* Please refer to page 4 for an explanation of the 52 week basis

**Adjusted EBITDA is defined as operating profit, excluding exceptionals, with depreciation and amortisation added back, refer to page 16

*** Defined as excluding exceptionals and unrealised FX movement and therefore represents the underlying trading performance, refer to page 16

Review of FY18:

All year on year growth rates are against FY17 on a 52 week basis

·    Power Brand performance, revenue +8.0%

o JD Williams revenue +3.2% (excluding migrated Fifty Plus customers, JD Williams revenue up double-digit)

o Simply Be +16.3%

o Jacamo +5.1%

·    Good performance across all categories, driven by Footwear and Accessories

·    Strong online metrics:

o Online revenue +10% yoy; online revenue of Power Brands +17%

o Online penetration 73%, +4ppts yoy

o 76% of all traffic from mobile devices

·    Strong Financial Services performance, driven by continued improvement in the quality of the loan book, together with a reduction in arrears as a result of minimum payment changes. The loan book is a significant asset, now standing at £598.8m on a net basis

·    International expansion progressing well, with USA revenue +21% (constant currency) in the second half, and Global Ship Anywhere now launched

·    Refinancing completed to underpin future growth

·    Statutory profit outcome a result of exceptional costs of £56.9m predominantly relating to customer redress for historic general insurance products and store closures, as previously announced

Angela Spindler, Chief Executive, said:

“Against a challenging market backdrop I am delighted to be reporting profit growth, with Simply Be the standout brand. The second half was difficult for the fashion sector. A good performance in Financial Services provided the Group with resiliency to enable us to continue to invest in our customer offer, successfully driving revenue and market share growth.

“Our strategy continues to deliver results, with market share gains in the UK, USA revenue up 21% in the second half, new partnerships underway and almost three quarters of our revenues now coming online.

“March was a challenging month for fashion retail, however, trade is improving through April, and at this early stage in the new financial year our overall expectations are unchanged.”