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Matalan EBITDA plummets 41% in its full year

Matalan EBITDA fell 41% to £91.1m in its full year.

Like-for-like sales slipped 0.4% according to the fashion and homewares retailer’s unaudited figures for the year to February 25. Total sales edged up 1.9%.

The retailer expects EBITDA to stabilise at £85m to £95m through the first half of its new financial year.

Matalan closed the year with a cash position of £96.2m, up from £83.1m last year.

It said: “Matalan continues to be a highly cash generative business and we maintain a positive outlook for our cash balances.”

The retailer, which had agreed to reset the covenants on its revolving credit facility, was unable to come to an agreement with one of its banks so decided to cancel the £20m facility held by the bank in question.

It said: “We are confident that we have sufficient levels of liquidity in our business from cash balances, the £30m revolving credit facility that remains and the ongoing support of our shareholders.”

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