Our purpose is to help everyone create a home they love. We are the UK’s #1 homewares retailer with a growing presence in the furniture market. We love creating homes with products that offer choice, value, quality and style, and services that help our customers. We work together to give our customers experiences that are friendly, local, helpful, and build relationships.

2020 Performance Summary



(2019: +8.5%)

+8.8% for first eight months of the year



(2019: +4.8%)

+6.8% for first eight months of the year



(2019: £152.8m)



(2019: £125.9m)

FY20 Highlights

  • Response to the crisis highlighted the resilience of our business model, the strength of our balance sheet, the importance of our shared values and our digitally enabled Customer 1st strategy, allowing us to innovate at pace.
  • Total sales increased in the eight months to February by 6.8%, supported by an 8.8% increase in rolling 12-month unique active customer numbers.
  • Online (home delivery) sales grew 105.6% in the fourth quarter.
  • Gross margin of 50.3% up 70 bps year-on-year, with gains from sourcing initiatives partially offset by increased clearance activity following the store closure period.
  • Full year reduction in PBT reflects impact of Covid-19 and the store closure period.
  • Free cash flow generation of £174.7m, including c.£80m of exceptional working capital benefits related to our response to Covid-19, which are expected to largely reverse in FY21.
  • Robust balance sheet with year-end net cash of £45.4m, access to £175m of approved banking facilities, and confirmed COVID Corporate Financing Facility (CCFF) eligibility.


  1. Unique active customers who have shopped in the last 12 months, based on management estimates using Barclays data.
  2. To ensure comparability following the implementation of IFRS 16, free cash flow is defined as net cash generated from operating activities less capex (net of disposals), net interest paid, interest on lease liabilities and repayment of lease liabilities.
  3. FY20 PBT on IFRS 16 basis; FY19 on IAS 17. The impact of IFRS 16 on FY20 PBT is a reduction of £2.3m.

Investment Proposition

Well positioned for sustainable growth

Fundamentally, our reasons to invest have changed very little since the business was floated. They continue to reflect our shared values and our latent business strengths.

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