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Matalan expects sales of £1.4 billion by FY26 as revenues rise

Sophie Smith
26 September 2022

Matalan has released a trading update for the 13 weeks ending 27 August 2022, revealing an increase in revenue to £286.4 million.

The group reported restated EBITDA of £13.1 million, compared to £38.9 million the year before. Closing unrestricted cash on balance sheet was £101.6 million, compared to £173 million last year.

Looking ahead, Matalan expects sales of £1.4 billion by FY26. The group also expects its online sales channel to increase its share of total group revenues over the period, from 19% in FY23 to 26% in FY26.

Matalan also announced that it has obtained an agreement with over a majority of its first lien secured noteholders on the key terms of a comprehensive recapitalisation.

The agreed transaction provides for:

  • An extension of the maturity of the first lien secured debt for a significant period.
  • A material reduction in the total debt of the group.
  • A significant strengthening of Matalan’s financial position, which will enable it to execute on its business plan and deliver its growth strategy

The news coincides with the appointment of Nigel Oddy as Interim CEO, following an extensive recruitment process, which has been underway over the past year.

He will be joining the business initially on an interim basis, with effect from 3 October 2022. Oddy has retail experience in senior leadership roles, most recently at New Look as CEO.

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