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FRASERS GROUP 9 December 2021 Group revenue UK Sports Retail Premium Lifestyle European Retail Rest of World Retail Wholesale & licensing Unaudited Interim Results for the 26 weeks to 24 October 2021 ( " FY22 H1 ″ ) FY22 H1 FY21 H1 Change ( % ) £ m £ m 2,339.8 1,893.3 23.6 1,367.1 1,071.6 27.6 427.9 320.4 33.6 399.8 352.0 13.6 65.6 77.1 ( 14.9 ) 79.4 72.2 10.0 44.7 % 44.0 % Group gross margin ( % ) Reported profit before tax 186.0 106.1 75.3 Adjusted profit before tax ( PBT ) ( 4 ) 186.8 115.5 61.7 Reported profit after tax 143.7 84.4 70.3 Reported basic earnings per share 28.2p 16.0p 76.3 Adjusted basic earnings per share ( EPS ) ( 1 ) 29.2p 17.5p 66.9 Cash inflow from operating activities 559.8 330.5 69.4 Net debt ( 2 ) ( 24.3 ) ( 250.1 ) 90.3 • • • Outlook : Since our last outlook statement given at our FY21 results announcement on 5 August 2021 , our performance continues to be strong in both our store estate and online . We do however remain cautious with a number of well publicised macroeconomic headwinds on the horizon in the form of but not limited to cost increases , supply chain issues and potential squeezes on consumer spending power . There is also still the risk that Covid - 19 measures could adversely affect outlook and we are now seeing restrictions return , including lockdowns in Europe . Notwithstanding the above risks , which are appropriately considered in our forecasts including for impairments , we do believe the Group can achieve an adjusted profit before tax ( 4 ) of between £ 300m to £ 350m for the period ended 24 April 2022 on the proviso there are no substantial lockdowns imposed in the UK , particularly over the important Christmas period . Group revenue increased by 23.6 % • Excluding acquisitions and on a currency neutral basis , revenue increased by 24.6 % ( 3 ) UK Sports Retail revenue increased by 27.6 % , largely due to the strong reopening of stores after the last lockdown in March 2021 and the comparative period being impacted by lockdowns as a result of Covid - 19 • Excluding acquisitions , revenue increased by 27.0 % ( 3 ) Premium Lifestyle revenue increased by 33.6 % , largely due to new Flannels stores , continued growth in online , and the strong reopening of stores after the last lockdown in March 2021 • Flannels revenue growth continues to exceed all expectations . The compound annual growth rate ( CAGR ) from taking full ownership in FY18 to the end of FY22 H1 is 40 % + • European Retail revenue increased by 13.6 % , largely due to strong growth in Ireland and the lockdowns experienced in the prior year • Excluding acquisitions and on a currency neutral basis , revenue increased by 18.4 % ³ ) Group gross margin increased to 44.7 % from 44.0 % , as we maintained product margin over the period