Financial Results for the year ended 31 January 2023

Financial highlights                 

Year ended 31 January









Adjusted underlying profit before tax*




Adjusted underlying EPS*




Statutory profit before tax




Statutory profit after tax




Basic EPS




Net cash**




*excluding share-based incentives, defined benefit pension charge and non-underlying items as summarised in note 7

** Net cash is defined as cash and cash equivalents less borrowings. For the purpose of this definition, borrowings does not include lease liabilities

·     Revenue unchanged at £112.0m (FY2022: £112.2m), representing a resilient performance in a challenging consumer environment

·     Licensing momentum continues with revenue up 25.0% at £6.5m (FY2022: £5.2m) including accelerated licensing income of £2.4m (FY2022: £1.4m)

·     Brand products sales down 0.8% at £83.4m (FY2022: £84.1m) and down 2.8% in constant currency

 Morris & Co. brand continuing to perform well with reported sales up 15.9% and up 13.8% in constant currency

 North America continues to deliver a strong performance with reported sales up 19.3% in reported currency and 6.3% in constant currency, driven by the Morris & Co., Sanderson and Clarke & Clarke brands

·    Third party manufacturing sales performed robustly against a strong comparator with sales down 3.1% in reported currency   

·    Adjusted underlying profit before tax of £12.6m (FY2022: £12.5m). Reported profit before tax of £10.9m, up £0.5m (FY2022: £10.4m)

·    Liquidity and headroom^ of £27.9m (FY2022: £31.6m) with net cash of £15.4m (FY2022: £19.1m)

·    Proposed final dividend of 2.75p per share (FY2022: 2.75p) to give a total dividend for the year of 3.50p (FY2022: 3.50p)

^ comprising net cash of £15.4m and banking facilities of £12.5m

Operational highlights

  • Significant licence renewals in the year including Bedeck, NEXT and Williams Sonoma along with strong generation of new collaborations and a resilient performance from core bedding and Japanese partnerships
  • Morris & Co. sales driven by the Simply Morris collection with the current year launch of Emery Walker's House Collection being well received
  • Sanderson extended its National Trust collaboration for a further 2 years and announced an exciting collaboration with Disney to revive vintage Disney characters in the Sanderson archive from 1936
  • Harlequin's Own the Room campaign gained momentum with colour panel events, colour pods in two top John Lewis stores and an exclusive edit with Brewers
  • Further investment in digital printing with two new printers installed at the Anstey wallpaper factory, introducing new capability in design

Sustainability highlights

·      Planet Mark certification for Year 5 of carbon reduction, reflecting our Live Beautiful sustainability pledge

·      CO2 emissions reduced by 14.5% in FY2023 on location basis, ahead of our plan to reach ZeroBy30

·      Energy consumption all from renewables, validated by Planet Mark

·      LED lighting installed across all sites

·      Investment in digital printing greatly reduced water consumption

·      Anstey received ISO45001 certification from BSI in January 2023, an international standard of excellent occupational health and safety management systems

Dianne Thompson, Sanderson Design Group's Chairman, said:

"Our full year results reflect the strategic progress we have made in difficult market conditions. We will continue to deliver our strategy, to control costs carefully and to focus resources on international market opportunities given the ongoing uncertainty in the UK consumer environment.

"As we start the current financial year, inflationary pressures on input costs persist but the US market continues to perform well, licensing income has performed strongly and hospitality contract orders are encouraging. We are also excited by recent and upcoming launches from our brands and through collaborations, including Sophie Robinson for Harlequin and the vintage Disney Home x Sanderson collection. The Board's expectations for the year remain unchanged."

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