British fashion and homeware retailer Matalan has reported a revenue of £ 112 9.4 million in FY20 as compared to the revenue of £ 110 3.9 million in the previous FY. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was £ 183 million.

Matalan’s closing cash for FY20 was £61.2 million (FY19: £72.5m). The company stated that it has introduced a new £25 million credit facility via the Coronavirus Large Business Interruption Loan Scheme.

“As announced in our trading update, it is pleasing to have continued to grow our sales and market share over the last year with online growth particularly strong at 24 percent. However, these results also reflect the very challenging consumer backdrop, with spending remaining depressed in the midst of unprecedented levels of political uncertainty,” Jason Hargreaves, chief executive officer of Matalan, said in a press release.
“Now, as we emerge from the Covid-19 lockdown, it is more important than ever to evolve and be agile in responding to changes in consumer behavior in these unprecedented times. Our business model has proven well positioned to adapt, with a rapidly growing and profitable online channel, and an estate of predominantly large out of town stores where social distancing protocols have been well implemented,” Hargreaves said.
Author: munimji