Originally Posted by
winner69
HLG Group sales up 22m in H1 v pcp (+14%). No doubt a lot of catch up sales post lockdown as well as some organic growth. Seems a lot of what have been store sales during lockdowns were later converted into online sales.
But npbt was only up 6.9m - margins hurt a bit but what's a worry is that expenses were up 2.4m on pcp. If you add back grants and rent relief gross expenses were up 7.9m -10% higher. People costs ere up 12% (that's a worry).
without those grants and rent relief npbt would have been about the same as pcp - even though sales up 22m
Besides supply chain pricing failurs that impacted margins it seems that expenses are a bit out of control as well (Mary says 'well controlled' .....hmmm)
Maybe they have too many workers and rents are a problem ....but it is a shame that the 'resilience' they have shown (huge increase in sales) hasn't really converted into real profits.
Always got to look forward nut hopefully this is not a sign of what F22 will look like.