Unbound Group reports ‘encouraging’ first half performance
Hotter Shoes owner Unbound Group has posted first half revenue growth of 10.4% to £27.6 million after making “good strategic progress” in the period.
However, the group made an EBIT loss of £0.3 million after taking into account costs relating to the technical launch of its new Unbound trading platform.
Giving an update on the performance of Hotter Shoes, the group said the combination of its UK manufacturing facility and strengthened supply chain enabled it to respond to changing consumer behaviour in-season, which will continue to benefit
its performance in the current unpredictable trading environment.
Ian Watson, chief executive of Unbound Group, said: “Unbound Group has delivered an encouraging first half performance that builds on the momentum of 2021, despite the increased challenges of high inflation and a volatile and unpredictable consumer environment. The combination of further growth in sales and gross margins demonstrates the effectiveness of our strategic initiatives and the value that our customers attach to our core Hotter product, giving us confidence despite the market conditions, which have become more challenging in recent weeks.”
In the second half of the year, the group will continue to focus on efficiency gains and cost management to protect margins.
Watson added: “The broader revenue base we have created with the launch of the Unbound platform marks an important strategic shift for the Group. However, we remain mindful of the growing pressures on consumer spend. Consequently, we continue to review and adapt to the changing market conditions, maintaining our specialist focus on our core customer demographic of financially resilient 55+ consumers.”
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