Q4 Trading Update

27 June 2023 | Corporate

Third consecutive year of like for like revenue growth. New foreign exchange regime in Nigeria.

Trading statement 

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.


– 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


Read the full release here