Hostmore PLC Trading Update (7658Z)
16 Janvier 2024 - 8:00AM
UK Regulatory
TIDMMORE
RNS Number : 7658Z
Hostmore PLC
16 January 2024
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
16 January 2024
Hostmore plc
Trading Update
Hostmore plc (the "Company") today announces an update on
trading following the end of its financial year on 31 December
2023, also covering the December 2023 period.
Revenue during H2 2023, on a like-for-like ("LFL") basis versus
H2 2022, was flat, representing an improvement on H1 2023, which
was 2% below the comparative FY22 period (adjusted for differences
in VAT).
The Board is pleased that the four week December 2023 holiday
period generated a further improvement on H2's overall trend, with
LFL revenue +4% compared to December 2022. This result is
particularly encouraging as c.65% of our estate is located in
retail parks or shopping centres , many of which operated on
reduced holiday hours resulting in a c.2% impact to our LFL sales
in December.
It is currently expected that H2 2023 generated unadjusted
FRS102 EBITDA of GBP5.4 million, with an EBITDA profit being
realised in each of the six months of the period. This is the first
period to benefit from a significant portion of the restructuring
actions announced previously, which were implemented late in H1
2023.
Pro forma FRS102 EBITDA for H2 2023 would have been
approximately GBP7.2 million if all currently implemented actions
had been in effect for the entire period. The Company continues to
evaluate further opportunities to improve EBITDA, and will report
on these initiatives after they have been implemented.
The Company maintains an objective of becoming debt free by
dedicating all free cash flow towards repayment of borrowings. In
furtherance of this, consolidated net bank debt at the year-end was
GBP25.1 million, an improvement in line with forecast from GBP31.3
million at 2 July 2023.
The Company is continuing to engage existing and potential new
lenders in the refinancing process, and we remain focused on
concluding this in the previously announced timeline.
The Company expects to publish its 2023 preliminary results in
the second half of April.
Julie McEwan, Chief Executive Officer, commented:
"We have continued making good progress in executing our
turnaround strategy, through disciplined capital allocation and the
delivery of further cost reductions. Our organic growth
initiatives, implemented through a strong and motivated operational
platform, have improved the financial outlook of the business and
continue into 2024."
ENDS
Enquiries
Hostmore plc
Matthew Bibby, Chief Financial Officer
Tel: +44 (0)330 460 5588
Email: enquiries@hostmoregroup.com
Dentons Global Advisors
Jonathon Brill, James Styles
Tel: +44 (0)20 7664 5095
Email: Hostmore@dentonsglobaladvisors
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END
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