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MULBERRY GROUP (MUL) investor relations material
MULBERRY GROUP H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Nov, 2025
Executive summary
Revenue declined 4% year-over-year to £53.9m, with strong wholesale growth (+36%) offsetting retail and digital softness.
Gross margin improved to 69% from 67% last year, reflecting a focus on full-price sales and inventory optimization.
Operating expenses fell 16% to £42.7m, driven by cost discipline and restructuring.
Loss before tax more than halved to £6.9m from £15.7m, with underlying loss before tax at £7.4m.
£20m raised via Convertible Loan Notes from major shareholders to support sustainable profit and cash generation.
Financial highlights
Group revenue down 4% to £53.9m compared to £56.1m last year.
Gross profit stable at £37.3m, with gross margin rising to 69.2%.
Operating expenses decreased 16% to £42.7m, with underlying expenses down 13%.
Reported loss before tax improved to £6.9m from £15.7m year-over-year; underlying loss before tax £7.4m.
Net cash outflow from operations of £4.6m, with a net decrease in cash and cash equivalents of £1.0m.
Outlook and guidance
Positive trading momentum continues into the second half, despite sector headwinds and inflation.
Focus remains on margin over top-line growth, with reduced promotional activity.
Second half to feature new product launches and a key festive trading period.
Trading for the full year expected to be weighted towards the second half.
Asia Pacific revenue decline: strategic alignment?
Sustainability of margin-over-growth strategy?
Fundraise: debt impact and investment priorities
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