The company’s EBITDA fell to a loss of £0.5 million from £1.1 million in the same period last year. The loss before tax, excluding non-recurring costs, widened to £4.1 million from £1.5 million in H1 2023, with the total loss before tax reaching £4.7 million, Quiz said in its unaudited interim results.
Quiz plc has reported a revenue of £39.1 million (~$47.31 million) in the first six months of 2024, down 7.6 per cent YoY.
Gross profit fell to £24.5 million (~$29.65 million), and EBITDA recorded a loss of £0.5 million.
Loss before tax widened to £4.7 million.
Operating cash flows decreased to £1.7 million, with net borrowings of £3.0 million.
Online revenue dropped 15.9 per cent YoY.
The operating cash flows of the company decreased to £1.7 million from £2.1 million, while it reported net borrowings of £3.0 million, a shift from net cash of £3.6 million in H1 2024.
The distribution cost of the company increased to £5.9 million from £5.5 million in the same period in 2023, and no other operating income was recorded, compared to £9,000 in the first half of 2023. This resulted in total operating costs of £28.7 million compared to £27.5 million in H1 2023, and an operating loss of £4.3 million, widening from £1.3 million in H1 2023. The total administrative costs, including £6 million of non-recurring costs, increased to £22.8 million compared to £21.9 million in H1 2023.
The group’s revenue declined by 7.6 per cent year-on-year to £39.1 million. Online revenue fell by 15.9 per cent to £10.6 million, while UK stores and concessions revenue decreased by 7.7 per cent to £20.3 million. In contrast, international revenue grew by 6.5 per cent to £8.2 million.
Quiz reported a basic and diluted loss per share of 4.69 pence, compared to 0.96 pence in the same period in 2023.
Fibre2Fashion News Desk (SG)