Economy

Matalan FY revenues surpass £1b

For the first 13 weeks of its current financial year, Matalan's revenue increased from £221.8m to £286.5m.

Matalan has revealed its revenues for the 52-week period ending 26 February 2022 reached just over £1bn, up 38% from the £744.1m it achieved during the prior 12 months.

It also reported EBITDA post adoption of IFRS16 of £197.8m, compared with £80.5m from the previous year. Also during the period, Restated EBITDA under IAS17 of £100.3m up from a loss of £21.5m in 2021.

Matalan said it has a strong closing cash position of £125.1m (2021: £110.0m).

In addition, it revealed that for the first 13 weeks of its current financial year, revenues have increased from £221.8m to £286.5m.

The newly-filed accounts also reveal the number of Matalan’s employees decreased from 11,558 to 10,837 during the year.

Steve Johnson, executive chairman of Matalan, said: “The results published today for the year to February 2022 represent a strong recovery during what remained a period of ongoing challenges, including mandated store closures and the continuation of worldwide supply chain disruption as a result of the Covid-19 pandemic.

“Despite these obstacles, and assisted by the support packages provided by the government, we significantly improved our level of performance and profitability in what remain demanding circumstances for both our sector and consumers more broadly.”

He added: “Throughout the last year, our large and spacious out-of-town stores with free parking remained safe and appealing destinations for customers, with the two newly opened stores also performing well.

“Our stores complement what is now a significantly scaled online business, having grown its turnover by over 50% since the beginning of the pandemic, with lots more potential still to realise.”

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