LONDON (dpa-AFX) - Mothercare plc (MTC.L) reported unaudited net worldwide franchisee retail sales for the financial year to March 2021 of £326 million, down 40% from last year, reflecting the impact of Covid-19 in the various markets in which the company's franchisees operate around the world.
At the year end Mothercare had net debt of £12.1 million, being cash of £6.9 million against a substantial drawdown of £19.5 million from the new facility announced last November, reflecting both ongoing tight control of cash and the conversion of the total outstanding £19 million of shareholder loans into new ordinary shares on the 17 March 2021.
Whilst the company has performed broadly in line with its expectations in the final period of the year, Mothercare now expects to report a small EBITDA profit, before adjusting items, for the year ended 27 March 2021.
Clive Whiley, Chairman of Mothercare, said, 'Our performance in 2021 shows that whilst we are not immune to the impact of the pandemic on our franchise partners' operations around the world, we have ended the year in a far stronger position than we started it. Our resilient performance and financial position bears out the robustness of the Mothercare business today, delivering what will be a positive if modest EBITDA result for the year. We enter FY22 as a conservatively financed, cash generative and profitable business...'
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