29 September 2021
(“QUIZ” or the “Group”)
Preliminary Results for the year ended 31 March 2021
QUIZ, the omni-channel fashion brand, announces its unaudited results for the year ended 31 March 2021 (“FY 2021”).
Copies of the Audited Annual Report and Accounts for FY 2021 (“Annual Report”) will shortly be available on the Company’s website at: www.quizgroup.co.uk or by request on the below details. The Company will notify of the posting of the Annual Report and Notice of Annual General Meeting by mid-October 2021.
The income statement set out below is included to show the underlying performance of the Group:
Year ended 31 March 2021 Year ended 31 March 2020
|Year ended 31 March 2021||Year ended 31 March 2020|
|Underlying||Adjusting items||Reported||Underlying||Adjusting items||Reported|
|Other operating expenses (net)||(38.8)||–||(38.8)||(73.4)||–||(73.4)|
|Gain arising on disposal of subsidiary||–||10.4||10.4||–||–||–|
|Gain on bargain purchase arising on acquisition||–||5.2||5.2||–||–||–|
|(Loss)/profit before financing and taxation||(9.4)||15.6||6.2||(2.3)||(26.3)||(28.6)|
|Finance costs (net)||(0.2)||–||(0.2)||(0.8)||–||(0.8)|
|(Loss)/profit before tax||(9.6)||15.6||6.0||(3.1)||(26.3)||(29.4)|
Adjusting items in FY21 includes the non-recurring £10.4m gain arising on the disposal of a subsidiary undertaking when it was placed into Administration and £5.2 million gain on bargain purchase arising on an acquisition and in FY20 includes the impact of impairments of Right to Use assets, store assets and goodwill and the write-off of bad debts arising from customers entering administration.
Post year end and Outlook:
Tarak Ramzan, Founder and Chief Executive Officer, commented:
“Against a backdrop of highly challenging trading conditions during the year, including the enforced closures of stores and concessions for substantial periods and the cancellation of social events that are a key driver for demand of QUIZ’s trademark occasion wear, we have taken decisive actions to position the business to return to long-term profitable growth, including reducing the size of our store estate, decreasing costs, and maintaining very tight cash management.
“We have continued to invest in our own e-commerce channels as we optimise our omni-channel model. We remain confident in the strength and appeal of QUIZ as an occasion wear led brand, as has been evidenced by the increase in demand and positive trends across our operational KPIs as social events returned during the summer. This continues to underpin the Board’s confidence in our ability to continue to improve performance and achieve profitable growth as more normal trading patterns return.”