Financial
Like for like sales increased 9.7% and total sales of £61.3m were 10.0% up on last year.
Like for like retail sales were up 9.7%, including e-commerce sales up 55%. Like for like hire sales were up 9.8%.
Retail gross margin was up 1.4% due to improved sell through rates and more targeted promotional activity. Overall gross margin also increased to 60.1% (HY1 2014: 59.1%).
Pre-tax profit was up 44% to £2.8m (HY1 2014: £2.0m) and operating profit by 44% to £2.8m (HY1 2014: £1.9m).
Strong cash performance, with an underlying cash balance of £19.0m at the period end.
Interim dividend increased by 5.9% to 1.8 pence per share (26 July 2014: 1.7 pence per share).
Operational
Online performance continued to grow strongly, with overall e-commerce sales up by 59% on last year, now representing 10% of total Group revenue.
The programme to modernise the store portfolio continues and 11 further stores were completed in the first half (2014 H1: 9 stores). 74 new and refitted stores now trade in the new format, out of a total of 125 stores.
Following the implementation of our 'single customer record' database across the business in the second quarter, a CRM programme will be launched pre Christmas.
As part of our plans to test our brand resonance in overseas markets, a two store pilot in the Middle East is being undertaken with a franchise partner, with the first store due to open later this year.
A People Director was appointed to lead the investment in our customer service experience.
