MULBERRY GROUP (MUL) H2 2026 earnings summary

Executive summary

• Achieved 4% revenue growth to £125.5m, with 11% acceleration in H2 and improved gross margin to 71.9% from 66.8% year-over-year.

• Underlying loss before tax reduced to £8.0m from £24.1m, and reported loss before tax narrowed to £8.9m from £32.2m.

• Positive underlying EBITDA of £0.8m, a £17.6m improvement year-over-year.

• Disciplined execution of the 'Back to the Mulberry Spirit' strategy, focusing on brand equity, cost control, and customer engagement.

• Strengthened financing with a £20m convertible loan note and extended banking facilities to July 2028.

Financial highlights

• Group revenue: £125.5m (+4% year-over-year); H2 revenue up 11%.

• Gross margin: 71.9% (up from 66.8%).

• Underlying loss before tax: £8.0m (improved from £24.1m); reported loss before tax: £8.9m (improved from £32.2m).

• Operating expenses reduced by 10% to £96.2m.

• Net debt reduced to £7.4m from £15.1m.

• No dividend declared for the year.

Outlook and guidance

• FY27 trading started strongly: group revenue up 23% in first 13 weeks post-period.

• Retail & Digital revenue up 18% (LFL +21%) in early FY27; UK, Europe, and North America all showing double-digit LFL growth.

• Targeting annual revenue >£200m and 15% adjusted EBIT margin over the medium term.

• Focus remains on rebuilding gross margin and restoring profitability.