Quiz revenues surge 88% to £66m

Quiz PLC has announced that its total group revenue in the nine months to 31 December 2021 totalled £61m, which represents an 88% increase on the £32.4m generated in the equivalent period in FY2020.

The group said it is “pleased with the gross margins generated during the period which are consistent with those generated in the same period in FY2019, prior to the impact of COVID-19”.

Total group sales in the period of December 2021 increased by 20%, or £1.4m, to £8.8m compared to December 2020, in line with the board’s expectations.

The performance during the period was driven by a 64% increase in revenues generated across Quiz’s UK store and concession portfolio to £5.2m.

The group’s UK stores and concessions were closed for part of the comparable prior year period. Revenues were broadly consistent on a like-for-like basis with the sales generated in FY2019, prior to demand being impacted by COVID-19.

Online revenues decreased 26% to £2.1m, reflecting the termination of certain third-party partnerships during the financial year. Quiz said sales through its own websites were “consistent with the previous year and in-line with board expectations”.

International revenues, which comprise five stores and 15 concessions in Ireland and international franchise partners, increased 11% to £1.5m (FY2020: £1.4m).

As at 13 January 2022, the group has total liquidity headroom of £8.9m, being a cash balance net of borrowings of £6.0m and £2.9m of undrawn bank facilities.

The group also said it has £3.5m of bank facilities available, which expire in September 2022. There are no financial covenants applicable to these facilities.

The group said that it is “encouraged by the positive performance delivered during the period”.

It said it is confident that, in the absence of any further substantial disruption from COVID-19, this demand will “support continued profitable revenue growth and deliver a full year to 31 March 2022 performance in line with board expectations”.