The DFS Furniture Plc Directors recommend a final dividend of 3.7p in respect of the financial period ended 26 June 2022, resulting in a total proposed dividend of £8.9m. Subject to shareholder approval it is intended that this dividend will be paid on 29 December 2022. DFS Furniture plc shares will trade ex-dividend from 1 December 2022 and the record date will be 2 December 2022. This dividend has not therefore been recognised as a liability in these financial statements.
Other financial highlights include:
● Revenue from continuing operations was £1,149.8m (FY21: £1,060.2m) Revenue from continuing operations (excluding Sofa Workshop) grew by £192.4m or 20.1% compared to the non Covid disrupted pro-forma FY19 period (up 15.4% on an as reported basis vs. FY19 pro forma) underpinned by a strong order bank entering the year, as well as double-digit order intake growth across both brands driven by market share gain in DFS and new showroom openings in Sofology.
● Online mix of 22.7% still significantly ahead of the pro-forma FY19 period but now normalised versus the higher levels in the FY21 financial period which was impacted by Covid-related government lockdowns.
● Underlying profit before tax from continuing operations excluding brand amortisation of £60.3m. Reported profit before tax of £58.5 (FY21: £102.6m)
● Closure of both the Netherlands and Spain businesses, as announced in March 2022, and presentation as discontinued operations; total loss for the period for discontinued operations (including non-underlying costs) £12.8m (FY21: £3.4m loss).
● Increase in net bank debt to £90.0m from £19.0m at previous financial year end with period end leverage at 1.1x as transitory working capital benefits normalise and commenced their special capital return programme (comprising the in year special dividend and the ongoing share buyback programme).
● Further one-year extension of £215m ESG-linked senior revolving credit facility to December 2024.