Sales up 92% to £407m - EBITDA up 23% to £31.5m
Highlights
• Following the acquisition of Rubicon Retail in the 3rd Quarter of last year,
total group sales increased by 92% in the first half of this year, to £407m
(H1 FY2007: £212m).
• EBITDA, was up 23% to £31.5m, (H1 FY2007: £25.7m) representing 8% of sales.
• Loss after tax for the half was £4.7m (H1 FY2007: £5.6m profit) mainly as a
result of increased financing costs.
• Loss per share was 0.162p, compared to a profit per share of 0.191p in H1
FY2007.
• Equity up by £11.7m to £146.9m (H1 FY2007: £135.2m).
• During the quarter, a net 50 new stores and concessions were opened in the UK
and mainland Europe, taking the owned portfolio to 1708 stores. 14
international franchise stores were opened, taking the franchise portfolio to
200.
On 7 August 2007, a consortium including F-Capital ehf. (a wholly owned
subsidiary of Baugur Group hf.), Kaupthing Bank hf. and certain members of
Mosaic Fashions hf.'s management team, successfully completed a takeover bid
for the Company through Tessera Holding ehf. The Company requested to be
delisted from the OMX Nordic Exchange, Iceland as of 18 September 2007.
Derek Lovelock, CEO Mosaic Fashions, commented:
‘Despite difficult market conditions in the UK, we have seen our sales for the
first half increase by 92% following the acquisition of Rubicon Retail. The
first few weeks of the Autumn Winter season have seen continued challenging
trading conditions, but we are pleased that Coast has shown clear signs of
recovery. The new e-commerce sites for Coast and Karen Millen are performing
well and we look forward to the new Whistles site which will be launched
shortly. In the UK, Warehouse continues to outperform, but Oasis and Principles
remain a concern. Our International businesses are still growing from strength
to strength. Our guidance is for a full year EBITDA of £92.5m, 28% higher than
last year.'
