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Card Factory narrows H1 losses to £6.5m

Revenue for the period grew by 16.3% to £116.9m up from £100.5m in 2020, and was boosted by the group’s transactional website, which increased 167.9% as the impact of lockdown saw its number of visitors soar

Card Factory has announced that it has narrowed its pre-tax losses for the six-month period ending 31 July 2021 to £6.5m, up from losses of £22.2m the prior year.

Revenue for the period grew by 16.3% to £116.9m up from £100.5m in 2020, and was boosted by the group’s transactional website, which increased 167.9% as the impact of lockdown saw its number of visitors soar.

Due to its “better than expected” performance, the group announced plans for a long-term ambition of reporting £600m for FY26, with approximately 20% of that expected to come from online, multi-channel and retail partnerships.

Meanwhile, during the period, the group revealed it also completed a £225m refinancing with its current banking syndicate in a bid to provide additional liquidity.

Darcy Willson-Rymer, CEO, said: “The successful delivery of our strategy will be achieved by putting the customer at the heart of everything we do – ensuring that we provide outstanding value and quality across all our products and services, available however our customers want to shop.

“Although there remains some uncertainty about the speed of the post-pandemic market recovery in the short term, I firmly believe in both the resilience of the card and gifting markets and the fact that the majority of customer spend will remain in stores for the years to come.”

She added: “We look forward to successfully executing our strategy to transition Card Factory into a market leading omni-channel retailer of cards and gifts, delivering sustainable revenue and profit growth and driving value for all our stakeholders.”

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