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Joules profits skyrocket despite ‘challenging’ market

Joules has posted robust rises in sales and profits in its latest set of half-year results, defying ongoing uncertainty in the UK market.

EBITDA surged by 22.5% to £13.3m in the 26 weeks to 26 November, while underlying profit before tax leaped 24.3% to £9.3m.

Revenue soared by 18.2% year on year to £96.2m, and there was a 17.5% increase on a constant-currency basis.

This growth was driven by rises in retail and wholesale revenues. Retail sales grew by 16.2%, while ecommerce sales were up 19.7% and store sales increased by 14.2%. Wholesale revenue increased by 23%.

International revenue rose by 26.4% to represent 11.3% of group revenue.

Net cash at the end of the period stood at £3m.

Joules also outlined expectations that its full-year profit would be “slightly ahead” of analysts’ expectations.

Chief executive Colin Porter said: “The Joules brand has continued to perform very well, delivering growth in customer numbers and further expansion across channels, product categories and target markets.

“While trading conditions look set to remain challenging across the sector, with our differentiated brand, unique product offer, loyal and growing customer base, exceptional team and well-invested infrastructure, Joules is well positioned for continued progress and expansion.”

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