Frasers Group has delivered a “robust set of first half results,” as revenue and profits rise despite the challenging backdrop of heightened economic uncertainty, skyrocketing energy costs, rising inflation, the cost of living crisis, and geopolitical instability.
In unaudited interim results for the 26 weeks to 23 October 2022, the Shirebrook-based retailer has posted group revenue of £2.6bn, up from £2.3bn in same period last year, largely due to acquisitions.
Reported profit before tax meanwhile was £284.6m, up 53% from £186m, which the company says reflects continually improving product choice, the growth of FLANNELS through store roll out and online, and profit on disposal of assets.
Adjusted profit before tax increased to £267.1m from £192.4m.
Looking ahead, Frasers Group said: “Whilst the macroeconomic environment is clearly challenging and the backdrop for the coming year is hard to predict with any certainty, we have strong strategic and trading momentum behind us and we remain confident in our guidance for Adjusted PBT of between £450m to £500m for this financial year.”
David Daly, non-executive chair, added: “We have delivered a strong performance during the period, despite the challenging backdrop of heightened economic uncertainty in the UK, soaring energy costs, rapidly rising inflation, a widespread cost of living crisis and continued geopolitical instability. Whilst post pandemic issues with the global supply chain remain, there are signs that these are beginning to ease.
“Frasers has delivered a robust set of first half results which demonstrate the resilience of our business and the continued success of our Elevation Strategy.”
During the period, Frasers Group made a series of strategic acquisitions, including Missguided, I Saw It First and Gieves & Hawkes (post period-end), while also strengthening its relationship with strategic brand partner Hugo Boss AG.
