REG - Science in Sport PLC - Interim Results
16/09/2024 07:00
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RNS Number : 2170E Science in Sport PLC 16 September 2024
16 September 2024
AIM: SIS
SCIENCE IN SPORT PLC
("Group" or "Company")
Focus on margin enhancement underpins encouraging EBITDA improvement
Interim results for the six months ended 30 June 2024
Science in Sport plc (AIM: SIS), the premium performance nutrition company
serving elite athletes, sports enthusiasts, and the active lifestyle
community, announces it's unaudited interim results for the six months to 30
June 2024 ("H1 FY24").
The Board is pleased to report the Group's unaudited interim results for H1
FY24 which are in line with the trading update released on 28(th) June. In
July the Company completed a significantly oversubscribed equity fundraising
of c £8.5m before expenses. In conjunction, the Group has agreed amended and
extended banking arrangements to 2027, providing additional flexibility in
accessing liquidity to fund growth. The fundraising has provided the necessary
capital to complete the ongoing restructuring of the business to drive ongoing
margin improvement and over time ensure that SiS is not only a growth company
but a profitable and cash generative one.
Trading in the second half of the year has started in line with management
expectations and the Board remains confident that the business will return to
growth from a stronger operating platform with improving operating margins and
cash generation. The strength of the two core brands, SiS and PhD, is
clearly well established, however the prior strategy of prioritising top
line growth has been reset as the business focuses on controlled profitable
growth to allow management to address the significant growth opportunities and
demand for SiS, in particular, from a solid platform with strong commercial
execution. As previously announced, the resetting of marginal revenue channels
and a pivot towards controlled profitable growth has reduced revenue in the
short term but importantly, margins have and are expected to continue to
improve due to significant operational cost efficiencies and more disciplined
pricing.
Overview
Our premium brands of SiS and PhD remain in good health, with strong brand
recognition and value amongst our customer base. Our science and innovation
teams remain active and agile with the SiS brand being the trusted performance
nutrition partner of over 330 athletes and teams in elite sport worldwide. At
the recent Paris Olympics 2024, individual athletes and teams using SiS
products achieved over 100 medals, which is testament to the quality of
products, level of trust and unique position SiS commands in the elite
community. We continue to pride ourselves on developing products using
elite insights backed by science which translate in to mass consumption for
driving athletic achievement.
Key Financials H1 FY24 H1 FY23 Change
Revenue £25.7m £34.4m (25.4%)
Gross Profit £11.5m £14.5m (20.8%)
Gross Margin 44.6% 42.0% +2.6bps
Trading Contribution 1 (#_ftn1) £6.8m £6.9m (1.6%)
Trading Contribution Margin 26.3% 20.0% +6.3bps
Underlying EBITDA 2 (#_ftn2) £2.0m £1.1m +74.0%
Underlying EBITDA margin 7.7% 3.3%% +4.4bps
Adjusted Net Debt 3 (#_ftn3) £13.8m £13.2m £(0.6m)
Operating review
Operational highlights
Following the establishment of the new leadership team, the immediate focus
has been managing cash outflow and stabilising the relationships with our
various stakeholders. The prior strategy of aggressive top line growth across
all channels and markets has been reset, with the model of controlled growth
whilst delivering sustainable cash generative profitability at improved
margins from a reduced cost base at the forefront of everything we do.
To date, a number of significant cost rationalisation actions have been taken,
benefitting H1 FY24 and providing a stable platform for further improvements
in H2 FY24 and beyond as benefits annualise and the business resets.
Key actions, both complete and ongoing, include;
· Restructure of the executive and leadership team with several
senior roles exiting the business. The appointments of Chris Welsh as CFO and
Megan Blaylock as CCO as well as Dan Lampard moving from CFO to COO have
established a well-resourced executive function capable of providing both
strategic insight but also leadership to all of our employees.
· Marginal revenue channels have been reset and measures
implemented to secure and grow the Group's profitable revenue streams. Upon
detailed review, a number of overseas distribution agreements were found to be
uncommercial and based on prioritisation of revenue growth over profitability.
While this will reduce revenues in 2024, we will ensure that our distribution
arrangements are a two-way partnership whereby the strength of the brand is
supported by both parties with measurable deliverables.
· Supplier and operational reviews are underway in conjunction with
product inventory rationalisation to further drive profitability and cash
generation in the business.
· Whilst brand health is robust, a significant number of
uncommercial marketing contracts have been exited and further savings will be
made throughout 2024. Marketing spend will be aligned to identifiable
commercial traction moving forward to underpin sound commercial rationale and
growth.
· Significant operational cost savings have been extracted under
the new leadership since the final quarter of 2023 and progress in
implementing operational efficiencies continues to be made. This is
anticipated to generate improved contribution to cashflow and earnings
throughout 2024. In aggregate this will deliver annualised savings totalling
£6m, the majority of which will be delivered in 2024.
· The business successfully launched the extended and reformulated
SiS Rego recovery range, underpinned by scientific studies in conjunction with
Manchester Metropolitan University
· A significant rationalisation of product SKUs across both brands
is in progress to simplify the operation and improve the working capital
position whilst prioritising the needs of our customers.
· The business successfully re-designed and re-launched the SiS D2C
website reinforcing the premium position of the brand.
Financial performance
· Overall revenue declined by 25.4% due to the shift of certain
overseas revenue to royalty streams, working capital constraints in H1 FY24
resulting in poor stock availability to certain key accounts and the active
steps to reduce unprofitable revenue and excessive discounting. These factors
were most prevalent in our PhD product offering where sales have declined by
44.8%. Our SiS product sales were more robust but revenue still declined by
8.9% primarily due to stock availability constraints. Management expect
revenue to stabilise and grow from these levels heading in to FY25.
· Underlying EBITDA performance improved by 74% to £2.0m (H1 FY23:
£1.1m) with the focus in the Period shifting to higher margin, controlled
growth as the cost rationalisation programme and a review of the business
operating model begins to benefit margin. This programme is anticipated to
deliver aggregate annualised cost savings in excess of £6m.
· Gross margin improved by 2.6 percentage points to 44.6% (H1 FY23:
42%), with further progress expected in H2 as the benefits of the commercial
reset and robust operational cost rationalisation programme begin to annualise
as well as the shift towards a royalty revenue stream for certain overseas
customers.
· Trading contribution margin improved by 6 percentage points to
26% (H1 FY23: 20%), a significant increase, driven by marketing cost
efficiencies as a number of uncommercial marketing contracts were exited. The
Group remains focused on delivering effective marketing with a strong
commercial execution to prioritise margin performance improvement.
· Operating costs have been reduced by £3.6m or 21% as cost saving
measures take effect.
· Subsequent to the balance sheet date, the Group completed an
equity raise of £8.5m (gross) in July to fund growth in the short and medium
term via investments in inventory and working capital, selective CAPEX and
effective market penetration.
Current trading and FY24 outlook:
· Gross proceeds of £8.5m from the equity raise are starting to
drive improvements within the business with investment made into inventory
improving product availability and reliability of service to key customers in
H2, with working capital pressures easing.
· Working capital constraints noted in H1 FY24, which adversely
impacted UK retail performance, are improving significantly in H2 FY24
following the successful equity raise in July 2024.
· Innovative product development pipeline for both brands is
underway with exciting product launches and routes to market anticipated
throughout H2 FY24 and H1 FY25
· Agreed amended and extended banking arrangements to 2027,
providing additional flexibility in accessing liquidity to fund growth,
demonstrating the continued confidence in the Group's operating performance
from a key business stakeholder.
· Adjusted Net debt closed H1 FY24 at £13.8m (H1 FY23: £13.2m) as
annualised cost saving actions are yet to be fully realised in cash
generation. Management anticipates continued margin improvements resulting in
cash generation and significant deleveraging in the medium term with
management expectations of leverage normalising around 1.0x EBITDA over the
medium term.
· The Group is well positioned to benefit from strong demand for
products throughout the remainder of FY24 and beyond.
· While cognisant of ongoing macro dynamics, SiS's strong market
position and brand recognition, communicated plans for controlled investment
in to working capital, market penetration and improvements to the
manufacturing process facilities give the Board confidence for FY24 and
beyond.
Dan Wright, Executive Chairman of Science in Sport plc, said:
"The Board is pleased to report that the restructuring started late in 2023
began to deliver much stronger operating margins, with Underlying EBITDA
improvement of 74% year on year on the anticipated lower level of sales as the
Group undergoes a necessary reset.
Following the recent appointments of Chris Welsh as Chief Financial Officer
and Megan Blaylock as Chief Commercial Officer, as well as Dan Lampard moving
to Chief Operating Officer, we now have a broader team in place structured for
success through extensive experience in strategic development and commercial
execution across all areas of the business.
The Group has made a positive start to the second half of the year and whilst
there are still key trading periods ahead the Board considers that the revenue
and profitability of H1 FY24 should be a baseline from which we anticipate
controlled and sustained revenue and profit growth in the medium term. This
will be underpinned by our strong brands continuing to perform well in their
respective market places, the launch of new product lines, the annualised
impact of the rebasing of the operating cost model, as well as efficiencies in
the operating model and availability of key inventory items following targeted
investment from our recent significantly oversubscribed equity raise."
For further information:
Science in Sport plc T: +44 (0) 20 7400 3700
Daniel Wright, Executive Chairman
Daniel Lampard, Chief Operating Officer
Christopher Welsh, Chief Financial Officer
Panmure Liberum Limited (Nominated Adviser and Broker) T: +44 (0) 20 3100 2000
Richard Lindley
John More
Anake Singh
Consolidated statement of comprehensive income
Six months ended 30 June 2024
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
Notes £'000 £'000 £'000
Revenue 25,701 34,436 62,671
Cost of goods (14,230) (19,957) (35,839)
Gross Profit 11,471 14,479 26,832
Total Costs (13,384) (16,999) (36,565)
Loss from operations (1,913) (2,520) (9,733)
Comprising:
Underlying EBITDA 3 1,970 1,132 1,993
Depreciation and amortisation (2,981) (2,743) (6,250)
Foreign exchange variances on intercompany balances (44) (344) (247)
Share-based payment charges - (181) -
Transition costs - - (2,092)
(858)
(384)
Restructuring costs
(1,975)
- -
Loss on disposal of intangible assets
(879)
- -
Other items
(283)
Loss from operations (1,913) (2,520) (9,733)
Finance costs (547) (747) (1,558)
Loss before taxation (2,460) (3,267) (11,291)
Taxation benefit/(charge) 4 (18) - 12
Loss for the period (2,478) (3,267) (11,279)
Other comprehensive income
Exchange difference on translation of foreign operations - - 54
Total comprehensive loss for the period (2,478) (3,267) (11,225)
(Loss) per share to owners of the parent
Basic and diluted 7 (1.4p) (1.9p) (6.6p)
All amounts relate to continuing operations.
Consolidated statement of financial position
30 June 2024
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
Notes £'000 £'000 £'000
Intangible assets 25,526 29,704 27,042
Right of use assets 10,051 10,160 10,520
Property, plant and equipment 9,340 10,431 10,000
Deferred tax - - 19
Total non-current assets 44,917 50,295 47,581
Inventories 6,882 9,538 6,764
Trade and other receivables 12,983 19,727 13,812
Cash and cash equivalents 1,526 1,228 2,144
Total current assets 21,391 30,493 22,720
Total assets 66,308 80,788 70,301
Trade and other payables (24,478) (27,962) (25,257)
Lease liabilities (742) (415) (789)
Asset financing (1,287) (843) (1,192)
Hire purchase agreement (42) (80) (82)
Provision for liabilities (991) (976) (671)
Total current liabilities (27,540) (30,276) (27,991)
Lease liabilities (9,338) (9,990) (9,903)
Asset financing (1,682) (3,275) (2,282)
Hire purchase agreement - (43) -
Provision for liabilities (1,162) - (1,059)
Total non-current liabilities (12,182) (13,308) (13,244)
Total Liabilities (39,722) (43,584) (41,235)
Total net assets 26,586 37,204 29,066
Share capital 8 18,227 17,242 18,227
Share premium reserve 53,134 53,134 53,134
Employee benefit trust (204) (204) (204)
Other reserve (907) (907) (907)
Foreign exchange reserve (86) (138) (84)
Retained deficit (43,578) (31,923) (41,100)
Total Equity 26,586 37,204 29,066
Consolidated statement of cash flows
Six months ended 30 June 2024
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
£'000 £'000 £'000
Cash flows from operating activities
Loss after tax (2,478) (3,267) (11,279)
Adjustments for:
Amortisation 1,793 1,565 3,827
Amortisation of right-of-use assets 498 350 993
Depreciation 690 816 1,430
Loss on disposal of intangibles - - 879
Loss on disposal of property, plant and equipment - - 11
Unrealised foreign exchange 44 - 247
Interest Expense 322 747 1,558
Taxation benefit 19 - (12)
Share-based payment charges - 181 -
Operating cash inflow / (outflow) before changes in working capital 888 392 (2,346)
Changes in inventories (118) (2,900) (126)
Changes in trade and other receivables 829 (3,204) 2,712
Changes in trade and other payables (1,935) 6,577 3,009
Total cash (outflow) / inflow from operations (336) 865 3,249
Cash flow from investing activities
Purchase of property, plant and equipment (28) (820) (1,103)
Purchase of intangible assets (312) (532) (1,009)
Net cash outflow from investing activities (340) (1,352) (2,112)
Cash flow from financing activities
Net proceeds from invoice financing 353 1,363 1,818
Interest paid on invoice financing (201) (284) (419)
Net (payment) / proceeds from asset financing (608) 221 (208)
Interest paid on asset financing (104) (134) (253)
Proceeds from trade facility 1,545 - 527
Interest paid on trade facility (34) - (399)
Principal repayments of lease liabilities (638) (170) (306)
Interest paid on lease liabilities (211) (212) (436)
Net cash inflow from financing activities 102 784 324
Net (decrease) / increase in cash and cash equivalents (574) 298 1,461
Unrealised foreign exchange difference (44) - (247)
Opening cash and cash equivalents 2,144 930 930
Closing cash and cash equivalents 1,526 1,228 2,144
Consolidated statement of changes in equity
Share capital Share premium Employee Benefit trust Reserve Other Reserve Foreign Exchange Reserve Retained Deficit Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2022 17,242 53,134 (429) (907) (138) (28,611) 40,291
Comprehensive Income
Total comprehensive loss for the period - - - - - (3,267) (3,267)
Transactions with owners
Share Based payments charge - - - - - 181 181
Exercise of share options - - 225 - - (225) -
Balance at 30 June 2023 17,242 53,134 (204) (907) (138) (31,922) 37,205
Comprehensive Income
Total comprehensive loss for the period - - - - 54 (8,012) (7,958)
Transactions with owners
Issue of shares 985 - - - - (985) -
Share-based payments charge - - - - - (181) (181)
Balance at 31 December 2023 18,227 53,134 (204) (907) (84) (41,100) 29,066
Comprehensive Income
Total comprehensive loss for the period - - - - (2) (2,478) (2,480)
Balance at 30 June 2024 18,227 53,134 (204) (907) (86) (43,578) 26,586
Notes to the interim financial information
For the six months ended 30 June 2023
1. Basis of preparation
This interim report has been prepared using the same accounting policies as
those applied in the annual financial statements for the year ended 31
December 2023.
The Directors believe that operating loss before depreciation, amortisation,
share based payments and foreign exchange variances on intercompany balances
and exceptional items of Strategic review costs and restructuring items
measure provides additional useful information for shareholders on underlying
trends and performance. This measure is used for internal performance
analysis.
Strategic review costs relate to one-off costs from the review that commenced
in December 2023 and concluded in April 2023. Restructuring costs includes
one-off people-related expenses from reduced headcount when implementing the
new leaner organisation structure.
Underlying operating profit / (loss) is not defined by IFRS and therefore many
not be directly comparable with other companies' adjusted profit measures. It
is not intended to be suitable substitute for, or superior to IFRS
measurements of profit. A reconciliation of underlying operating profit to
statutory operating profit is set out on the face of the statement of
comprehensive income.
The condensed financial information herein has been prepared using accounting
policies consistent with International Financial Reporting Standards in
conformity with the requirements of the Companies Act 2006 ("adopted IFRS")
and as applied in accordance with the provisions of the Companies Act 2006.
While the financial figures included in this interim report have been prepared
in accordance with IFRS applicable for interim periods, this interim report
does not contain sufficient information to constitute an interim financial
report as defined in IAS 34. The Company has taken advantage of the exemption
not to apply IAS 34 'Interim Financial Reporting' since compliance is not
required by AIM listed companies.
This interim report does not constitute statutory accounts as defined in
section 434 of the Companies Act 2006 and has been neither audited nor
reviewed by the Company's auditors, pursuant to guidance issued by the
Auditing Practices Board.
The interim report should be read in conjunction with the annual financial
statements period ended 31 December 2023.
The statutory Accounts for the last period ended 31 December 2023 were
approved by the Board on 27 June 2024 and are filed at Companies House. The
report of the auditors on those accounts was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a statement
under section 498 of the Companies Act 2006.
The unaudited interim report was authorised by the Company's Board of
Directors on 16 September 2024.
2. Segmental reporting
Operating segments are identified on the basis of internal reporting and
decision making. The Group's Chief Operating Decision Maker ("CODM") is
considered to be the Board, with support from the senior management teams, as
it is primarily responsible for the allocation of resources to segments and
the assessments of performance by segment.
The Group's reportable segments have been split into the two brands, SiS and
PhD Nutrition. Operating segments are reported in a manner consistent with the
internal reporting provided to the CODM as described above. The reportable
segments are consistent with 2023 year-end financial statements with relevant
costs across the brands allocated on a more appropriate basis.
Unaudited six months ended
30 June 2024
SiS PhD Total
£'000 £'000 £'000
Sales 16,966 8,735 25,701
Gross profit 8,375 3,096 11,471
Marketing costs (2,046) (813) (2,859)
Carriage (1,186) (536) (1,722)
Online selling costs (118) (10) (128)
Trading contribution 5,025 1,737 6,762
Other operating expenses (8,675)
Loss from Operations (1,913)
Unaudited six months ended
30 June 2023
SiS PhD Total
£'000 £'000 £'000
Sales 18,618 15,818 34,436
Gross profit 8,942 5,537 14,479
Marketing costs (3,310) (1,413) (4,723)
Carriage (1,613) (1,013) (2,626)
Online selling costs (138) (118) (256)
Trading contribution 3,881 2,993 6,874
Other operating expenses (9,394)
Loss from Operations (2,520)
Year ended
31 December 2023
SiS PhD Total
£'000 £'000 £'000
Sales 34,184 28,487 62,671
Gross profit 16,565 10,267 26,832
Marketing costs (5,368) (3,025) (8,393)
Carriage (3,173) (1,909) (5,082)
Online selling costs (434) (76) (510)
Trading contribution 7,590 5,257 12,847
Other operating expenses (22,580)
Loss from Operations (9,733)
3. Operating expenses
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
£'000 £'000 £'000
Sales and marketing costs 7,756 7,605 13,985
Operating Costs 3,094 6,571 16,083
Depreciation and amortisation 2,490 2,298 6,250
Foreign exchange variances on intercompany balances 44 344 247
Share-based payments - 181 -
Administrative Costs 5,628 9,394 22,580
Total operating expenses 13,384 16,999 36,565
The operating expenses above includes costs that were incurred in relation to
transition to our consolidated supply chain facility in Blackburn, strategic
review and restructuring costs.
These costs are not deemed to be recurring costs, as such they are not deemed
to be part of the usual operating expenditure:
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023
£'000 £'000
Strategic review costs 230 156
Restructuring costs 307 228
537 384
Management uses alternative performance measures as part of their internal
financial performance monitoring, including Underlying EBITDA. The measure
provides additional information for users on the underlying performance of the
business, enabling consistent year-on-year comparison.
4. Taxation
The corporation tax and deferred tax for the six months ended 30 June 2024 has
been calculated with reference to the estimated effective tax rate on the
operating results for the full year and taking into account movements in
deferred tax assets and liabilities.
5. Revenue from contracts with customers
The Group operates four primary sales channels, which form the basis the basis
on which management monitor revenue. UK Retail includes domestic grocers and
high street retailers, Digital are sales through the phd.com and
scienceinsport.com platforms, International Retail relates to retailers and
distributors outside of the UK and Marketplace relates to online marketplaces
such as Amazon and Tmall.
Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
Unaudited six months ended 30 June 2024
SiS PhD Total SiS PhD Total SiS PhD Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Digital 1,729 518 2,247 2,866 1,245 4,111 4,984 2,325 7,309
Marketplace 3,894 2,194 6,088 3,268 4,291 7,559 6,218 6,835 13,053
China 509 744 1,253 882 1,806 2,688 1,105 2,285 3,390
USA 1,450 - 1,450 1,745 - 1,745 3,548 - 3,548
Global Online 7,582 3,456 11,038 8,761 7,342 16,103 15,855 11,445 27,300
International Retail 5,361 1,155 6,516 4,919 2,278 7,197 8,322 4,257 12,579
UK Retail 4,023 4,124 8,147 4,938 6,198 11,136 10,007 12,785 22,792
Retail 9,384 5,279 14,663 9,857 8,476 18,333 18,329 17,042 35,371
Total sales 16,966 8,735 25,701 18,618 15,818 34,436 34,184 28,487 62,671
Turnover by geographic destination of sales may be analysed as follows:
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
£'000 £'000 £'000
United Kingdom 14,937 19,982 35,302
Rest of Europe 4,289 7,502 12,047
USA 1,451 1,913 3,548
Rest of the World 5,024 5,039 11,774
Total sales 25,701 34,436 62,671
6. Net debt reconciliation
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
£'000 £'000 £'000
Invoice financing 6,693 5,960 6,341
Trade facility 4,781 3,330 3,260
Virtual credit card 924 989 1,902
Total working capital facilities 12,398 10,279 11,503
Asset financing 2,969 4,118 3,474
Debt 15,367 14,397 14,977
Less cash and cash equivalents 1,526 1,228 930
Net Debt 13,841 13,169 14,047
Net debt is defined as cash, less banking working capital facilities and asset
financing and excludes property leases. Working capital facilities are
included within trade and other payables.
As at 30 June 2024 there is headroom of £3.7m in working capital facilities
(31 December 2023: £1.1m; 30 June 2023: £3.8m).
7. Loss per share
Basic and diluted loss per share is calculated by dividing the loss
attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the period.
Unaudited six months ended 30 June 2024 Unaudited six months ended 30 June 2023 Audited twelve months ended 31 December 2023
£'000 £'000 £'000
(Loss) for the financial period (2,478) (3,267) (11,279)
Number of shares Number Number Number
'000 '000 '000
Weighted average number of shares 180,227 172,420 170,124
EPS Summary
Basic and diluted loss per share (1.4p) (1.9p) (6.6p)
8. Share Capital
The number of ordinary shares in issue as at 30 June 2024 is 180,227,377
shares (31 December 2023:180,227,377).
The number of shares held by the EBT and referred to as Treasury shares was
2,045,230 (30 June 2023: 2,045,230, December 2023: 2,045,230).
In July 2024, subsequent to the balance sheet date the Group undertook a
capital raising across a Share Placing and Retail Offer which resulted in the
issuance of 52,045,229 ordinary shares.
9. Cautionary statement
This document contains certain forward-looking statements with respect to the
financial condition, results, and operations of business. These statements
involve risk and uncertainty as they relate to events and depend on
circumstances that will incur in the future. Nothing in this interim report
should be construed as a profit forecast.
10. Copies of the interim report
The interim report for the six months ended 30 June 2024 can be downloaded
from the Company's website. Further copies can be obtained by writing to the
Company Secretary, Science in Sport plc, 16-18 Hatton Garden, Farringdon,
London, EC1N 8AT.
1 (#_ftnref1) Trading contribution is defined as Revenue less cost of sales,
marketing costs, cariiage and online selling costs
2 (#_ftnref2) Earnings before interest, tax, depreciation, amortisation,
loss on disposal of intangible assets, share-based payments, restructuring
costs, transition costs, unrealised foreign exchange on intercompany balances
and other non-EBITDA one-off costs
3 (#_ftnref3) Adjusted net debt is defined as cash, less banking working
capital facilities, asset financing and other bank debt and excludes property
leases
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