RESULTS FOR THE YEAR ENDED 31 MAY 2026
Strong year with broad-based growth and strengthened balance sheet – Refreshed strategy delivering early progress
Jonathan Myers, Chief Executive Officer, said:
“We delivered a strong trading performance in FY26, with revenue growth across each of our four lead markets and each of our top ten brands. Combined with structural cost savings and more favourable FX movements in Nigeria, this translated into adjusted operating profit growth of nearly 25%, excluding the contribution from the now sold PZ Wilmar joint venture. We also enjoyed good early success with our refreshed strategic approach for St.Tropez which returned to growth in its key market of North America.
“At the same time, we completed our strategic review and established a refreshed strategy with a clearer financial framework and capital allocation policy. We are now a more focused and resilient business, leveraging competitive advantages from our locally-loved brands, go-to-market capabilities and manufacturing scale, with a portfolio balanced across developed and emerging markets.
“Gross debt has reduced by £174m over the past three years, supported by growing cash flow generation and the proceeds from non-core asset sales. As a result, and reflecting our continued confidence in the Group’s prospects, the Board is proposing the resumption of dividend growth.
“The current year has started in line with expectations and we are pleased with the continued early signs of progress. While there is plenty more to do, and we are mindful of macro-economic uncertainties, we are well placed to continue delivering sustainable growth.”
|
£m unless otherwise stated |
Adjusted | Statutory | ||||
| FY26 | FY25 | variance | FY26 | FY25 | variance | |
| Revenue | 541.4 | 513.8 | 5.4% | 541.4 | 513.8 | 5.4% |
| LFL revenue growth (LFL) | 5.8% | 8.0% | ||||
| Operating profit | 59.5 | 54.9 | 8.4% | 86.8 | 20.6 | n.m. |
| Operating margin | 11.0% | 10.7% | 30bps | 16.0% | 4.0% | 1,200bps |
| Profit before tax | 50.1 | 41.1 | 21.9% | 77.4 | 6.5 | n.m. |
| Basic earnings/(loss) per share | 7.14p | 7.34p | (2.7)% | 4.70p | (1.38)p | n.m. |
| Dividend per share | 3.70p | 3.60p | 2.8% | |||
| Operating profit (excluding Wilmar joint venture) | 59.5 | 47.8 | 24.5% | 86.8 | 15.0 | n.m. |
| Operating margin | 11.0% | 9.3% | 170bps | 16.0% | 2.9% | 1,310bps |