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PLC GROUP BOOHOO
2021 ACCOUNTS AND REPORT ANNUAL
BOOHOO GROUP
PLC
stock code: BOO
A N N U A L R E P O R T & ACCOUNTS
2 0 2 1
BOOHOO GROUP PLC 12 CASTLE STREET ST HELIER JERSEY JE2 3RT UK
BOOHOO GROUP PLC
BOOHOO GROUP PLC
A LEADING E-COMMERCE RETAIL GROUP
Our multi-brand platform comprises boohoo, boohooMAN, PrettyLittleThing, Nasty Gal, MissPap, Karen Millen, Coast, Oasis, Warehouse, Debenhams, Dorothy Perkins, Wallis and Burton, and targets fashion- conscious 16 to 45 year-olds
in the UK and internationally.
VISIT US ONLINE AT
BOOHOOPLC.COM
ANNUAL REPORT AND ACCOUNTS 2021
AGENDA FOR | |
CHANGE | MODEL |
20 | 16 | ||||
BOARD OF | CHAIRMAN'S | ||||
DIRECTORS | STATEMENT | ||||
50 | 18 | ||||
STRATEGIC REPORT | |||||
Group financial and operational highlights | 6 | ||||
Our vision | 8 | ||||
Our values | 9 | ||||
About our group and our global brands | 10 | ||||
Our business model | 16 | ||||
Chairman's statement | 18 | ||||
Agenda for Change | 20 | ||||
COVID-19 response | 24 | ||||
Review of the business | 26 | ||||
Financial review | 31 | ||||
Risk management | 34 | ||||
Environmental, social and governance report | 39 | ||||
GOVERNANCE | |||||
Board of directors | 50 | ||||
Corporate governance report | 52 | ||||
Directors' report | 60 | ||||
ONTENTSC | Directors' remuneration report | 66 | |||
Statement of directors' responsibilities in respect | |||||
of the annual report and financial statements | 85 | ||||
FINANCIAL STATEMENTS | |||||
Independent auditor's report to the members of boohoo group plc | 86 | ||||
Consolidated statement of comprehensive income | 90 | ||||
Consolidated statement of financial position | 91 | ||||
Consolidated statement of changes in equity | 92 | ||||
Consolidated cash flow statement | 93 | ||||
Notes to the financial statements | 94 | ||||
Five-year financial summary | 119 |
REPORT STRATEGIC /
01
BOOHOO GROUP PLC
GROWTH FOR
A SUSTAINABLE FUTURE
WE ARE ENCAPSULATING
THE FUTURE OF RETAIL
ANNUAL REPORT AND ACCOUNTS 2021 | / | ||
REPORT STRATEGIC | |||
WHILE
GROWING
OUR BRANDS
At the beginning of our
financial year, we had seven brands. There now are thirteen brands in boohoo group.
In May 2020, we acquired the remaining 34% minority stake in PrettyLittleThing.com Limited.
We acquired the online businesses and all associated intellectual property of Oasis and Warehouse in June 2020, and have successfully integrated and relaunched these brands onto our multi-brand platform.
In January 2021, we acquired Debenhams' online business and associated intellectual property (including the brands Maine, Mantaray, Principles and Faith). We are rebuilding and relaunching Debenhams as a digital department store and marketplace; the acquisition also allows us to grow into additional categories including beauty, sport and homeware.
In February 2021, we acquired the Dorothy Perkins, Wallis and Burton brands, which give us
As an online fashion retailer, we are well placed to capitalise on the growth opportunities that are arising from globally changing shopping habits, with an ever-increasing number of consumers now shopping online. We know what they want, and we are committed to providing value for them.
Underpinning our growth potential, we delivered strong gains in all major KPIs - including new customer growth, which remains high - and across all our brands. We have continued our strong track record of revenue growth, delivering 41% this year.
In addition, we have continued to grow our market share across all geographies. This has been supported by our world-class marketing abilities, enabling us increased presence as our customers' use of social media further expands.
FOR MORE INFORMATION ABOUT OUR PERFORMANCE, GO TO PAGES 26 TO 33 OF THE STRATEGIC REPORT
FOR MORE INFORMATION ABOUT OUR BRANDS, GO TO PAGES 10 TO 15 OF THE STRATEGIC REPORT
FOR MORE INFORMATION ABOUT
OUR STRATEGY, GO TO PAGES 16 TO 17 OF THE STRATEGIC REPORT
the opportunity to grow our market share across a broader demographic and strengthen our menswear proposition.
These acquisitions represent an important step towards achieving our strategic priority of investment to deliver growth through organic means and acquisitions.
02 | 03 |
BOOHOO GROUP PLC
GROWTH FOR A SUSTAINABLE FUTURE
AND FOCUSING
ON HIGHER
STANDARDS
OF OVERSIGHT
Our Agenda for Change programme was introduced following an independent review of our supply chain in September 2020, and demonstrates our commitment to strengthening our corporate governance, environmental footprint and social impact.
This programme focuses on a number of key areas across the group including: corporate governance; redefining our purchasing practices; raising standards across our supply chain; supporting Leicester's workers and workers' rights; providing better support for suppliers; and demonstrating best practice in action.
Sir Brian Leveson PC is providing independent oversight of the programme, supported by a team from KPMG, and we are committed to publishing his progress reports.
As part of the changes we are implementing, we have strengthened our governance and teams with key appointments, significantly increased oversight of our supply chain, and demonstrated best practice in action by focusing on setting a new industry-wide standard for ethical supply chains.
FOR MORE INFORMATION ABOUT OUR SUSTAINABILITY, GO TO PAGES 39 TO 49
FOR MORE INFORMATION ABOUT
OUR AGENDA FOR CHANGE PROGRAMME,
GO TO PAGES 20 TO 23
ANNUAL REPORT AND ACCOUNTS 2021 | / | ||
REPORT STRATEGIC | |||
AS WE LOOK TO
THE FUTURE, WE
ARE COMMITTED TO
CHANGE THAT BRINGS
SUSTAINABLE GROWTH
AND THAT BENEFITS ALL
OUR STAKEHOLDERS
04 | 05 |
BOOHOO GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2021 |
GROUP FINANCIAL AND OPERATIONAL HIGHLIGHTS
OUR PERFORMANCE
REPORT STRATEGIC /
Profit before tax | £125m | |||
£125m | £92m | |||
£31m | ||||
£43m | £60m | |||
2017 | 2018 | 2019 | 2020 | 2021 |
Adjusted EBITDA | £174m | |||
£174m | £127m | |||
£36m | £85m | |||
£57m | ||||
2017 | 2018 | 2019 | 2020 | 2021 |
Revenue | £1,745m |
£1,745m | |
Financial
- Revenue £1,745 million, up 41% (41% CER1)
- Strong revenue growth across all geographies, with UK up 39% and international up 44%. International revenue is now 46% of total, up from 45%
- Gross margin 54.2%, up 20bps
- Adjusted EBITDA £173.6 million up 37%, with Adjusted EBITDA margin of 10.0% (2020: 10.2%), notwithstanding COVID-19 cost headwinds and significant investment in acquisitions
- Robust balance sheet with net cash of £276.0 million (2020: £240.6 million). High cash generation with operating cash flow of £201.1 million (2020: £127.3 million). £195.7 million capital raised
1. CER designates Constant Exchange Rate translation of foreign currency revenue, which gives a truer indication of the performance in international markets by removing year-to-year exchange rate movements when local currency sales are converted to sterling.
Operational
- Significant group-wide progress made on Agenda for Change programme, which has independent oversight from Sir Brian Leveson PC
- Strengthening corporate governance through a new non-executive director appointment, establishment of a Risk Committee and committed in excess of £10 million in supply chain monitoring and compliance
- Successful integration and relaunch of Oasis and Warehouse brands on our multi-brand platform
- Acquisition of Debenhams online business and investing to transform the business into a digital department store with significant potential
- Acquisition of Dorothy Perkins, Wallis and Burton brands, adding to the group's diversity and reach
- Third distribution centre on track for operational use in spring 2021 and long-term lease agreed for fourth distribution centre, expected to go live in the second quarter of the new financial year
- 18 million active customers, up 28%
- Over 1,000 jobs secured through recent acquisitions
£295m | £1,235m | |||||||||
£857m | ||||||||||
£580m | ||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||
YEAR TO FEBRUARY | 2021 | 2020 | ||
£ million | £ million | Change | ||
Revenue | 1,745.3 | 1,234.9 | +41% | |
Gross profit | 945.2 | 666.3 | +42% | |
Gross margin | 54.2% | 54.0% | +20bps | |
Adjusted EBITDA2 | 173.6 | 126.6 | +37% | |
% of revenue | 10.0% | 10.2% | -20bps | |
Adjusted EBIT3 | 149.3 | 107.0 | +40% | |
% of revenue | 8.6% | 8.7% | -10bps | |
Adjusted profit before tax4 | 149.9 | 108.3 | +38% | |
Profit before tax | 124.7 | 92.2 | +35% | |
Adjusted diluted earnings per share5 | 8.67p | 5.88p | +47% | |
Diluted earnings per share | 7.25p | 5.35p | +36% | |
Net cash6 at year end | 276.0 | 240.6 | +£35.4 million | |
- Adjusted EBITDA is calculated as profit before tax, interest, depreciation, amortisation, and share-based payment charges.
- Adjusted EBIT is calculated as profit before tax, interest, share-based payment charges,and amortisation of acquired intangible assets.
- Adjusted profit before tax is calculated as profit before tax, excluding share-based payment charges, and amortisation of acquired intangible assets.
- Adjusted diluted earnings per share is calculated as diluted earnings per share, adding back amortisation of acquired intangible assets, share-based payment charges, and adjusting to 34% of the non-controlling interest as in previous years.
- Net cash is cash less bank borrowings.
06 | 07 |
Attachments Disclaimer Boohoo.com plc published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 07:31:05 UTC.
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© Publicnow - 2021
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Company Profile
Boohoo Group Plc is a United Kingdom-based holding company that operates through its subsidiary, which undertakes online clothing retailers. The Company designs, sources, markets and sells clothing, shoes, accessories and beauty products. Its segments include the United Kingdom, Rest of the Europe, the United States and the Rest of the world. It owns various brands, such as boohoo, boohooMAN, PrettyLittleThing, Nasty Gal, MissPap, Karen Millen, Coast, Oasis, Warehouse, Debenhams, Dorothy Perkins, Wallis, and Burton. Its brands design, source, market and sell clothing, shoes, accessories and beauty products targeted at 16 to 40-year-old consumers in the United Kingdom and internationally. The Company's wholly owned subsidiary is Boohoo Holdings Limited.
Sector
Calendar
2024-09-24 - Q2 2025 Earnings Release (Projected)
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Income Statement Evolution
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Ratings for boohoo group plc
Trading Rating
Investor Rating
ESG Refinitiv
C+
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Analysts' Consensus
Sell
Buy
Mean consensus
HOLD
Number of Analysts
15
Last Close Price
0.344GBP
Average target price
0.3567GBP
Spread / Average Target
+3.68%
Consensus
EPS Revisions
Estimates Revisions
Quarterly revenue - Rate of surprise
Company calendar
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