.9 114.9
Total comprehensive income for the year - - - 114.9 114.9
Dividends paid 5 - - - (57.8) (57.8)
Shares issued 10 - - - - -
Share-based payments - - - 4.0 4.0
Repurchase of ordinary share capital 11 - (50.0) - (0.5) (50.5)
Cancellation of repurchased ordinary share capital 11 (0.4) 50.0 0.4 (50.0) -
At 31 March 2024 9.6 - 0.4 1,405.4 1,415.4
Profit for the period - - - 4.4 4.4
Total comprehensive income for the period - - - 4.4 4.4
Dividends paid 5 - - - (9.5) (9.5)
Shares issued 10 - - - - -
Share-based payments - - - 7.2 7.2
At 30 March 2025 9.6 - 0.4 1,407.5 1,417.5
The notes on pages 62 to 67 form part of these financial statements.
Notes to the Parent Company Financial Statements
For the 52 weeks ended 30 March 2025
1. General information
Dr. Martens plc (the 'Company') is a public company limited by shares
incorporated in the United Kingdom, and registered and domiciled in England
and Wales, whose shares are traded on the London Stock Exchange. The Company's
registered office is: 28 Jamestown Road, Camden, London NW1 7BY. The principal
activity of the Company and its subsidiaries (together referred to as the
'Group') is the design, development, procurement, marketing, selling and
distribution of footwear under the Dr. Martens brand.
2. Accounting policies
The principal accounting policies adopted in the preparation of the financial
statements are set out below. The policies have been consistently applied to
the periods presented, unless otherwise stated. Amounts are presented in GBP
and to the nearest million pounds (to one decimal place) unless otherwise
noted.
Basis of preparation
The financial statements of the Company have been prepared in accordance with
the Companies Act 2006 and Financial Reporting Standard 101 'Reduced
Disclosure Framework' ('FRS 101'). The financial statements have been prepared
on a going concern basis under the historical cost convention. FRS 101 enables
the financial statements of the Company to be prepared in accordance with IFRS
but with certain disclosure exemptions. The main areas of reduced disclosure
are in respect of equity-settled share-based payments, financial instruments,
the Statement of Cash Flows, and related party transactions with Group
companies. The accounting policies adopted for the Company are otherwise
consistent with those used for the Group which are set out on pages 22 to 31.
As permitted by Section 408 of the Companies Act 2006, the Statement of Profit
or Loss of the Company is not presented as part of the financial statements.
The preparation of financial statements in conformity with FRS 101 requires
the use of certain critical accounting estimates. It also requires management
to exercise its judgement in the process of applying the Company's accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the financial
statements, are disclosed in the significant judgements and estimates section.
Financial calendar
During FY24, the Group amended the basis of preparation of the Consolidated
Financial Statements to align with the operational trading of the business; by
moving from a calendar year to a retail calendar basis. The retail calendar
will report a 52-week year, split into monthly 5-4-4 Monday to Sunday week
formats. A 53-week year will be reported approximately every six years to
avoid the retail calendar deviating by more than seven days from the calendar
year and the accounting reference date of 31 March. The FY25 period began on 1
April 2024 and the financial statements of the Company report the 52 weeks
ended 30 March 2025 to conform to the retail calendar in line with the
Consolidated Financial Statements. The comparative period is the year to 31
March 2024.
Financial Reporting Standard 101 - reduced disclosure exemptions
This basis of preparation has enabled the Company to take advantage of the
applicable disclosure exemptions permitted by FRS 101 in the financial
statements. The following disclosures have not been provided as permitted by
FRS 101:
- a cash flow statement and related notes;
- disclosures in respect of transactions with wholly owned subsidiaries;
- disclosures in respect of capital management;
- the effects of new but not yet effective IFRS;
- disclosures in respect of the compensation of key management personnel as
required; and
- statement of compliance with all IFRS.
The Company has also taken the exemption under FRS 101 available in respect of
the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 (Share-based
Payment) in respect of Group equity-settled share-based payments as the
Consolidated Financial Statements of the Group include the equivalent
disclosures.
Going concern
The financial statements have been prepared on a going concern basis. The
ability of the Company to continue as a going concern is contingent on the
ongoing viability of the Group. The Directors have considered the business
activities, as well as the principal risks, the other matters discussed in
connection with the viability statement, and uncertainties faced by the
business. Based on this information, and the Group's trading and cash flow
forecasts, the Directors are satisfied that the Group will maintain an
adequate level of resources to be able to operate during the period under
review. Refer to note 2.1 of the Consolidated Financial Statements for further
information.
Distributable reserves
When making a distribution to shareholders, the Directors determine the
profits available for distribution by reference to guidance on realised and
distributable profits under the Companies Act 2006 issued by the Institute of
Chartered Accountants in England and Wales.
Investments
Investments are stated at cost less any provision for impairment.
Share-based payments
The Company provides benefits to employees in the form of share-based payment
transactions, whereby employees render services as consideration in exchange
for equity instruments ('equity-settled transactions'). Refer to note 2.24 of
the Consolidated Financial Statements for further information.
Dividends
Final dividends are recorded in the financial statements in the period in
which they are approved by the Company's shareholders. Interim dividends are
recorded in the period in which they are paid.
Share buyback
Where the Company purchases any of its own equity instruments, for example,
pursuant to the share buyback programme, the consideration paid, including any
directly attributable incremental costs, is deducted from equity attributable
to the owners of the Company. The repurchased shares are recognised as
treasury shares until the shares are cancelled.
Notes to the Parent Company Financial Statements (continued)
For the 52 weeks ended 30 March 2025
2. Accounting policies (continued)
Significant judgements and
estimates
The following judgement has had the most significant effect on amounts
recognised in the financial statements:
Carrying value of investments
The Company assesses at each reporting date whether there is an indication
that its investment may be impaired. If any indication exists, the Company
estimates the investment's recoverable amount. The investment's recoverable
amount is the higher of its fair value less costs of disposal and its value in
use. An impairment is present if the recoverable amount is less than the
carrying value of the asset. In assessing an investment's recoverable amount
using a value in use calculation, estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and future cash flows are then
extended into perpetuity using long-term growth rates.
UK registered subsidiaries exempt from audit
Airwair Property Limited, a wholly owned subsidiary, is exempt from the
Companies Act 2006 requirements relating to the audit of its individual
financial statements by virtue of Section 479A of the Companies Act, as this
Company has provided a guarantee for Airwair Property Limited under Section
479C of the Companies Act.
3. Staff costs
Other than the Directors, the Company had no employees during the period
(FY24: none). Details of Directors' remuneration can be found in the
Remuneration Report on pages 131 to 144 of the Annual Report.
4. Auditors' remuneration
The Company has incurred audit fees of £22,680 (FY24: £21,600) for the
period.
5. Dividends
Details in respect of dividends proposed and paid during the period by the
Company are included in note 11 to the Consolidated Financial Statements.
6. Investments
FY25 FY24
£m £m
At 1 April 1,413.4 1,413.4
Acquisitions - -
At 30 March 2025 and 31 March 2024 1,413.4 1,413.4
Investment impairment assessment
The Company's investment is a non-financial asset and required to be reviewed
for impairment indicators each period end date. If an indicator of impairment
exists, the asset is required to be tested for impairment by estimating its
recoverable amount. An asset's recoverable amount is the higher of its fair
value less costs of disposal and its value in use. An impairment is present if
the recoverable amount is less than the carrying value of the asset.
An appropriate check to begin with per IAS 36 is assessing whether the
carrying amount of the Company's net assets is higher than the market
capitalisation. Management has reviewed the share price as at 30 March 2025
and the average share price over a variety of preceding time periods to
examine the average market capitalisation for comparison to Dr. Martens plc's
net assets. It is relevant to consider the volatility of the share price over
recent years when interpreting a company's market capitalisation. Where there
is volatility, taking a point in time measure may be misleading, as market
sentiment fluctuations can result in significant point in time changes that
are not necessarily reflective of the true value of a business. It is also
noted that stock market movements recently are not unique to Dr. Martens only,
and significant macroeconomic and geopolitical events have impacted many
companies, again potentially inaccurately reflecting the true value of the
business. Dr. Martens plc's net assets exceed the market capitalisation,
therefore showing a potential indicator of impairment but not necessarily
concluding that the investment was impaired. As this review showed a potential
impairment indicator, management decided to run a test for impairment.
The investment's recoverable amount was deemed to be more than its carrying
amount and hence no charge was made in the current period (FY24: £nil).
Judgements, assumptions and estimates
The results of the Company's impairment tests are dependent upon estimates and
judgements made by management. The recoverable amount of the Company's
investment is estimated using a value in use calculation. The value in use
calculation uses cash flow forecasts based on financial projections reviewed
by the Board covering a five-year period (pre-perpetuity). The forecasts are
based on annual budgets and strategic projections representing the best
estimate of future performance. Management considers forecasting over this
period to appropriately reflect the business cycle of the Group. These cash
flows are consistent with those used to review going concern and viability,
however, are required by IAS 36 to be adjusted for use within an impairment
review to exclude new retail development to which the Group is not yet
committed.
Notes to the Parent Company Financial Statements (continued)
For the 52 weeks ended 30 March 2025
6. Investments (continued)
Operating cash flows
The main assumptions within the forecast operating cash flows include the
achievement of future growth in ecommerce, retail and wholesale channels,
sales prices and volumes (including reference to specific customer
relationships and product lines), raw material input costs, the cost structure
of the Group, the impact of foreign currency rates upon selling price and cost
relationships and the levels of capital expenditure required to support each
sales channel.
Future sales are estimated to increase on a compound annual growth rate (CAGR)
basis of 6.7% over the five years pre-perpetuity from FY25 sales. The CAGR is
forecasted to be achieved through growth as set out in our central planning
assumptions underlying our medium-term forecasts, the first three years of
which form the basis of the assumptions in the Viability Statement.
Pre-tax risk adjusted discount rate
Future cash flows are discounted to present value using a pre-tax discount
rate derived from risk-free rates based on long-term government bonds,
adjusted for risk factors such as region and market risk in the territories in
which the Group operates and the time value of money. Consistent with the 2019
IFRS IASB Staff Paper, a post-tax discount rate and post-tax cash flows are
used as observable inputs, and then the pre-tax discount rate is calculated
from this to comply with the disclosure requirements under IAS 36. The pre-tax
discount rate for the Group has been calculated to be 12.5% (FY24: 12.7%).
Long-term growth rate
To forecast beyond the five-year detailed cash flows into perpetuity, a
long-term average growth rate has been used. The long-term growth rate applied
for the Group is 2.3% (FY24: 2.2%). The rate used includes aggregation of
geographical forecasts included within industry reports.
Sensitivity analysis
The Company has assessed that the two significant assumptions used within the
value in use calculation are pre-perpetuity sales growth and EBITDA margin,
and potential changes in these have been sensitised without cost mitigation as
follows:
FY25
£m
Original headroom 152.5
Headroom/(deficit) using a 10% decrease in forecasted sales (516.3)
Headroom/(deficit) using a 10% increase in forecasted sales 816.5
Headroom/(deficit) using a 10% decrease in forecasted EBITDA (159.1)
Headroom/(deficit) using a 10% increase in forecasted EBITDA 464.1
Headroom/(deficit) combining a 10% decrease in forecasted sales, a further 10% (616.2)
decrease in EBITDA and a 1%pt increase in pre-tax discount rate
Sales
Sensitivities have been modelled in the table above based on a +/-10% movement
in sales relative to the base plan, applied each year and into perpetuity. A
decrease in forecasted sales of -10% would result in the carrying amount being
above the recoverable amount. This -10% sales sensitivity outputs lower total
forecast EBITDA in FY26 versus the severe but plausible going concern scenario
and therefore is considered unlikely. A decrease of -10% results in a revised
CAGR over the five years pre-perpetuity from FY25 sales of 4.5%, and an
increase of 10% results in a revised CAGR of 8.8%. The reduction in forecast
sales, for each of the five years and into perpetuity, that would result in
the carrying amount and the recoverable amount being equal, is a decrease of
-2.3%.
Additionally, the effect of applying published industry sales growth rates
lower than the growth assumed within the base plan was assessed. Revenue and
performance related cost mitigations were applied in this assessment, with
other assumptions held consistent with the base plan. This assessment resulted
in headroom above the carrying amount.
EBITDA
Sensitivities have been modelled in the table above based on a +/- 10%
movement in EBITDA relative to the base plan, applied each year and into
perpetuity. A decrease in forecasted EBITDA of -10% would result in the
carrying amount being above the recoverable amount. The reduction in forecast
EBITDA, for each of the five years and into perpetuity, that would result in
the carrying amount and the recoverable amount being equal, is a decrease of
-4.9%. This would result in an FY26 EBITDA % of 17.8%.
Additional illustration
An additional sensitivity as set out in the table above, which is not
considered reasonably possible, has been included for illustrative purposes
which models a scenario where forecasted sales decline by -10%, EBITDA
deteriorates by a further 10% (in addition to the EBITDA decline from reducing
forecasted sales) and the pre-tax discount rate also increases by 1%pt. This
would result in the carrying amount being above the recoverable amount.
A list of the Company's investments in subsidiary undertakings can be found in
note 14.
Notes to the Parent Company Financial Statements (continued)
For the 52 weeks ended 30 March 2025
7. Debtors
FY25 FY24
£m £m
Income tax receivable - 0.1
Prepayments 0.2 0.3
Amounts owed by subsidiary undertakings(1) 6.0 2.7
6.2 3.1
1. Amounts owed by subsidiary undertakings are non-interest bearing trading
balances and are repayable on demand.
IFRS 9 expected credit losses have been assessed as immaterial in relation to
all balances.
8. Cash and cash equivalents
FY25 FY24
£m £m
Cash and cash equivalents - 0.1
9. Trade and other payables
FY25 FY24
£m £m
Trade creditors - 0.1
Amounts due to subsidiary undertakings(1) - 0.2
Accruals and deferred income 2.1 0.9
2.1 1.2
1. Amounts owed to subsidiary undertakings are non-interest bearing trading
balances and are repayable on demand.
10. Ordinary share capital
FY25 FY25 FY24 FY24
No. £m No. £m
Authorised, called up and fully paid
Ordinary shares of £0.01 each 964,537,323 9.6 961,878,608 9.6
The movements in the ordinary share capital during the period ended 30 March
2025 and year ended 31 March 2024 were as follows:
FY25 FY25 FY24 FY24
No. £m No. £m
At 1 April 961,878,608 9.6 1,000,793,898 10.0
Shares issued 2,658,715 - 953,845 -
Repurchase and cancellation of ordinary share capital - - (39,869,135) (0.4)
At 30 March 2025 and 31 March 2024 964,537,323 9.6 961,878,608 9.6
The cost of shares purchased by the Share Incentive Plan (SIP) Trusts is
offset against the profit and loss account, as the amounts paid reduce the
profits available for distribution by the Company.
11. Treasury shares
The movements in treasury shares held by the Company during the periods ended
30 March 2025 and 31 March 2024 were as follows:
FY25 FY25 FY24 FY24
No. £m No. £m
At 1 April 394,923 - 110,153 -
Repurchase of shares for cancellation - - 39,869,135 50.0
Cancellation of shares - - (39,869,135) (50.0)
Shares issued for share schemes held in trust 447,685 - 284,770 -
Shares vested from share schemes held in trust (107,248) - - -
At 30 March 2025 and 31 March 2024 735,360 - 394,923 -
On 14 July 2023 Dr. Martens plc announced a share buyback programme. Treasury
shares existed during the year ended 31 March 2024 as a result of the timing
delay between the repurchase of shares under this programme and the subsequent
cancellation of these shares. The programme concluded on 19 December 2023.
Notes to the Parent Company Financial Statements (continued)
For the 52 weeks ended 30 March 2025
12. Reserves
Reserve Description and purpose
Ordinary share capital Nominal value of subscribed shares.
Treasury shares This reserve relates to shares held by SIP Trusts as 'treasury shares'. The
shares held by the SIP Trusts were issued directly to the Trusts in order to
satisfy outstanding employee share options and potential awards under the
employee share incentive schemes. The Company issued 447,685 shares directly
to the Trusts during the period and held 735,360 as at 30 March 2025 (31 March
2024: 394,923). This reserve was previously referred to as 'capital reserve -
own shares'. This reserve also included treasury shares repurchased but not
yet cancelled, pursuant to the share buyback programme, which concluded during
FY24.
Capital redemption reserve A non-distributable reserve into which amounts are transferred following the
redemption or purchase of own shares. The reserve was created in order to
ensure sufficient distributable reserves were available for the purpose of
redeeming preference shares in the prior periods.
Retained earnings To recognise the profit or loss, all other net gains and losses and
transactions with owners (e.g. dividends) not recognised elsewhere, and the
value of equity-settled share-based awards provided to Executive Directors and
other senior executives as part of their remuneration (refer to the Directors'
Remuneration Report on pages 131 to 144 of the Annual Report for further
details).
13. Financial commitments
As part of its participation in the Group's financing arrangements, the
Company has provided a financial guarantee in respect of borrowings held by
its subsidiary, Ampdebtco Limited. This obligation forms part of the wider
Group financing structure, with the likelihood of the guarantee being called
upon considered remote.
Notes to the Parent Company Financial Statements (continued)
For the 52 weeks ended 30 March 2025
14. Subsidiary undertakings
The registered address and principal place of business of each subsidiary
undertaking are shown in the footnotes below the table. The financial
performance and financial position of these undertakings have been
consolidated in the Consolidated Financial Statements.
Nature of investment
Name Country of registration Class of share capital held Direct Indirect Nature of business
Airwair (1994) Limited(1) England and Wales Ordinary - 100% Management company
Airwair (1996) Limited(1) England and Wales Ordinary - 100% Management company
Airwair International Limited(1) England and Wales Ordinary - 100% Footwear retail and distribution
Airwair Limited(1) England and Wales Ordinary - 100% Management company
Airwair Property Limited(1) England and Wales Ordinary - 100% Property investment
Ampdebtco Limited(2) England and Wales Ordinary 100% - Management company
DM Airwair Germany GmbH(13) Germany Ordinary - 100% Footwear retail and distribution
DM Airwair Sweden AB(14) Sweden Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair (Ireland) Limited(12) Republic of Ireland Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Austria GmbH(22) Austria Ordinary - 100% Footwear retail and distribution
Dr Martens Airwair Belgium SA(8) Belgium Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Canada Inc.(19) Canada Capital of no par value - 100% Footwear retail and distribution
Dr Martens Airwair France SAS(9) France Ordinary - 100% Footwear retail and distribution
Dr Martens Airwair Group Limited(1) England and Wales Ordinary - 100% Management company
Dr. Martens Airwair Hong Kong Limited(4) Hong Kong SAR Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair India Global Capability Centre Private Limited(5) India Ordinary - 100% Technology
Dr. Martens Airwair Japan K.K.(7) Japan Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Korea Limited(6) Korea Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Spain S.L.U.(17) Spain Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair USA LLC(3) USA Capital of no par value - 100% Footwear retail and distribution
Dr Martens Airwair Wholesale Limited(1) England and Wales Ordinary - 100% Footwear retail and distribution
Dr Martens Airwair Italy S.R.L.(15) Italy Ordinary - 100% Footwear retail and distribution
Dr Martens Airwair Netherlands B.V.(10) Netherlands Ordinary - 100% Footwear retail and distribution
GFM GmbH Trademarks(11) Germany Ordinary - 50% Trademark registration
Shanghai Airwair Trading Limited(*16) China Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Poland Z.o.o.(20) Poland Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Denmark ApS(21) Denmark Ordinary - 100% Footwear retail and distribution
Dr. Martens Airwair Vietnam Company Limited(23) Vietnam Ordinary - 100% Footwear retail and distribution
Dr Martens Airwair Limited(1) England and Wales Ordinary - 100% Dormant
Dr. Martens Sports & Leisure Limited(1) England and Wales Ordinary - 100% Dormant
Dr. Martens Airwair Singapore PTE Ltd(18) Singapore Ordinary - 100% Non-trading
Dr Martens Airwair & Co. Limited(1) England and Wales Ordinary - 100% Dormant
Dr. Martens Dept. Store Limited(1) England and Wales Ordinary - 100% Dormant
*The financial year of this entity ends on 31 December in line with local
requirements.
1. Cobbs Lane, Wollaston, Northamptonshire, England, NN29 7SW.
2. 28 Jamestown Road, Camden, London, England, NW1 7BY.
3. 16192 Coastal Hwy, Lewes, Delaware 19958, United States.
4. Unit 2306-11, 23F, Sun Life Tower, The Gateway Tower 5, Harbour City, 15
Canton Road, Tsim Sha Tsui, Hong Kong.
5. J Block, 1st Floor, Outer, Ring Rd, Manyata Embassy, Arabic College,
Bangalore, Bangalore North, Karnataka, India, 560045
6. 14/F, Room 1, 2, SB Tower, 318 Dosan-daero, Gangnam-gu, Seoul, Republic of
Korea.
7. 5-2-28 Jingumae, Shibuya, Tokyo, Japan 150-0001.
8. Botanic Tower - 6th floor, Boulevard Saint-Lazare, 4-10, 1210 Brussels,
Belgium.
9. 5, Cité Trévise 75009 Paris, France.
10. Herikerbergweg 238, Luna Arena, 1101 CM Amsterdam, Netherlands.
11. Seeshaupt, Landkreis Weilheim-Schongau, Germany. Note: this entity is
equity accounted not consolidated.
12. TMF Group Ground Floor, Two Dockland Central, Guild St, North Dock,
Dublin, Republic of Ireland, D01 K2C5.
13. Wagnerstr. 1A, 40212 Düsseldorf, Germany.
14. Blekingegatan 48, 11662 Stockholm, Sweden.
15. Via Morimondo 26-20143 Milano, Italy.
16. Room 1610-11, 1612, Level 16, Tower A, THREE ITC, No. 183 Hongqiao Road,
Xuhui, Shanghai, China.
17. C/Principe de Vergara, 112 4A Planta 28002, Madrid, Spain.
18. 77 Robinson Road, 13-00 Robinson 77, Singapore 068896.
19. C/O TMF Canada Inc. 1 University Ave, 3(rd) Floor, Toronto, Ontario M5J
2P1, Canada.
20. Rondo, Daszyńskiego 2B, 00-843 Warsaw, Poland.
21. H.C. Andersens Boulevard 38, 3. Th, 1553, København, 1553 Langebro,
Denmark.
22. Teinfaltstraße 8/4, 1010 Vienna, Austria.
23. Unit 1402, Level 14, Friendship Tower, No. 31, Le Duan Street, Ben Nghe
Ward, District 1, Ho Chi Minh City, Vietnam.
Five-year financial summary (unaudited)
For the 52 weeks ended 30 March 2025
FY25 FY24 FY23 FY22 FY21(1)
£m £m £m £m £m
Revenue:
Ecommerce 268.3 276.3 279.0 262.4 235.4
Retail 242.4 256.8 241.7 185.6 99.7
DTC 510.7 533.1 520.7 448.0 335.1
Wholesale(5) 276.9 344.0 479.6 460.3 437.9
787.6 877.1 1,000.3 908.3 773.0
Gross profit 511.7 575.2 618.1 578.8 470.5
Selling and administrative expenses (474.7) (453.0) (441.9) (349.5) (359.2)
EBIT(2,6) 37.0 122.2 176.2 229.3 111.3
Adjusted EBIT(2,6) 60.7 126.4 190.8 226.2 189.0
Profit before tax(3) 8.8 93.0 159.4 214.3 69.7
Adjusted profit before tax(2) 34.1 97.2 174.0 211.2 147.4
Tax expense (4.3) (23.8) (30.5) (33.1) (35.0)
Profit after tax 4.5 69.2 128.9 181.2 34.7
Earnings per share
Basic 0.5 7.0p 12.9p 18.1p 3.5p
Diluted 0.5 7.0p 12.9p 18.1p 3.5p
Adjusted earnings per share(2)
Basic 2.4 7.4p 14.0p 17.9p 11.4p
Diluted 2.4 7.3p 14.0p 17.8p 11.4p
Key statistics:
Pairs sold (m) 10.5 11.5 13.8 14.1 12.7
No. of stores(4) 239 239 204 158 135
DTC mix % 64.8% 60.8% 52.1% 49.3% 43.4%
Gross margin %(2) 65.0% 65.6% 61.8% 63.7% 60.9%
EBIT %(2,6) 4.7% 13.9% 17.6% 25.2% 14.4%
1. Results for the year ended 31 March 2021 have been retrospectively restated
in relation to a change in accounting policy for the treatment of cloud-based
software. This resulted in £nil impact on cash.
2. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
3. Post-adjusting items.
4. Own stores on streets and malls operated under arm's length leasehold
arrangements.
5. Wholesale revenue including distributor customers.
6. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change.
Five-year financial summary (unaudited)
For the 52 weeks ended 30 March 2025
FY25 FY24 FY23 FY22 FY21(1)
£m £m £m £m £m
Revenue by region:
EMEA 384.2 431.8 443.0 398.5 335.6
Americas 288.5 325.8 428.2 382.7 295.8
APAC 114.9 119.5 129.1 127.1 141.6
787.6 877.1 1,000.3 908.3 773.0
Revenue mix:
EMEA % 48.8% 49.2% 44.3% 43.9% 43.5%
Americas % 36.6% 37.1% 42.8% 42.1% 38.2%
APAC % 14.6% 13.7% 12.9% 14.0% 18.3%
EBIT(2,3) by region:
EMEA 74.4 109.7 120.7 127.1 100.6
Americas 9.4 41.7 80.7 109.6 81.0
APAC 15.0 22.1 25.5 26.8 33.9
Group support costs (61.8) (51.3) (50.7) (34.2) (104.2)
37.0 122.2 176.2 229.3 111.3
EBIT %(2,3) by region:
EMEA 19.4% 25.4% 27.2% 31.9% 30.0%
Americas 3.3% 12.8% 18.8% 28.6% 27.4%
APAC 13.1% 18.5% 19.8% 21.1% 23.9%
4.7% 13.9% 17.6% 25.2% 14.4%
1. Results for the year ended 31 March 2021 have been retrospectively restated
in relation to a change in accounting policy for the treatment of cloud-based
software. This resulted in £nil impact on cash.
2. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
3. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change.
First half/second half analysis (unaudited)
For the 52 weeks ended 30 March 2025
H1 H2 FY
Unaudited Unaudited Variance Unaudited Unaudited Variance Audited Audited Variance
FY25 FY24 FY25 FY24 FY25 FY24
£m £m % £m £m % £m £m %
Revenue by channel:
Ecommerce 87.7 91.7 -4.4% 180.6 184.6 -2.2% 268.3 276.3 -2.9%
Retail 95.3 104.7 -9.0% 147.1 152.1 -3.3% 242.4 256.8 -5.6%
DTC 183.0 196.4 -6.8% 327.7 336.7 -2.7% 510.7 533.1 -4.2%
Wholesale(4) 141.6 199.4 -29.0% 135.3 144.6 -6.4% 276.9 344.0 -19.5%
324.6 395.8 -18.0% 463.0 481.3 -3.8% 787.6 877.1 -10.2%
Gross margin 207.7 254.9 -18.5% 304.0 320.3 -5.1% 511.7 575.2 -11.0%
EBIT(1, 5) (15.1) 40.3 -137.5% 52.1 81.9 -36.4% 37.0 122.2 -69.7%
Adjusted EBIT(1, 5) (3.0) 39.7 -107.6% 63.7 86.7 -26.5% 60.7 126.4 -52.0%
(Loss)/profit before tax(2) (28.7) 25.8 -211.2% 37.5 67.2 -44.2% 8.8 93.0 -90.5%
Adjusted (loss)/profit before tax(1) (16.6) 25.2 -165.9% 50.7 72.0 -29.6% 34.1 97.2 -64.9%
Tax credit/(expense) 7.9 (6.8) -216.2% (12.2) (17.0) -28.2% (4.3) (23.8) -81.9%
(Loss)/profit after tax (20.8) 19.0 -209.5% 25.3 50.2 -49.6% 4.5 69.2 -93.5%
(Loss)/earnings per share
Basic (2.2p) 1.9p -215.8% 2.7p 5.1p -47.1% 0.5 7.0p -92.9%
Diluted (2.2p) 1.9p -215.8% 2.7p 5.1p -47.1% 0.5 7.0p -92.9%
Adjusted (loss)/earnings per share(1)
Basic (1.2p) 1.9p -163.2% 3.6p 5.5p -34.5% 2.4 7.4p -67.6%
Diluted (1.2p) 1.9p -163.2% 3.6p 5.5p -34.5% 2.4 7.3p -67.1%
Key statistics:
Pairs sold (m) 4.6 5.7 -19.7% 5.9 5.8 1.7% 10.5 11.5 -8.8%
No. of stores(3) 238 225 5.8% 239 239 0.0% 239 239 0.0%
DTC mix % 56.4% 49.6% +6.8pts 70.8% 70.0% +0.8pts 64.8% 60.8% +4.0pts
Gross margin %(1) 64.0% 64.4% -0.4pts 65.7% 66.5% -0.8pts 65.0% 65.6% -0.6pts
EBIT %(1, 5) -4.7% 10.2% -14.9pts 11.3% 17.0% -5.7pts 4.7% 13.9% -9.2pts
Revenue by region:
EMEA 162.4 194.2 -16.4% 221.8 237.6 -6.6% 384.2 431.8 -11.0%
Americas 114.7 147.7 -22.3% 173.8 178.1 -2.4% 288.5 325.8 -11.4%
APAC 47.5 53.9 -11.9% 67.4 65.6 2.7% 114.9 119.5 -3.8%
324.6 395.8 -18.0% 463.0 481.3 -3.8% 787.6 877.1 -10.2%
Revenue mix:
EMEA % 50.0% 49.1% +0.9pts 47.9% 49.4% -1.5pts 48.8% 49.2% -0.4pts
Americas % 35.3% 37.3% -2.0pts 37.5% 37.0% +0.5pts 36.6% 37.1% -0.5pts
APAC % 14.7% 13.6% +1.1pts 14.6% 13.6% +1.0pts 14.6% 13.7% +0.9pts
EBIT(1, 5) by region:
EMEA 22.4 40.0 -44.0% 52.0 69.7 -25.4% 74.4 109.7 -32.2%
Americas (7.7) 17.3 -144.5% 17.1 24.4 -29.9% 9.4 41.7 -77.5%
APAC 2.3 7.7 -70.1% 12.7 14.4 -11.8% 15.0 22.1 -32.1%
Support costs (32.1) (24.7) 30.0% (29.7) (26.6) 11.7% (61.8) (51.3) 20.5%
(15.1) 40.3 -137.5% 52.1 81.9 -36.4% 37.0 122.2 -69.7%
EBIT %(1, 5):
EMEA 13.8% 20.6% -6.8pts 23.4% 29.3% -5.9pts 19.4% 25.4% -6.0pts
Americas -6.7% 11.7% -18.4pts 9.8% 13.7% -3.9pts 3.3% 12.8% -9.5pts
APAC 4.8% 14.3% -9.5pts 18.8% 22.0% -3.2pts 13.1% 18.5% -5.4pts
Total -4.7% 10.2% -14.9pts 11.3% 17.0% -5.7pts 4.7% 13.9% -9.2pts
1. Alternative Performance Measure (APM) as defined in the Glossary on pages
71 to 73.
2. Post-adjusting items.
3. Own stores on streets and malls operated under arm's length leasehold
arrangements.
4. Wholesale revenue including distributor customers.
5. In previous periods EBITDA was presented. However, this has been replaced
with EBIT as it is considered a more relevant performance measure for the
business. Refer to the Glossary on pages 71 to 73 for further explanation of
the change.
Glossary and Alternative Performance Measures (APMs)
The Group tracks a number of key performance indicators (KPIs) including
Alternative Performance Measures (APMs) in managing its business, which are
not defined or specified under the requirements of IFRS because they exclude
amounts that are included in, or include amounts that are excluded from, the
most directly comparable measures calculated and presented in accordance with
IFRS or are calculated using financial measures that are not calculated in
accordance with IFRS.
The Group believes that these APMs, which are not considered to be a
substitute for or superior to IFRS measures, provide stakeholders with
additional helpful information on the performance of the business. These APMs
are consistent with how the business performance is planned and reported
within the internal management reporting to the Board.
The Group is no longer presenting EBITDA-derived metrics for segmental and
total reporting analysis. EBITDA will primarily be disclosed for bank covenant
and LTIP performance condition purposes only. The Group believes that EBIT
represents a more relevant underlying earnings indicator, allowing management
to assess the full operating performance of the business by including the
impact of items such as depreciation. As such the Group has introduced this,
and EBIT-derived metrics, in the current period.
The Group has also introduced new 'adjusted' APMs, denoted by a '*' in the
table below. Adjusted APMs are presented to provide a clearer view of the
Group's ongoing operational performance by excluding specific significant
adjustments, and to aid comparability. These measures are consistent with how
business performance is measured internally by the Board and Executive
Committee.
The Group is no longer presenting profit before tax (before FX charge); this
has been replaced with a variation of this measure, being adjusted profit
before tax. Adjusted profit before tax provides more relevant information to
evaluate operational performance as it includes adjustment for currency
gains/losses, impairment of non-financial assets and exceptional costs.
These APMs should be viewed as supplemental to, but not as a substitute for,
measures presented in the Consolidated Financial Statements relating to the
Group, which are prepared in accordance with IFRS. The Group believes that
these APMs are useful indicators of its performance. However, they may not be
comparable with similarly titled measures reported by other companies due to
differences in the way they are calculated.
The Audit and Risk Committee has reviewed the overall presentation of APMs to
ensure they have not been given undue prominence, and that reconciliations are
sufficiently clear. Further to this is has evaluated all revisions to APMs and
types and classifications of exceptional costs.
Metric Definition Rationale APM KPI
Revenue Revenue per Financial Statements. Helps evaluate growth trends, establish budgets and assess operational No Yes
performance and efficiencies.
Revenue by geographical market Revenue per the Group's geographical segments. Helps evaluate growth trends, establish budgets and assess operational No Yes
performance and efficiencies.
Revenue: EMEA
Revenue: Americas
Revenue: APAC
Revenue by channel Helps evaluate growth trends, establish budgets and assess operational No Yes
performance and efficiencies.
Revenue: ecommerce Revenue from the Group's ecommerce platforms.
Revenue: retail Revenue from the Group's own stores (including concessions).
Revenue: DTC Revenue from the Group's direct-to-consumer (DTC) channel (= ecommerce plus
retail revenue).
Revenue: wholesale Revenue from the Group's business-to-business channel, revenue to wholesale
customers, distributors and franchisees.
Constant currency basis Constant currency applies the prior period exchange rates to current period Presenting results of the Group excluding foreign exchange volatility. No No
results to remove the impact of FX.
Gross margin Revenue less cost of sales (raw materials and consumables). Helps evaluate growth trends, establish budgets and assess operational No No
performance and efficiencies.
Cost of sales is disclosed in the Consolidated Statement of Profit or Loss.
Gross margin % Gross margin divided by revenue. Helps evaluate growth trends, establish budgets and assess operational Yes No
performance and efficiencies.
Exceptional costs Costs or incomes considered significant in nature and/or quantum, and/or Excluding these items from profit metrics provides readers with helpful Yes No
relate to activities which are outside the ordinary course of business, and information on the underlying performance of the business because it aids
are not reflective of consistency across periods and is consistent with how the business performance
is planned by, and reported to, the Board.
operational performance, including items such as:
- Director joining costs
- Cost savings related costs
- Accelerated amortisation of fees on debt refinancing
Glossary and Alternative Performance Measures (APMs) (continued)
Metric Definition Rationale APM KPI
Opex Selling and administrative expenses less depreciation, amortisation, Opex is used to reconcile between gross margin and EBIT. Yes No
impairment, other gains/losses, exceptional costs and currency gains/losses.
EBITDA Profit/loss for the period/year before income tax expense, finance expense, EBITDA was used as a key profit measure because it shows the results of Yes No
currency gains/losses, depreciation of right-of-use assets, depreciation, normal, core operations exclusive of income or charges that are not considered
amortisation and impairment. to represent the underlying operational performance. EBIT is now considered a
more relevant measure, but EBITDA continues to be reported for bank covenant
purposes.
EBITDA % EBITDA divided by revenue. Was used to evaluate growth trends, establish budgets and assess operational Yes No
performance and efficiencies.
EBIT Profit/loss for the period/year before net finance expense and income tax EBIT is used as a key profit measure because it shows the results of normal, Yes Yes
expense. core operations exclusive of income or charges that relate to capital and tax
burdens.
EBIT % EBIT divided by revenue. Used to evaluate growth trends, establish budgets and assess operational Yes Yes
performance and efficiencies.
*Adjusted EBIT EBIT before exceptional costs, impairment of non-financial assets and currency Used as a key profit measure because it shows the results of normal, core Yes Yes
gains/losses. operations exclusive of income or charges that relate to capital and tax
burdens, exceptional costs, impairment of non-financial assets and currency
gains/losses. This improves comparability between periods by eliminating the
effect of non-recurring costs and currency gains/losses.
*Adjusted EBIT margin Adjusted EBIT divided by revenue. Used to evaluate growth trends, establish budgets and assess operational Yes Yes
performance and efficiencies.
Operating cash flow EBITDA excluding change in net working capital, share-based payment expense Operating cash flow is used as a trading cash generation measure because it Yes Yes
and capital expenditure. shows the results of normal, core operations exclusive of income or charges
that are not considered to represent the underlying operational performance.
Operating cash flow Operating cash flow divided by EBITDA. Used to evaluate the efficiency of a company's Yes Yes
conversion operations and its ability to employ its earnings
toward repayment of debt, capital expenditure and
working capital requirements.
*Adjusted operating cash flow conversion Operating cash flow divided by EBITDA excluding the impact of exceptional Used to evaluate the efficiency of a company's operations and its ability to Yes Yes
costs on EBITDA and working capital. employ its earnings toward repayment of debt, capital expenditure and working
capital requirements, exclusive of the impact of exceptional costs.
Net debt Net debt is calculated by subtracting cash and cash equivalents from bank To aid the understanding of the reader of the financial statements in respect Yes No
loans (excluding unamortised bank fees) and lease liabilities. of liabilities owed.
*Adjusted profit before tax Profit/loss before tax and before exceptional costs, impairment of Helps evaluate growth trends, establish budgets and assess operational Yes No
non-financial assets and currency gains/losses. performance and efficiencies on an underlying basis exclusive of exceptional
costs, impairment of non-financial assets and currency gains/losses.
*Adjusted profit after tax Profit/loss after tax and before exceptional costs, impairment of Adjusted profit after tax is the denominator for the calculation of adjusted Yes No
non-financial assets and currency gains/losses. basic and diluted earnings per share.
Earnings per share IFRS measure. This indicates how much money a company makes for each share of its stock, No Yes
and is a widely used metric to estimate company value.
Basic earnings per share The calculation of earnings per ordinary share is based on earnings after tax A higher EPS indicates greater value because investors will pay more for a No Yes
and the weighted average number of ordinary shares in issue during the company's shares if they think the company has higher profits relative to
period/year. its share price.
Diluted earnings per share Calculated by dividing the profit attributable to ordinary equity holders of Used to gauge the quality of EPS if all convertible securities were No Yes
the parent by the weighted average number of ordinary shares in issue during exercised.
the period/year plus the weighted average number of ordinary shares that would
have been issued on the conversion of all dilutive potential ordinary shares
into ordinary shares.
Glossary and Alternative Performance Measures (APMs) (continued)
Metric Definition Rationale APM KPI
*Adjusted basic earnings per share The calculation of adjusted earnings per ordinary share is based on Helps evaluate basic earnings per share exclusive of exceptional costs, Yes No
profit/loss after tax excluding exceptional costs, impairment of non-financial impairment of non-financial assets and currency gains/losses that are not
assets and currency gains/losses and the weighted average number of ordinary considered to represent the underlying operational performance.
shares in issue during the year/period.
*Adjusted diluted earnings per share Calculated by dividing the profit/loss after tax attributable to ordinary Helps evaluate diluted earnings per share exclusive of exceptional costs, Yes No
equity holders of the parent excluding exceptional costs, impairment of impairment of non-financial assets and currency gains/losses that are not
non-financial assets and currency gains/losses by the weighted average number considered to represent the underlying operational performance
of ordinary shares in issue during the year/period plus the weighted average
number of ordinary shares that would have been issued on the conversion of all
dilutive potential ordinary shares into ordinary shares.
Ecommerce mix % Ecommerce revenue as a percentage of total revenue. Helps evaluate progress towards strategic objectives. No Yes
DTC mix % DTC revenue as a percentage of total revenue. Helps evaluate progress towards strategic objectives. No Yes
No. of stores Number of 'own' directly operated stores open in the Group. Helps evaluate progress towards strategic objectives. No Yes
Pairs Pairs of footwear sold during a period. Used to show volumes and growths in the Group. No Yes
Company Information
Shareholders' enquiries
Any shareholder with enquiries relating to their shareholding should, in the
first instance, contact our registrar, Equiniti, using the telephone number or
address on this page.
Electronic shareholder communications
Shareholders can elect to receive communications by email each time the
Company distributes documents, instead of receiving paper copies. This can be
done by registering via Shareview at no extra cost, at www.shareview.co.uk. In
the event that you change your mind or require a paper version of any document
in the future, please contact the registrar.
Access to Shareview allows shareholders to view details about their holdings,
submit a proxy vote for shareholder meetings and notify a change of address.
In addition to this, shareholders have the opportunity to complete dividend
mandates online which facilitates the payment of dividends directly into a
nominated account.
Registered office
28 Jamestown Road
Camden
London
NW1 7BY
Investor relations
investor.relations@drmartens.com
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Tel: 0371 384 2030 (from the UK)
Tel: +44 121 4157047 (from overseas)
Independent Auditor
PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
Tel: +44 (0) 20 7583 5000
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