Income statement

  FY26 FY25   FY25   FY26 FY25  
  Reported Reported   CCY YOY% Adj CCY Adj CCY YOY%
£m £m £m YoY % £m CCY £m £m Adj CCY
Revenue 199.1 250.2 (20)% 243.8 (18)% 198.9 241.8 (18)%
Cost of sales
excluding net
movement in
US inventory
provision 		(130.9) (162.4) (19)% (158.8) (18)% (130.2) (153.9) (15)%
Net movement
in US inventory
provision 		3.8 1.7 124.0% 1.5 153.0% 3.1 - n/a
Fulfilment costs (32.5) (43.4) (25.0)% (42.0) (23.0)% (32.5) (42.0) (23.0)%
Gross profit 39.6 46.1 (14.0)% 44.5 (11.0)% 39.3 45.9 (14.0)%
Advertising costs (7.7) (17.8) (57.0)% (17.3) (55.0)% (7.7) (17.3) (55.0)%
General and
administrative
costs 		(37.2) (31.7) 17.0% (31.2) 19.0% (30.9) (31.4) (2.0)%
Analysed as:                
– Operating G&A (30.2) (30.6) (1.0)% (30.1) 0.0% (30.1) (30.1) 0.0%
– Share-based
payments 		(0.8) (1.3) (38.0)% (1.3) (38.0)% (0.8) (1.3) (38.0)%
– Restructuring
costs 		(3.7) - n/a - n/a - - n/a
– Impairment of
non-current
assets 		(1.8) - n/a - n/a - - n/a
– Internally
generated
software write
off 		(0.7) - n/a - n/a - - n/a
– Other adjusted
items 		(0.1) 0.2 (150.0)% 0.2 (150.0)% - - n/a
Operating
(loss) / profit 		(5.2) (3.3) (58)% (4.0) (30)% 0.8 (2.8) 129%
Analysed as:                
– Adjusted EBIT 0.8 (2.0) (130.0)% (2.7) (130.0)% 0.8 (2.8) (129.0)%
– Adjusted items (6.0) (1.3) 357.0% (1.3) 362.0% (6.0) (1.3) (362.0)%
Operating loss (5.2) (3.3) (58.0)% (4.0) (30.0)%      
                 
Operating loss (5.2) (3.3) (58.0)% (4.0) (30.0)%      
Add back
adjusted items 		6.0 1.3 357.0% 1.3 362.0%      
Adjusted EBIT 0.8 (2.0) (140.0)% (2.7) (141.0)%      
Add back
inventory
liquidation
charges and
associated
costs 		5.2 6.5 (20.0)% 6.2 (16.0)%      
Depreciation and
amortisation* 		1.6 2.2 (27.0)% 2.1 (24.0)%      
Adjusted EBITDA
EIL&AC 		7.6 6.7 13.0% 5.6 35.0%      

*Excluding amounts recognised within inventory liquidation and associated costs.

1. Refer to note 6 Adjusted items for further details.
Due to rounding conventions, numbers presented in £m may not sum to the totals provided. This can also lead to individual numbers being rounded to zero.