Q4 Trading Update
Third consecutive year of like for like revenue growth. New foreign exchange regime in Nigeria.
The Group today issues a trading statement for the year ended 31 May 2023 and an update on the recently announced foreign exchange policy changes in Nigeria.
Summary
– Group Q4 like for like (‘LFL’) revenue growth of 6.7%, resulting in 6.1% LFL growth for FY23
– FY23 Group revenue expected to be approximately £655 million with LFL revenue growth in each geographic region in Q4
– Adjusted profit before tax for the year of at least £70 million reflecting a particularly strong Q4 performance in Africa
– As anticipated, Europe & Americas operating margin returned to high teens in H2
Progress against strategy including
– Majority of Must Win Brands in revenue growth in FY23
– Childs Farm 12% revenue growth in our first full year of ownership
– Further geographic expansion with the launch of Original Source into Spain this month