Moss Bros increases its 2017 interim dividend by 6.3%

DividendMax Ltd.

Moss Bros increases its 2017 interim dividend by 6.3%

Moss Bros 2017 interim results

Total Group revenue, excluding VAT, was up 4.3% on the previous year to £66.6m.

Group like-for-like sales increased 2.8%

Like-for-like retail sales, including e-commerce were up 5.1%

E-commerce retail sales for the first half grew 14.5% on the prior year and now represent 11.2% of total sales.

Like for like hire sales, which represent 12.8% of total sales in the half on a cash taken basis were -8.4% down.

Retail gross margin was up 0.1% for the half despite having re-introduced a mid-season Sale in response to a much tougher trading environment during the earlier part of the season.

Overall gross margins were down -0.7%, impacted by the hire sales reduction year on year where fixed depreciation costs relating to hire garments remain constant regardless of the level of sales.

Operating profit was up 16.6% to £4.2m (HY1 2016 £3.6m)

Similarly, pre-tax profit was up 15.7% to £4.2m (HY1 2016 £3.7m)

Effective cash management ongoing, with cash balance of £21.5m at the end of the half (HY1 2016 £21.1m)

In line with the progressive dividend policy, interim dividend increased by 6.3% to 2.03 pence per share (30 July 2016: 1.91 pence per share)

Companies mentioned