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Moss Bros declares no dividend to be paid amidst "volatile trading environment"

Investment Tools Ltd.
Moss Bros declares no dividend to be paid amidst "volatile trading environment"

Given the ongoing volatile trading environment, the Moss Bros Board is not recommending an interim dividend payment, continuing to give the business maximum flexibility for investment, whilst retaining a strong debt free balance sheet (2018/19 interim dividend 1.5 pence). Dividend Policy will be reviewed throughout the year, considering the overall yield, balanced against the wider investment needs of the business.

Other financial highlights include:

Total Group revenue, excluding VAT, of £65.4m, 1.4% up on the previous year. 

Like-for-like retail sales up 2.9%. Store like-for-like sales up 0.6%. 

Online sales across all platforms grew 20% vs HY1 last year. Online sales from all channels now represents 15.0% of total sales (HY1 2018 12.7%).

Like for like hire sales, which represent only 10.7% of total sales in the half (HY1 2018 12.3%) on a cash taken basis were 14.7% lower.

Retail gross margin at 55.8% was -0.7% lower for the half year versus HY1 2018, impacted by channel mix.

EBITDA*** for the first half was £11.4m after IFRS 16 impact and £3.1m before IFRS 16 impact (HY1 2018 £3.7m) as detailed in note 9. 

Adjusted profit before adoption of IFRS 16 and before tax was just above breakeven, -£0.2m lower than the same period in the prior year (HY1 2018 £0.2m).

Loss before tax of £2.7m (HY1 2018 loss £1.7m) after IFRS 16 impact of -£1.1m and after adjusting items of -£1.6m as detailed in note 6.

The Group has adopted the new IFRS 16 accounting standard effective 27 January 2019 the full effect of which, including the negative £1.1m impact on first half profitability noted above, is detailed in note 2.4 (a).

Careful cash management delivered a positive cash balance of £18.2m at the end of the half (HY1 2018 £15.2m), reflecting the strong cash flow generation of the business.

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