Both UK consumer confidence and trading conditions improved into 2025, and recent sales trends have been more encouraging, said department store and Sports Direct leisurewear chain Frasers.
For the full year, it said it is “mindful of the various macro headwinds” and still expects to incur at least £50m of incremental costs as a result of last year’s Budget.
“We are working hard to mitigate those by taking more costs out, focusing on potential efficiencies through the use of AI, realising further acquisition synergies, and sustaining a robust gross margin,” it said.
Adjusted profit before tax came in at £560.2.m (+2.8%).
Frasers Group, which also includes Jack Wills, Flannels and Evans Cycles, continued its expansion over the past year, entering new markets and increasing stakes in companies such as Hugo Boss and AO World.
However, it faced setbacks including a rejected bid for Mulberry and unsuccessful attempts to gain board influence at Boohoo.
SSE
Significant progress continues to be made in delivering SSE’s £17.5bn five-year investment plan to 2027, with recent milestones on major projects and notable policy and regulatory developments
In a statement ahead of its AGM, the Perth-based utility welcomed the decision by the UK Government to retain a national pricing system for wholesale electricity.
It said this brings “welcome clarity for both investors and consumers whilst sending a strong investment signal that reaffirms the UK as a world-leading renewables market”.
Outgoing CEO Alistair Phillips-Davies said: “Today is my final AGM as chief executive and it has been a privilege to lead SSE’s transformation into a national clean energy champion.
“Through the hard work and talent of countless colleagues over the years, we have aligned the Group with an energy transition that is creating value for both shareholders and society. I am proud of all we have achieved over my 12 years as chief executive.”
EasyJet
Q3 headline profit before tax came in at £286 million, an improvement of £50 million YoY, in line with expectations, driven by strong demand for easyJet’s primary airport network and benefits from the timing of Easter. Airline passenger numbers increased by 2%.
The outlook for FY25 remains positive, with good profit growth expected year on year, albeit impacted by recent higher fuel costs and the scale of industrial action by French air traffic control. With 67% of our Airline’s fourth-quarter capacity sold, the final outcome for FY25 will, as always, depend on late summer bookings and the associated yields.
Kenton Jarvis, CEO of easyJet, said: “We performed well in the quarter, increasing profits alongside improving operational performance which has boosted easyJet’s customer satisfaction scores and we continued to see strong demand from our customers.
“We are extremely unhappy with the strike action by the French ATC in early July, which as well as presenting unacceptable challenges for customers and crew also created unexpected and significant costs for all airlines.
“EasyJet holidays remains on track to deliver more than £235m of profits for the full year and we see a positive outlook for the group for FY25 and beyond, as we continue to focus on progressing towards our medium-term targets.”
Artisanal Spirits Company
The whisky curator Artisanal Spirts Group said it has delivered a resilient adjusted EBITDA performance in the half year to the end of June, broadly in line with the prior year loss of £1m, despite tough global trading conditions. Export data showed a decline of 4% in Scotch Whisky export value in 2024.
Revenue marginally decreased, largely reflecting the c£1m reduction in rephased US shipments vs H1-24, while the company implements its response to tariffs, including taking greater control of US operations.
Scotch Malt Whisky Society membership retention remains positive, at around 70%, although there was a marginal decline in overall membership.
“We have continued to make good progress with cask sales, with an incremental c£1m of revenue in H1-25 supported by the exciting opportunity from H2-25 represented by the recent launch of Artisan Cask, our new luxury private cask programme,” said the company.
“We are also encouraged to see our members continuing to enjoy and engage in the SMWS in-person experience, with venues revenue up high single digits vs H1-24.”
Building on the group’s recent launch in Vietnam, the company plans a new franchise in India, potentially as early as the second half.
CEO Andrew Dane said: “The Group has once again produced a respectable and resilient performance and we continue to make good progress, despite the persistence of volatile global trading conditions.”
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