Pepco Group posts 22.8 percent H1 revenue growth

For the first half period, Pepco Group revenue of 2,839 million euros, rose 22.8 percent compared with prior year on a constant currency basis, while like-for-like (LFL) sales growth was 11.1 percent.

The company said LFL growth was driven by a good Christmas peak trading period of 13 percent LFL in the first quarter, followed by a resilient second quarter. The Pepco brand increased 15.8 percent LFL in the first half, while Poundland Group saw 4.9 percent LFL growth.

Commenting on the results, Trevor Masters, CEO of Pepco Group, said: “The group continued to make strong progress against our strategic objectives over the half year, while delivering an increase in revenues and underlying EBITDA. We opened 166 net new stores in the period and are confident on meeting our target of at least 550 net new stores this financial year, as part of our targeted and profitable opening programme.”

First half Underlying EBITDA of 377 million euros grew by 11 percent on a constant currency basis driven by continued revenue growth in the Pepco segment, both LFL and new stores.

Underlying PBT of 134 million euros, the company added, reflects a decline of 5.7 percent on a constant currency basis versus last year.

The company is on track to open at least 550 net new stores during current financial year and remains confident on the EBITDA outlook for full year.