Frasers Group (FRAS) H2 2024 earnings summary

Executive summary

• Frasers Group reported FY24 group revenue of £5,537.7m, down 0.9% year-over-year, with retail revenue at £5,354.0m, down 1.3% compared to FY23.

• Adjusted profit before tax (APBT) rose 13.1% to £544.8m, and adjusted basic EPS increased 33.6% to 95.8p year-over-year.

• Net assets grew 12.3% to £1,873.0m, reflecting a strengthened balance sheet.

Financial highlights

• Group gross margin improved by 40 bps to 43.3%, and retail gross margin increased by 30 bps to 41.8% year-over-year.

• Group profit from trading fell 8.0% to £835.6m, while retail profit from trading decreased 0.9% to £738.9m.

• Cash inflow from operating activities before working capital was £834.6m, down 4.7% from FY23.

Outlook and guidance

• For FY25, the group expects adjusted profit before tax in the range of £575m–£625m, citing confidence in its Elevation Strategy and anticipated synergies from automation and acquisitions.