Card Factory Plc has reported a strong financial performance historically, with a severe impact on financial performance in FY21, due to mandatory store closures for five months of the year. The Group has posted strong sales growth over a number of years driven by a combination of like-for-like (LFL) growth, new store rollout and the resilience of the greeting card market.
Our vertically integrated business model contributes to strong EBITDA margins. The Group also has excellent cash conversion due to low capex requirements notwithstanding a continuing store roll-out programme.
| (£million, unless otherwise stated) |
|||||
| 31 January Year End | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|
| Stores (number) | 972 | 1022 | 1016 | 1020 | 1032 |
| Revenue (£m) | 436.0 | 451.1 | 285.1 | 364.4 | 463.4 |
| Revenue Growth (%) | 3.3% | 3.5% | (36.9)% | 28% | 27.1% |
| cardfactory LFL Sales (%) (a) | -0.1% | -0.5% | 0.1% | (3.9)% | +6.7% |
| EBITDA (£m) (b) | 136.9 | 126.4 | 45.8 | 85.6 | 112.0 |
| Profit Before Tax (£m) | 68.2 | 65.2 | (16.4) | 11.1 | 52.4 |
| Cash from Operations (£m) | 142.1 | 124.8 | 79.9 | 113.6 | 107.8 |
| Net Debt (£m) (c) | 141.3 | 143.1 | 107.7 | 74.2 | 57.2 |
| Leverage (d) | 1.6x | 1.8x | 2.3x | 0.9x | 0.5x |
| Basic Earnings per Share (pence) | 15.4 | 15.1 | 4.0) | 2.4 | 12.9 |
| Total Capex (£m) (e) | 12.1 | 14.5 | 7.5 | 6.9 | 18.2 |
|
All metrics are stated as at, or for the year ending, 31 January each year. (a) Like-for-like (LFL) sales calculates the growth (or decline) in gross sales in a given period versus a prior comparative period. cardfactory LFL is like-for-like sales in Stores plus like-for-like sales from the cardfactory website cardfactory.co.uk. For Stores, LFL measures exclude any sales earned from Stores opened in the current period or closed since the comparative period and only consider the time period where Stores were open in both the current and prior period. (b) EBITDA is earnings before tax, interest, gains or losses on disposal of assets, depreciation, amortisation and impairment charges. (c) Net debt is calculated by subtracting the Group’s cash and cash equivalents from its gross borrowings, excluding lease liabilities. (d) Leverage is the ratio of Net debt to EBITDA, expressed as a multiple. (e) Capex excludes right of use leased asset additions. |
|||||