Noni B Limited has announced a trading update for the first half of FY2019 today.
Key highlights for the 6 months ended 30 December 2018 were:
- Total sales grew by 140% to approx. $457 million following the acquisition of the Specialty Brands;
- Strong Christmas trading resulted in like-for-like sales growth of +1% in December and, as a result, like-for-like sales growth for H1 improved to -3.1% (against previously announced like-for-like sales growth of -5% YTD at end October);
- Cash holdings at 30 December 2018 of circa $65 million (against $34m last year) giving a net cash of circa $42.8m.
As a result of improved trading, combined with achieving integration efficiencies from the acquisition of the Specialty Brands ahead of schedule, the group expects underlying EBITDA for the FY2019 first half ended 30 December 2018 to be approx. $29 million.
This is at the upper end of market consensus range of $25-30 million.
The group remains confident for the second half of the financial year as it continues its strategy to deliver synergies and improve gross profit sustainably across the portfolio of brands.
Noni B continues to expect its full year EBITDA to be around $45 million, in line with latest market consensus (post AGM upgrades), subject to key important trading periods in the second half, including Mothers’ Day.