The nursery retailer posted a pre-tax loss of £0.1 million in the year to 25 March, 2023.
Net worldwide retail sales by franchise partners of Mothercare were £322.7 million, down form £385,3 million the previous year. This includes no contribution from the Russian market, which was suspended at the end of the previous financial year.
Adjusted EBITDA of £6.7 million was ahead of expectations. Net borrowings were £12.4 million at the year-end.
Clive Whiley, chairman, commented: “We are now focused on both restoring critical mass and monetising the Mothercare global brand IP. This is an exciting prospect for our partners, our colleagues and all our stakeholders alike as we finally leave behind the turmoil of recent years.”
Mothercare is currently in refinancing discussions with GBB, which provided a four-year loan facility of £19.5m in September 2022. The retailer is looking to vary, renegotiate or refinance the current debt facility alongside continuing to explore various financing alternatives.
Clive continued: “For the avoidance of doubt, the group does not require additional liquidity in our current forecasts although this would be preferable to accommodate business development and unanticipated challenges.”
