boohoocom-plc-final-admission-document-5-march-2014

Year Year Year Ten Months Ten Months
ended ended ended ended ended
28 Feb 2011 29 Feb 2012 28 Feb 2013 31 Dec 2012 31 Dec 2013
(Unaudited)
£’000 £’000 £’000 £’000 £’000
Revenue 24,486 29,012 67,282 54,065 91,921
Gross Profit 12,580 15,385 36,663 29,612 54,324
Gross Profit Margin 51.4% 53.0% 54.5% 54.8% 59.1%
Operating Profit 177 260 3,286 3,054 9,003
Net Interest (38) (11) (102) (52) (118)
Tax – – (614) (579) (2,044)
Profit after tax 139 249 2,570 2,423 6,841
Year Year Year Ten Months Ten Months
ended ended ended ended ended
28 Feb 2011 29 Feb 2012 28 Feb 2013 31 Dec 2012 31 Dec 2013
(Unaudited)
£’000 £’000 £’000 £’000 £’000
Operating Profit 177 260 3,286 3,054 9,003
Depreciation 305 254 414 336 499
Amortisation 78 96 154 125 232
Exceptional one-off transaction
costs – – – – 355
EBITDA 560 610 3,854 3,515 10,089
(1) Exceptional costs of £355,000 were incurred in the ten months to 31 December 2013 relating to professional fees in relation to
one-off transactional activity.
The split of revenues by geographic location for the Operating Group can be summarised as follows;
Year Year Year Ten Months Ten Months
Geographical ended ended ended ended ended
Location 28 Feb 2011 29 Feb 2012 28 Feb 2013 31 Dec 2012 31 Dec 2013
(Unaudited)
£’000 £’000 £’000 £’000 £’000
United Kingdom 22,037 26,102 43,770 35,639 58,295
Europe 1,962 2,331 7,203 6,290 8,062
Rest of the World 487 579 16,309 12,136 25,564
Total Revenue 24,486 29,012 67,282 54,065 91,921
The results for the year to 28 February 2013 showed an increase in revenues of £38.3 million, compared
with the period ended 29 February 2012. This was due to a number of factors including increased brand
awareness in the UK as well as in international markets. Whilst non-UK sales represented 10 per cent. of
total sales in the period ended 28 February 2011, significant growth overseas has seen non-UK sales reach
35 per cent. of sales in the period ended 28 February 2013.
Profit after tax in the year to 28 February 2013 increased to £2.6 million, compared to £0.25 million in the
year ended 29 February 2012. This is reflective of the increased sales and leveraging of operational
efficiencies developed in previous years. Interest costs relate to a loan taken to fund the purchase of the
Burnley warehouse. It is proposed that this loan be repaid in full from the proceeds of the Placing.
In the ten months to 31 December 2013, revenues increased by 70 per cent. to £91.9 million (ten months
to 31 December 2012: £54.1 million). Over the same period gross profit margin also increased from 54.8
per cent. in 2012 to 59.1 per cent. in 2013, reflecting the impact of the shift towards direct sourcing
(discussed further in the paragraph below). Over the same period profit after tax also increased substantially
to £6.8 million (2012: £2.4 million), whilst the percentage of sales from international markets also increased
to 36.6 per cent. (2012: 34.1 per cent.)
Annex I 6.2
[Annex I 3.2]
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