The company's EBITDA fell to a loss of £0.5m from £1.1m in the same period last year. The pre-tax loss, excluding non-recurring costs, widened to £4.1 million from £1.5 million in the first half of 2023, and the total pre-tax loss reached £4.7 million, Quiz said in its unaudited interim results.
Quiz plc reported revenue of £39.1 million (~$47.31 million) in the first six months of 2024, a year-on-year decline of 7.6%. Gross profit fell to £24.5 million (~$29.65 million) and EBITDA posted a loss of £0.5 million. The pre-tax loss rose to £4.7 million. Operating cash flows decreased to £1.7 million, with net debt of £3.0 million. Online revenue fell 15.9 percent year-on-year.
The company's operating cash flows decreased to £1.7m from £2.1m, while it reported net borrowings of £3.0m, a change from net cash of £3.6m in the first half of 2024.
The company's distribution cost increased to £5.9 million from £5.5 million in the same period in 2023, and no other operating income was recorded, compared to £9,000 in the first half of 2023. This resulted in total operating costs of £28.7 million compared to £27.5 million in the first half of 2023, and an operating loss of £4.3 million, widening from £1.3 million in the first half 2023. Total administrative costs, including £6 million of non-recurring costs, increased to £22.8 million compared to £21.9 million in the first half of 2023.
Group revenue fell 7.6 per cent year-on-year to £39.1 million. Online revenue fell 15.9 per cent to £10.6 million, while revenue from UK stores and concessions fell 7.7 per cent to £20.3 million. By contrast, international revenue grew 6.5 per cent to £8.2m.
Quiz reported a basic and diluted loss per share of 4.69 pence, compared with 0.96 pence in the same period in 2023.
Fiber2Fashion News Desk (SG)
