Key highlights
Group Revenue up 20.9% to £2,186m with significant growth across all divisions
UK Sports Retail like-for-like stores gross contribution increased by 11.2%
Strong growth in online revenue of 52.1%- now representing 15.0% of total Sports Retail sales (FY12: 11.6%)
Underlying Group EBITDA up 22.1% to £287.9m (52 weeks FY12: £235.7m)
Reported profit before tax up 40.0% to £207.2m (52 weeks FY12: £148.0m)
Underlying free cash generation of £245.6m
Accelerated European expansion including post year end acquisitions in Austria and the Baltic region
Investment in inventory and strategic acquisitions while maintaining a strong balance sheet
Shirebrook National Distribution Centre Phase 2 completed, however further enhancements underway
First part of 2009 Employee Bonus Share Scheme vested in August 2012
Second and final part of 2009 Employee Bonus Share Scheme vesting in August 2013
Dave Forsey, Chief Executive, said:
"2012/13 was a record-breaking year for the Group and for British sport. We are pleased that both have continued to be successful this year and that our strategy of being the Consumers' Champion continues to reap rewards.
"Our colleagues have worked hard throughout the year and, as a result, we have exceeded the second underlying EBITDA target of £250m set under the 2011 Employee Bonus Share Scheme and the stretch target of £270m. This means the Group has successfully met the first two targets while there remain two more years to go under the 2011 Employee Bonus Share Scheme.
"There is no doubt that the Group's record-breaking results were in the large part down to our colleagues and their hard work. The Employee Bonus Share Schemes have continued to drive this performance and we are pleased that eligible employees will be rewarded in August as the second and final part of the 2009 Employee Bonus Share Scheme vests.
"Trading since the period end has remained strong and is ahead of management's expectations for the first quarter. Whilst 2013 is a non-tournament year, there is no doubt that our compelling offer of exceptional quality and unbeatable value continues to resonate well with our customers."
Dividend
The Board has decided not to propose a dividend in respect to FY13. The Board feels that it remains in the best interests of the Company and its shareholders to maintain financial and strategic flexibility, including pursuit of potential acquisition opportunities and ongoing investment in Group infrastructure and store portfolio. The payment of dividends will remain under review for consideration in future years.
