Sanderson Design Group
Annual Report & Accounts 2022
live beautiful
WE ARE A
LUXURY
INTERIOR FURNISHINGS GROUP UNITED IN
A SINGLE
PURPOSE
"To Bring the Beautiful into People's Homes and Lives."
01
CONTENTS
Strategic Report
2/Highlights
4/Chairman's Statement
6/Chief Executive Officer's Strategy
and Operating Review
13/Live Beautiful
17/Greenhouse Gas Emission and Energy Consumption Reporting
18/Quintessentially British
38/Chief Financial Officer's Review
43/Key Performance Indicators
44/Principal Risks
47/Section 172 Statement
Governance
50/Board of Directors
52/Group Leadership Team
53/Corporate Governance
56/Report of the Directors
58/Statement of Directors' Responsibilities
59/Nomination Committee Report
60/Directors' Remuneration Report
64/Audit Committee Report
Financial Statements
66/Independent Auditors' Report to the Members of Sanderson Design Group PLC
71/Consolidated Income Statement
72/Consolidated Statement of
Comprehensive Income
73/Consolidated Balance Sheet
74/Consolidated Cash Flow Statement
75/Consolidated Statement of
Changes in Equity
76/Notes to the Consolidated
Financial Statements
107/Company Balance Sheet
108/Company Statement of
Changes in Equity
109/Notes to the Company
Financial Statements
119/Glossary
121/Five-Year Record
122/Shareholder Information
KEY READS
4/Chairman's Statement
6/Chief Executive Officer's Strategic
and Operating Review
13/Live Beautiful
Report Strategic
2022 Accounts & Report Annual Group Design Sanderson
18/Quintessentially British
02
FINANCIAL HIGHLIGHTS
Revenue up 19.6% at £112.2m (FY2021: £93.8m; FY2020: £111.5m), reflecting the
receding impact of Covid-19 and the Group's strategy for growth.
-
Third party manufacturing sales up 30.9% from FY2021 and up 8.0% against FY2020,
with total sales (including sales to Group brands) up 46.8% from FY2021 and up
17.5% against FY2020 contributing substantially to Group profitability.
-
Brand product sales up 17.8% compared with FY2021 and up 0.8% compared with
FY2020 in constant currency:
- Morris & Co. brand performing very well in all regions, up 32.4% on FY2021 and up 45.1% on FY2020 in constant currency.
-
- North America has continued to deliver a very strong performance with all brands.
- Licensing income delivered £5.2m (FY2021: £3.7m; FY2020: £5.5m) including accelerated licensing income of £1.4m (FY2021: £0.9m; FY2020: £2.3m) with strong and exciting collaborations with NEXT, Bedeck and Blinds2Go in the UK, Sangetsu,
-
Nishikawa and Kawashima in Japan and Williams Sonoma in the US.
-
Adjusted underlying profit before tax of £12.5m (FY2021: £7.0m; FY2020: £7.5m) reflecting stronger sales and the full-year impact of the operational measures introduced to reduce and control discretionary and fixed costs.
Reported profit before tax of £10.4m is up 112.2% on the year ended
31 January 2021 (FY2021: £4.9m; FY2020: £4.5m).
-
Liquidity and headroom of £31.6m (FY2021: £27.9m; FY2020: £13.8m)
with net cash of £19.1m (FY2021: £15.1m; FY2020: £1.3m).
-
Proposed final dividend of 2.75p per share (FY2021: nil; FY2020: nil) to give a total
dividend of 3.50p (FY2021: nil; FY2020: 0.52p).
OPERATIONAL HIGHLIGHTS
Morris & Co. sales driven in part by its 160th anniversary year in 2021 with a compilation of best-sellers performing significantly ahead of management expectations and the Simply Morris collection showing encouraging sales since its September 2021 launch.
-
Sanderson One Sixty compilation collection of re-worked classic designs, has exceeded
management expectations with the positive impact of the Very Sanderson media campaign, featuring British sports personality Maro Itoje, launched in April 2021.
-
Harlequin's Own The Room TV campaign launched in September 2021 renewed the
momentum in the brand.
-
Direct-to-consumer digital incubator projects advanced with the launch of
our direct-to-consumer website franchise collaboration, Scion Living | Uplifting Design For Your Home, and the online launch of Archive by Sanderson Design, a consumer brand targeting a new customer demographic for the Group.
-
Planet Mark certification for Year 4 of carbon reduction, reflecting our
Live Beautiful sustainability pledge.
HIGHLIGHTS
Sanderson Design Group PLC (AIM: SDG),
the luxury interior furnishings group, is pleased to announce its financial results for the 12-month period ended 31 January 2022.
|
£112.2m |
£12.5m |
|
Group revenue |
Group adjusted underlying profit before tax* |
|
2021: £93.8m (+19.6%) |
2021: £7.0m (+78.6%)** |
|
2020: £111.5m (+0.6%) |
2020: £7.5m (+66.7%)** |
|
11.1% |
13.75p |
|
Group adjusted underlying |
Adjusted |
|
profit before tax (%) |
underlying EPS |
|
2021: 7.5% (+3.6 bps)** |
2021: 7.89p (+74.3%)** |
|
2020: 6.7% (+4.4bps)** |
2020: 9.35p (+47.1%)** |
03
Report Strategic
Report Annual Group Design Sanderson
£19.1m
Net cash***
2021: £15.1m (+26.5%)
2020: £1.3m (>1,000%)
9.2%
Group profit before tax (%)**
2021: 5.2% (+4.0 bps)**
2020: 4.0% (+5.2 bps)**
£10.4m
Group profit before tax 2021: £4.9m (+112.2%)**
2020: £4.5m (+131.1%)**
10.93p
Basic EPS
2021: 5.39p (+102.8%)**
2020: 5.41p (+102.0%)**
2022 Accounts &
- Excluding share-based incentives, defined benefit pension charge and non-underlying items see reconciliation on note 11.
-
- Refer to note 30 to the financial statement for details on the prior year restatements for FY2021 and FY2020.
-
- Net cash is defined as cash and cash equivalents less borrowings. For the purpose of this definition borrowings does not include lease liabilities.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Disclaimer
Sanderson Design Group plc published this content on 10 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 19:24:14 UTC.
