REG - Virgin Wines UK PLC - Interim Results
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RNS Number : 8642W Virgin Wines UK PLC 17 March 2026
17 March 2026
("Virgin Wines", the "Company" or the "Group")
Interim Results
Excellent first-half performance underpinned by 5% revenue growth over the
peak Christmas trading period and strong progress across all strategic growth
pillars
Virgin Wines UK plc (AIM: VINO), one of the UK's largest direct-to-consumer
online wine retailers, announces its Interim Results for the six months ended
2 January 2026 (the "Period").
Financial highlights
· Revenue increased by 2% year-on-year to £34.7 million (H1 2024: £34.1
million), significantly outperforming the wider online drinks market which
declined by 11%(1) during the Period, demonstrating meaningful market share
gains
· Strong trading over the peak Christmas period, with revenue over the seven
weeks to 26 December 2025 increasing by 5% year-on-year
· The Group's balance sheet remains strong, with net cash of £10.6m (H1 2024:
£17.3m), gross cash of £17.9m (H1 2024: £23.7m), whilst remaining debt free
o The balance sheet strength has been maintained alongside returning over
£2.7m to shareholders via share buybacks
o The Group has also continued to invest in its growth strategy and
increased inventory to protect against the duty rise in February 2026
Strategic highlights
Continued execution of the Group's growth strategy, with strong progress made
across all four strategic pillars:
· Focus on customer acquisition
o Delivered unprecedented year-on-year gains with a 40% increase in
customers acquired year-on-year across the Group of 75k new customers and a
12% increase in WineBank membership
o Despite these significant gains, cost per acquisition was broadly in line
with the previous year at £15.34, demonstrating a disciplined and efficient
approach to marketing investment
· Continued development of Commercial partnerships
o Revenue generated through Commercial partnerships and corporate gifting
delivered year-on-year growth and was ahead of expectations at the half year
o The Moonpig partnership continues to perform strongly, delivering double
digit growth
· Mobile App
o The initial phase of the mobile app development was completed with its
soft launch in early March followed by a full marketing campaign later this
month
o The app is expected to further enhance customer engagement and support the
Group's long-term growth ambitions
· Investing in Warehouse Wines
o Warehouse Wines continues to deliver significant growth, with revenue
having increased by 92% year-on-year and growth in customer base to 41.1k
o The brand continues to demonstrate the strength of its value-led
proposition and ability to attract new customers
Current trading and outlook
· Trading continues to track positively with revenue for January and February up
12% year-on-year and full year revenue in line with market expectations
· Customers acquired are tracking above expectations for H2 2026 with January
performance up 54% year-on-year and February increasing by 83% year-on-year
· Warehouse Wines also delivering substantial year-on-year revenue gains,
increasing by 105% over January and February
· Despite inflationary pressures, rising duties, new regulatory costs and the
continuation of a challenging consumer environment the Company is executing on
its growth strategy and delivering solid year-on-year growth and vastly
out-performing the market
· As the Group continues to invest behind its growth strategy, the Board has
taken the decision to further increase the level of near-term investment,
particularly with respect to customer acquisition. This additional investment
is expected to be c. £0.55m over the course of the current financial year.
Despite this additional investment the Group expects to remain profitable at
EBITDA level this year and the Board is confident that the future benefits to
be obtained from this additional investment will outweigh the short-term
financial impact.
· We are also aware of the volatile macro environment and the ongoing pressures
on consumer expenditure, as well as increased transport and energy costs which
make for an uncertain trading environment over the coming months
.
· The Board is encouraged by the momentum being generated, the cost discipline
shown in the acquisition of new customers, and the potential returns that this
growth is expected to deliver over coming years. It is therefore committed to
supporting the continued and accelerated investment in the current growth
strategy
Jay Wright, Chief Executive Officer, commented:
"We are delighted to see that the investment in our growth strategy is
working. We have delivered a 40% increase in new customers acquired, continued
to grow our commercial partnerships, achieved 92% year-on-year growth in our
Warehouse Wines value proposition and completed the initial phase of our
mobile app development.
We have entered the second half of the year with strong momentum, keeping our
foot firmly on the customer acquisition accelerator, with recruitment up 54%
year-on-year in January and 83% year-on-year in February. With a strong,
debt-free balance sheet and our growth strategy gaining momentum, we will
continue to invest in our ambitious plans and remain confident in delivering
sustained success."
(1) Source: IMRG Online Retail Sales Tracker December '25
- Ends -
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
Enquiries:
Virgin Wines UK plc Via Hudson Sandler
Jay Wright, CEO
Amanda Cherry, CFO
Cavendish Tel: +44 20 7220 0500
(Nominated Adviser and Sole Broker)
Matt Goode, Seamus Fricker, Elysia Bough (Corporate Finance)
Matt Lewis (Corporate Broking)
Hudson Sandler virginwines@hudsonsandler.com (mailto:virginwines@hudsonsandler.com)
(Public Relations) Tel: +44 20 7796 4133
Dan de Belder
Harry Griffiths
Jackson Redley
Notes to editors:
About Virgin Wines
Virgin Wines is one of the UK's largest direct-to-consumer online wine
retailers. It is an award-winning business which has a reputation for
supplying and curating high quality products, excellent levels of customer
service and innovative ways of retailing.
The Company was established in 2000 by the Virgin Group and was subsequently
acquired by Direct Wines in 2005 before being bought out by the Virgin
Wines management team, led by CEO Jay Wright and former CFO Graeme Weir,
in 2013. It listed on the London Stock Exchange's Alternative Investment
Market (AIM) in 2021. Virgin Wines is headquartered in Norwich, with two
fully bonded national distribution centres in Preston and Bolton. The
Company stocks over 650 wines sourced from more than 40 trusted winemaking
partners and suppliers around the world which it sells to a large active
customer base of over 145k, the majority of whom are on one of the Group's
subscription schemes.
The Company drives the majority of its revenue through its WineBank
subscription scheme, using a variety of marketing channels, as well as through
its Wine Advisor team, Wine Plan channel and Pay As You Go service.
The Company also has a fast-growing Commercial division, as well as having
recently launched Warehouse Wines, its DTC value proposition in 2024.
Along with its extensive range of award-winning products, Virgin Wines was
delighted that its flagship WineBank service was awarded 'Wine Club of the
Year' at the 2024 IWC Awards, as well as being voted by UK consumers as Online
Retailer of the Year for 2025 at the People's Choice Awards. In addition, in
2023 the Group's Buying Director, Sophie Lord, was named Buyer of the Year by
Decanter magazine.
https://www.virginwinesplc.co.uk/ (https://www.virginwinesplc.co.uk/)
Chief Executive Officer's Review
Introduction
I am delighted to say that our growth plan is working well. We have delivered
significant market share gains outperforming the online drinks sector
substantially, acquired 40% more new customers year-on-year, grown our
Warehouse Wines value proposition by 92%, and delivered on the creation of our
mobile app to budget. The Commercial channel continues to secure new
partnerships as well as building on existing relationships and our whole team
remains focused on the disciplined execution across our four strategic growth
pillars despite the continuation of a subdued consumer environment, ongoing
inflationary pressures and further increases in alcohol duty.
Being the first 6-months of our new growth strategy, we are encouraged by the
resilience of our consumer propositions alongside our customers ongoing demand
for quality wine, outstanding value and exceptional levels of service.
Financial Overview
Revenue for the six months ended 2 January 2026 increased by 2% year-on-year
to £34.7m, with the strength of our Christmas trading supporting a return to
growth in our customer base. Over the seven weeks to 26 December 2025, revenue
increased by 5% year-on-year and customers acquired increased by 40% over the
first half of the year, highlighting the early impact of our increased
investment in this area.
Our focus remains on acquiring high-quality customers and continuing to
enhance the experience for our existing base. During the Period, our customer
metrics remained robust, with the sales retention rate up to 91%, customer
retention rose to 87%, the WineBank annual cancellation rate remained low at
just 15% and our Trustpilot rating remained 'Excellent' at 4.5/5. WineBank
remains the key proposition for our Group, with membership up to 142k at the
period end, (growth of 12%) and customer deposits of £7.3m held on their
behalf in a separate ring-fenced account.
We have continued to manage costs carefully while investing in the growth
strategy. Adjusted EBITDA for the Period was £259k, Loss before tax was
£356k, with a gross margin of 27.7%. As forecast, our profitability is down
compared to the prior year due to the increased levels of investment in our
growth strategy.
As in previous periods, we have remained focused on being the lowest cost to
serve in the sector and driving efficiency across the business while
maintaining high levels of service.
The Group remains debt free and ended the Period with a strong balance sheet,
with gross cash of £17.9m, and net cash of £10.6m (excluding customer
deposits). This strength has been maintained alongside returning over £2.7m
to shareholders through share buybacks, increased investment in our growth
strategies, and growing inventory to protect against the duty rise at the end
of January. Inventory at the period end was £7.7m.
Growth strategy progress
1. Customer Acquisition
Increasing customer acquisition remains central to our strategy and we have
continued to develop a more data-led and digitally focused approach across
channels. During the Period, customers acquired increased by 40% year-on-year
across the Group (75k new customers), while maintaining cost per acquisition
broadly in line with the prior year at £15.34 (H125: £14.92) with a 12-month
rolling conversion rate of 40.1%. This reflects both the effectiveness of our
marketing activity and our continued discipline in investment decisions.
We will continue to refine our channel mix and creative approach to ensure we
are acquiring customers efficiently and sustainably, with a strong focus on
lifetime value and long-term returns.
2. Growing our Commercial channel
Our Commercial channel continued to perform strongly, with revenue through
Commercial partnerships and corporate gifting delivering year-on-year growth
and outperforming expectations at the half year. We remain pleased with the
strength of our partnership with Moonpig, which delivered 13% growth during
the Period, and we have a healthy pipeline of opportunities to further expand
this channel.
The Commercial channel is an important strategic lever for the Group, it
diversifies our revenue base, increases brand exposure and supports efficient
customer acquisition, while benefiting from lower marketing and operational
costs relative to the core business. We remain focused on deepening existing
relationships and selectively adding new partnerships that can deliver
scalable growth.
3. Mobile app development
We have delivered the mobile app on schedule and on budget, with a soft launch
in early March 2026, prior to a full marketing push later this month. The app
will increase engagement with existing customers, allow the Business to
communicate through push notifications, reducing the reliance on email
marketing, as well as opening up new opportunities to acquire an increased
number of new customers. Further development to deliver new features will
continue over the coming months.
4. Drive growth in Warehouse Wines
Warehouse Wines continues to deliver significant momentum and remains a key
growth driver for the Group. During the Period, Warehouse Wines revenue
increased by 92% year-on-year, demonstrating the strength of this value
proposition and its ability to attract a broader range of customers while
leveraging our existing infrastructure and operational capability.
We continue to build the Warehouse Wines proposition thoughtfully, ensuring we
maintain quality and service standards while expanding reach. We have acquired
over 41,000 new customers since launch and sold over 32,000 cases in the year.
Of these customers, approximately 5.3k have chosen the Wine Pass option
Current trading and Outlook
We have started the second half with encouraging momentum with revenue for
January and February up 12% year-on-year as we start to see the benefit of the
higher customer acquisition in H126.
Encouragingly, we have continued to keep our foot firmly on the customer
acquisition accelerator following the Period end, with recruitment up 54%
year-on-year in January and 83% year-on-year in February, reflecting the
continued scaling of our growth strategy and the effectiveness of our
marketing initiatives.
As the Group continues to invest behind its growth strategy, the Board has
taken the decision to further increase the level of near-term investment,
particularly with respect to customer acquisition. This additional investment
is expected to be c. £0.55m over the course of the current financial year.
Despite this additional investment the Group expects to remain profitable at
EBITDA level this year and the Board is confident that the future benefits to
be obtained from this additional investment will outweigh the short-term
financial impact.
We are also aware of the volatile macro environment and the ongoing pressures
on consumer expenditure, as well as increased transport and energy costs which
make for an uncertain trading environment over the coming months.
Post period-end we have made a number of important hires in the business to
further strengthen the leadership team and to ensure we have the capability to
deliver our growth strategy over the next five years. These include the
promotion of Andy Potts as Group Trading Director, Stuart Brown as Ecommerce
Director, Andy Davies as Operations Director and Jarry Ryan as Director of
Customer Growth.
In keeping with the Group's capital allocation policy, the Board remains
committed to balancing investment in growth with returns to shareholders, as
demonstrated by the share buyback programme completed during the Period. We
will continue to review capital deployment opportunities, including the pace
of investment behind our growth levers, while retaining a strong and flexible
balance sheet.
Despite ongoing inflationary pressures, duty increases and a challenging
consumer landscape, the Group's resilient model, loyal customer base and clear
medium-term strategy provide a strong foundation for future growth. We
continue to execute the strategy with focus and discipline.
JAY WRIGHT
Chief Executive Officer
17 March 2026
FINANCIAL REVIEW
Financial Overview
This financial year saw the introduction of the Groups five-year growth
strategy which resulted in an increase in revenue of 2% and a loss before tax
of £0.4m (H1 2025: £1.3m profit), a reflection of the increased investment
in growth.
The business continues to operate disciplined cost management and strong
working capital controls. This discipline has always been a feature of the
business and one that will continue, notwithstanding the new strategy around
investment and driving customer acquisition harder.
Revenue
Group revenue increased 2% to £34.7m (H1 2025: £34.1m). This was supported
by an improved performance in Q2 which saw year on year revenue increase by
4%.
Gross profit
Reported Gross Profit margin decreased by 2% to 27.7% (H1 2025: 29.7%). This
reflects the more proactive approach to new customer acquisition including
stronger promotional offers and changes in the sales mix. Reported Gross
Profit margin includes the cost of wine, duty, packaging and delivery costs.
EBITDA
EBITDA was £0.2m, (H1 2025: £1.6m) impacted by the margin effect of the
growth strategy and an additional investment of £0.9m in customer acquisition
and marketing to drive growth. Despite a highly inflationary environment and
significant cost pressures operating variable cost per case increased just 3%.
Loss before tax
The loss before tax was £0.4m (H1 2025: £1.3m profit), reflecting the
increased investment in growth. The business continues to operate disciplined
cost management and strong working capital controls. This discipline has
always been a feature of the business and one that will continue,
notwithstanding the new strategy around investment and driving customer
acquisition harder.
Share based payments
The Group provided for a share-based payment expense of £53k (H1 2025: £34k)
relating to the share based long-term incentive plan for the leadership team.
Finance income
Finance income for the period was £210k (H1 2025: £372k) from bank interest
earned on cash balances.
Finance expenses
Finance expenses of £83k (H1 2025: £68k) relates to the interest charge for
Right of Use Assets. The Group has no borrowings so there are no expenses
relating to servicing overdrafts or loans.
Earnings per share
Earnings per share reduced to a loss of 0.4p from earnings of 1.6p in H1 2025
reflecting the decrease in Group Profit. Diluted loss per share was 0.4p (H1
2025: earnings 1.5p).
Dividend
The Board is not recommending the payment of an interim dividend, but it will
keep the Group's dividend policy under review as part of the decision-making
process around capital allocation and the growth strategy announced
separately.
Foreign currency
All Group income is derived from UK activity and denominated in GBP. The Group
purchases supplies, mainly wine, from the global market predominantly in
Euros, US Dollars and Australian Dollars. The Group hedges its foreign
currency purchases to provide clarity on future cost prices.
Inventory
Closing Inventory was £7.7m (H1 2025: £6.5m). The increase will support
growth and allow additional early duty payment in advance of the rate increase
in February 2026.
We continue to monitor the wine range and supply chain to ensure we optimise
the carrying value of inventories.
Cash
Gross cash at the period end was £17.9m, (H1 2025 £23.7m) the movement
reflecting £2.7m of share buybacks and £1.0m of capex spent to support the
growth plan, including development of the mobile app. The balance includes
£7.3m (H2 2025; £6.4m) of WineBank deposits. WineBank deposits are ring
fenced and are not used to fund stock purchases or working capital.
AMANDA CHERRY
Chief Financial Officer
17 March 2026
Condensed consolidated statement of comprehensive income
Unaudited Unaudited
Note 2 January 2026 27 December 2024
£'000 £'000
Revenue 34,747 34,084
Cost of sales (25,111) (23,962)
Gross profit 9,636 10,122
Operating expenses (10,119) (9,153)
Operating (loss)/profit 3 (483) 969
Finance income 5 210 372
Finance costs 6 (83) (68)
(Loss)/profit before taxation (356) 1,273
Taxation credit/(charge) 125 (352)
(Loss)/profit for the financial period and total comprehensive income (231) 921
Basic (loss)/earnings per share (pence) 7 (0.4) 1.6
Diluted (loss)/earnings per share (pence) 7 (0.4) 1.5
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
Note 2 January 2026 27 December 2024
27 June 2025
£'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets 8 11,957 11,067 11,357
Property, plant and equipment 9 239 133 110
Right of use assets 10 1,705 2,120 1,877
Deferred tax asset 106 28 -
Total Non-current assets 14,007 13,348 13,344
Current assets
Inventories 7,695 6,517 7,153
Trade and other receivables 11 2,899 2,656 3,041
Derivative financial instruments 3 11 -
Cash and cash equivalents 17,944 23,661 17,579
Total current assets 28,541 32,845 27,773
Total assets 42,548 46,193 41,117
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 12 (18,341) (19,067) (15,874)
Derivative financial instruments - - (6)
Lease liability (602) (544) (554)
Total current liabilities (18,943) (19,611) (16,434)
Non-current liabilities
Provisions (436) (390) (413)
Lease liability (1,491) (1,917) (1,639)
Deferred tax liability - - (11)
Total non-current liabilities (1,927) (2,307) (2,063)
Total liabilities (20,870) (21,918) (18,497)
Net assets 21,678 24,275 22,620
Equity
Share capital 13 560 560 560
Share premium 11,989 11,989 11,989
Own share reserve (56) (3) (43)
Merger reserve 65 65 65
Other reserve 261 586 294
Retained earnings 8,859 11,078 9,755
Total Equity 21,678 24,275 22,620
Condensed consolidated statement of changes in equity
Called up share capital Share premium Own share reserve Merger reserve Other reserve Retained earnings Total Shareholders' funds
£'000 £'000 £'000 £'000 £'000 £'000 £'000
29 June 2024 560 11,989 (3) 65 552 10,157 23,320
Profit for the financial year - - - - - 921 921
Share-based payments - - - - 34 - 34
27 December 2024 unaudited 560 11,989 (3) 65 586 11,078 24,275
28 June 2025 560 11,989 (43) 65 294 9,755 22,620
Loss for the financial year - - - - - (231) (231)
Share-based payments - - - - (33) 86 53
Shares repurchased, held in treasury - - (13) - - (751) (764)
2 January 2026 unaudited 560 11,989 (56) 65 261 8,859 21,678
Condensed consolidated statement of cash flows
Unaudited Unaudited
2 January 27 December
2026 2024
Cash flows from operating activities £'000 £'000
(Loss)/profit before taxation (356) 1,273
Adjustments for:
Depreciation and amortisation 689 643
Net finance costs (127) (304)
Share-based payment 53 34
Decrease in trade and other receivables 165 43
Increase in inventories (542) (649)
Increase in trade and other payables 2,466 4,449
Net cash generated from operating activities 2,348 5,489
Cash flows from investing activities
Interest received 210 372
Purchase of intangible and tangible fixed assets (1,039) (232)
Net cash (used)/generated in investing activities (829) 140
Cash flows from financing activities
Payment of lease liabilities (307) (270)
Payment of lease interest (83) (68)
Purchase of own shares (764) -
Net cash used in financing activities (1,154) (338)
Net increase in cash and cash equivalents 365 5,291
Cash and cash equivalents at beginning of period 17,579 18,370
Cash and cash equivalents at end of period 17,944 23,661
365 5,291
1 General Information
The principal activity of the Group is import and distribution of wine.
The Company was incorporated on 1 February 2021 in the United Kingdom and is a
public company limited by shares registered in England and Wales. The
registered office is 37-41 Roman Way Industrial Estate, Longridge Road,
Ribbleton, Preston, Lancashire, United Kingdom, PR2 5BD. The registered
company number is 13169238.
2 Significant accounting policies
Basis of preparation
The consolidated interim financial information of the Virgin Wines UK Plc
group have been prepared in accordance with the principal accounting policies
used in the Group's consolidated financial statements for the year ended 27
June 2025. These interim financial statements should be read in conjunction
with those consolidated financial statements, which have been prepared in
accordance with the international accounting standards in conformity with the
requirements of the Companies Act 2006.
These interim financial statements do not fully comply with IAS 34 'Interim
Financial Reporting', as is currently permissible under the rules of AIM.
Historical cost convention
The interim financial information has been prepared on a historical cost basis
except for certain financial assets and liabilities (including derivative
instruments), measured at fair value through the income statement.
Going concern
The Group's business activities, together with the factors likely to affect
its future development, performance and position are set out in the Chief
Executives Statement, which also describes the financial position of the
Group.
During the period the Group met its day to day working capital requirements
through cash generated from operating activities. The Group's forecasts and
projections, taking account of reasonably possible changes in trading
performance, show that the Group should be able to operate using cash
generated from operations, and that no additional borrowing facilities will be
required.
Having assessed the principal risks, the directors considered it appropriate
to adopt the going concern basis of accounting in preparing its consolidated
financial statements.
Goodwill
Goodwill is not amortised but is reviewed annually for impairment. The
recoverable amount of the Group's single cash-generating unit (CGU) is
determined by calculating its value in use. The value in use calculation
requires the Group to estimate the future cash flows expected to arise from
the single CGU and to use a suitable discount rate in order to calculate the
present value. The value in use is then compared to the total of the relevant
assets and liabilities of the CGU.
3 Operating (loss)/profit
Operating (loss)/profit is stated after charging/(crediting):
Unaudited Unaudited
2 January 27 December
2026 2024
£'000 £'000
Inventory charged to cost of sales 23,070 22,144
Amortisation of intangible assets (note 8) 259 299
Depreciation of property, plant and equipment (note 9) 51 94
Depreciation of right of use asset (note 10) 379 250
Net exchange (losses)/gains (including movements on fair value through profit 60 (32)
and loss derivatives)
Movement in inventory provision - (9)
4 Share-based payments
In the period ended 2 January 2025 the Group operated an equity-settled
share-based payment plan as described below.
The charge in the period attributed to the plan was £53k (2024: £34k).
Under the Virgin Wines UK Plc Long-Term Incentive Plan, the Group gives awards
to Directors and senior staff subject to the achievement of a pre-agreed
revenue and EBITDA figure for the financial year of the Group, three financial
years subsequent to the date of the award. These shares vest after the
delivery of the audited revenue and profit figure for the relevant financial
year has been announced.
Awards are granted under the plan for no consideration and carry no dividend
or voting rights. Awards are exercisable at the nominal share value of £0.01.
Awards are forfeited if the employee leaves the Group before the awards vest,
except under circumstances where the employee is considered a 'Good Leaver'.
Unaudited Unaudited
2 January 2026 27 December
2024
Shares Shares
Outstanding at start of period 3,601,200 4,189,777
Exercised during the period (123,956) -
Outstanding at end of period 3,477,244 4,189,777
The Company granted its first share options on 23 June 2021. Further share
options were granted on 6 December 2021, 6 December 2022, 30 April 2024, 6
March 2025 and 2 May 2025.
The awards outstanding at 2 January 2025 have a weighted average remaining
contractual life of 8.6 years (2024: 8.6 years).
The fair value at grant date was determined with reference to the share price
at grant date, as there are no market-based performance conditions and the
expected dividend yield is 0%. Therefore there was no separate option pricing
model used to determine the fair value of the awards.
5 Finance income
Unaudited Unaudited
2 January 2026 27 December
2024
£'000 £'000
Bank interest 210 372
6 Finance costs
Unaudited Unaudited
2 January 27 December
2026 2024
£'000 £'000
Interest payable for lease liabilities 83 68
7 Earnings per share
Basic and diluted earnings per share are calculated by dividing the earnings
attributable to equity shareholders by the weighted average number of ordinary
shares in issue during the period.
The calculation of basic (loss)/profit per share is based on the following
data:
Statutory EPS
Unaudited Unaudited
2 January 27 December
2026 2024
Earnings (£'000)
(Loss)/profit after tax (231) 921
(Loss)/earnings for the purpose of basic earnings per share (231) 921
Number of shares
Weighted average number of shares for the purposes of basic earnings per share 51,509,734 55,972,405
Weighted average number of shares for the purposes of diluted earnings per 51,509,734 60,162,182
share
Basic (loss)/earnings per ordinary share (pence) (0.4) 1.6
Diluted (loss)/earnings per ordinary share (pence) (0.4) 1.5
8 Intangible assets
Group Total
Goodwill Software
£'000 £'000 £'000
Cost
At 29 June 2024 9,623 3,872 13,495
Additions - 207 207
27 December 2024 unaudited 9,623 4,079 13,702
At 28 June 2025 9,623 4,704 14,327
Additions - 859 859
2 January 2026 unaudited 9,623 5,563 15,186
Accumulated amortisation and impairment
At 29 June 2024 - 2,336 2,336
Amortisation charge - 299 299
27 December 2024 unaudited - 2,635 2,635
At 28 June 2025 - 2,970 2,970
Amortisation charge - 259 259
2 January 2026 unaudited - 3,229 3,229
Net book value
At 2 January 2026 unaudited 9,623 2,334 11,957
At 27 June 2025 audited 9,623 1,734 11,357
At 27 December 2024 unaudited 9,623 1,444 11,067
9 Property, plant and equipment
Leasehold property Computer hardware & warehouse equipment
Fixtures & fittings
Total
£'000 £'000 £'000 £'000
Cost
At 29 June 2024 20 994 552 1,566
Additions - 25 - 25
27 December 2024 unaudited 20 1,019 552 1,591
At 28 June 2025 20 1,056 569 1,645
Additions 76 112 - 188
Disposals - (371) (8) (379)
2 January 2026 unaudited 96 797 561 1,454
Accumulated depreciation
At 29 June 2024 20 882 462 1,364
Charge for the year - 53 41 94
27 December 2024 unaudited 20 935 503 1,458
At 28 June 2025 20 981 534 1,535
Charge for the period 1 38 12 51
Disposals - (371) - (371)
2 January 2026 unaudited 21 648 546 1,215
Net book value
At 2 January 2026 unaudited 75 149 15 239
At 27 June 2025 audited - 75 35 110
At 27 December 2024 unaudited - 84 49 133
Depreciation is charged to operating expenses in the profit and loss account.
10 Right of use assets
Leasehold property Computer hardware & warehouse equipment
Total
£'000 £'000 £'000
Cost
At 29 June 2024 5,060 252 5,312
27 December 2024 unaudited 5,060 252 5,312
At 28 June 2025 5,060 252 5,312
Modifications 207 - 207
2 January 2026 unaudited 5,267 252 5,519
Accumulated depreciation
At 29 June 2024 2,807 135 2,942
Charge for the period 225 25 250
27 December 2024 unaudited 3,032 160 3,192
At 28 June 2025 3,257 178 3,435
Charge for the period 361 18 379
2 January 2026 unaudited 3,618 196 3,814
Net book value
At 2 January 2026 unaudited 1,649 56 1,705
At 27 June 2025 audited 1,803 74 1,877
At 27 December 2024 unaudited 2,028 92 2,120
11 Trade and other receivables
Unaudited Unaudited
2 January 2026 27 December 2024 27 June 2025
£'000 £'000 £'000
Amounts falling due within one year:
Trade receivables 1,879 1,984 1,793
Prepayments 1,020 672 1,183
Other receivables - - 65
2,899 2,656 3,041
12 Trade and other payables
Unaudited Unaudited
2 January 2026 27 December 2024 27 June 2025
£'000 £'000 £'000
Trade payables 4,320 5,975 2,511
Taxation and social security 4,179 4,275 2,458
Contract liabilities 7,916 6,908 8,877
Accruals and other creditors 1,926 1,909 2,028
18,341 19,067 15,874
13 Share capital
Unaudited Unaudited
2 January 2026 27 December 2024 27 June 2025
£'000 £'000 £'000
Authorised, Allotted, called up and fully paid
55,972,405 (2024: 55,972,405) ordinary shares of £0.01 each 560 560 560
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