In terms of agenda, I will quickly cover the highlights. We'll then get into the financial review, which Chris will lead as always. I'll then talk about where we're at with our strategic growth plan, and then finish with a summary and outlook. Just to remind you that at the bottom of this screen you'll see a tab Q&A, and so if you've got any questions, please pop them in there and we'll pick them up at the end of the presentation. Next slide, please, Chris. Again. Just in terms of highlights, I think the headline for me is you've maybe all had an opportunity to see and read the statement this morning, but we've had a strong half on order intake and therefore the group is well positioned to end the year in line with market expectations. In the first half, we've rolled out our growth plan throughout the business. I'm really delighted with the strategic progress that we've made across all areas within that. Clearly the bulk of the presentation from me will be going through the detail of that. In terms of performance, pleased with our one-year like-for-like order intake of 16.6% and two years in line with that achieved in the 26 weeks to the end of January 2020. We've got a super strong order book at GBP 148 million, double the size it was at this period in January 2020. Customer clearly super important to us, and we've managed to maintain our excellent Trustpilot rating, and actually with an improvement in our underlying trust score. So it's moved to 4.7 out of 5. So we're really pleased with that. ESG is clearly an important part of any business, so we've continued to make progress with our ESG strategy. Again, I've got a couple of slides on that later. We've got a strong balance sheet with cash of circa GBP 88 million, and therefore I'm sure you've seen that we've been delighted to announce a 50% increase in our ordinary dividend to 4.5 pence, and that we've commenced a 7 million share buyback program. Just to finish where I started, I guess on track to hit market expectations. I guess for me, you know, really pleased with the six months, great progress on the strategy, good order intake, super strong order book, doing a great job for our customer, good progress with ESG, strong balance sheet allowing us to increase the divvy and start a share buyback program, and on track to hit market expectations. Chris, I'll hand over to you to take us through the financials. Okay. Thanks, Steve. Morning, everyone. As you know, what we'll do in the next few slides, similar slides we've used in the past, we'll just run through kind of full half year, and we're actually gonna compare most of the slides versus the six months to January 2020. We're trying to compare to the pre-pandemic period, 'cause as you can see, last year there was a real impact of coming out of the lockdown with regards to the sales and the profit. If you look at kind of first half, our sales were down GBP 8.6 million compared to the same period to January 2020, so just over 5%. As Steve's already pointed out, the order book is double the size it was at the end of January 2020. That means there's about an extra GBP 74 million worth of bookings sitting in our order book to be delivered in the kind of forthcoming months. Now, if we delivered those in the first half, that 151 would've been around GBP 60 million higher. You can see the potential impact or the impact that longer lead time has had on the kind of first half results. However, when you look across to the right, you can see that actually the business historically has always made a small profit or modest profit, loss, sorry, in the first half of the year and then has made its money in the second half of the year. That is driven by the fact that we have a significant investment in the first half in advertising, so the late autumn campaign and the winter sale, and we deliver those in the second half where we do spend less on advertising. We've always had this kind of first half, second half split. That is about to be the case kind of this year as well. Looking at the middle gross margin, which is something we're pleased with. Our gross margin for the six months ending January 2022 is 44.6%, and that compares to a similar position where we were at 44.8% in the six months to January 2020. Now that is despite seeing significant cost inflation, both raw materials, labor, and shipping costs, and that has been driven by our kind of price management. We are pleased to get to the half year with a margin line with what we've achieved historically. If you then look across kind of the profit before tax or loss before tax is for the first half, and we'll touch on this in a couple of slides. We do kind of bridge that, but that has been driven by that reduction we've seen in sales, delivered sales in the first half. Again, this is a timing impact, that then has a knock-on effect with regards to EBITDA, a similar reduction we've seen there, and then that drops through to, well, to loss per share. Steve's touched on cash. We'll come through and kind of talk through some of the moving parts on that. I think for me, you know, that delivered sales has really kind of impacted this year's results, but as Steve has said, you know, we've got such a large order book. It means it gives us great confidence that the second half will be very strong, and we'll finish the year with a decent profit in line with market expectations. If I just look at a breakdown of sales, really there's not a massive amount of change in here with regards to proportion. In-store furniture remains. It's gone from 82% in the first half of FY 2020. It was 82% last year, and it's 81% this year, so probably not a major surprise. That continues to be the core element of the business. If you look at flooring, it was nearly 12% in the first half of 2020. It dropped last year just under 10%. It was again just over 10% this year. Slightly increased participation-wise. Steve will touch on later. It is an area of continued focus, but overall, we still feel there's an opportunity there, and there's a couple of things that we're doing to try and capitalize on that. Online, again, probably won't be a massive surprise to people that we're starting to see that participation grow. It was only 6.1% in the first half to January 2020, and it's now 9% for the first half this year. We do expect the full year to probably double digits, early double digits with regards to online participation. Whilst we're trying to talk about omnichannel, we do appreciate that the kind of customer habits are changing. I think they've reverted a little bit since the kind of lockdowns eased, but we still see it as a critical part of our, you know, future growth plan. Looking at loss before tax. Again, comparing this to the first six months ended January 2020. We made a loss in that period of GBP 0.6 million. The biggest red bar, as you can see on the left, is that gross profit. That's the reduction in sales that we saw of over GBP 8 million at a 40%+ gross margin. You see that large reduction. If you work your way across from left to right, distribution costs, even though delivered it less, they have gone up, which is in line with the well-publicized, cost inflation we're seeing in distribution. Certainly around the driver and operatives, we have had to increase what we're paying them to retain them, and that has settled down the level of, attrition that we've seen in that area of the business. Pleasing, but yes, we have seen an increase year-over-year. Marketing costs have gone up slightly. We spent GBP 14.5 million in the six months to January 2020, and we've spent in this year, GBP 15 million. Now, the mix of that's changed slightly. We are spending I thought we've spent around 10% of our marketing costs has been on digital. This year, it'll be closer to 20%. A lot of that increase has been driven by our continued investment in the digital space. Payroll costs, while they've gone up GBP 0.1 million, there's two main parts to that. Our performance rate payroll costs, because revenue and profit is down, have fallen by GBP 0.8 million, and we've seen a general kind of wage inflation of 0.9%. Giving us that overall increase of GBP 0.1 million. Government support, there's obviously no furlough in there. That all relates to the business rates relief. We had GBP 1.9 million in the first six months, obviously nothing in the six months to January 2020. In the second half of this year, we'll get a further GBP 0.7 million. It'll be GBP 2.6 million for the year. Then that will be. That scheme finishes at the end of March. Probably the other big movement in there, if you look at depreciation and amortization rates, heating and lighting, compared to where we were in the six months to January 2020, there's two probably key moving parts. One is the fact that, as we've impaired some of our right-of-use assets, so this is the new IFRS 16 accounting. We have to capitalize the future lease payments on the balance sheet. As we've impaired those over the last couple of years, that means that the charge that we write off going forward is slightly lower, certainly than it was in the first six months to January 2020. The other thing that's impacting that, which is offset some of that savings, is the fact that our heat and light costs are going up, which won't be any surprise to anyone on the call. We historically have spent just over GBP 3 million on heat and light. So you can kind of do your own math to some extent of what we think that'll be. For the full year, we think that'll be, might be closer to GBP 4 million. We're obviously just working on what we think that potential heat and light cost may be in the following years. This flexible cost base, this is a slide we've used now for a number of years. Positively, as we see sales grow up or down, we see a fair proportion of our cost base move, and almost mechanically with that top-line movement. 73% of cost base is variable to sales. Slightly. You know, very similar to what we've had historically. As you can see to the left, you can see the kind of moving elements. That's the distribution costs, marketing, performance-related payroll costs. It's probably worth pulling out a couple of the key movements for the first half of 2021. If you look at marketing costs, that's a good an example that they actually will increase this year by GBP 3.5 million. If you think about what I mentioned earlier around the investment, during the autumn and certainly the winter period last year, we were in lockdown, so the business obviously dialed back the level of investment we were doing. When you compare the GBP 50 million we spent this year, really, again, should be looking at the first half of FY 2020 and that, where that GBP 0.5 million increase is. The payroll performance-related payroll costs, this time last year, the first six months, we'd spent GBP 9.6 million, and they've dropped, fallen 40% to GBP 5.7 million. Now, again, if you think about last year and the earlier slides you've seen, we'd made a record profit in the first half, and we had a record level of delivered sales. A large proportion of that number is commission which we put on delivered sales. That shouldn't be kind of any surprise that that does right-size itself. Ultimately, having this level of flexibility in the cost base is important to us, and it's something we will strive to maintain, 'cause it does obviously help when we see any kind of downturn in trading or any upturn. It's much more predictable with regards to where the profit will end. Just looking at cash flow, the movements, obviously there's a lot of kind of moving parts. The position was we increased the cash from the start of the year to the end of the year by GBP 0.2 million. Capital expenditure, which I know the analysts have got kind of high, GBP +7 million in their models. We spent the first six months doing some of what we class as our CapEx maintenance spend. We have been putting together our business cases around the further investment, so we will see that number increase in the second half. As you can imagine, we're just making sure that it's judiciously reviewed before we commit to that capital. Working capital, GBP 12.7 million inflow. We saw a slight increase in our trade payables, as you can see in the results. It was largely driven by the kind of timing of inbound supply. The other big movement was we saw an increase in customer deposits of just under GBP 9 million, and that reflects the size of the order book that we finished at down 20%. Capital and interest on leases. In the old days, we'd call this as rent payments, but obviously we've changed that now to IFRS 16. You can if anyone compares to what we paid in the past, it's about GBP 3 million higher than we would historically have paid. That is because over the last two years, we've been taking rent deferrals from our landlords, where we haven't been paying them the full amount. They have largely been repaid. We've paid. In that GBP 16 million, there's GBP 3 million worth of rent deferrals that have been repaid in the first half, and there's a further 0.4 million that has been paid now. By the end of the year, we'll have no rent deferrals that we owe to landlords. We've come back up to speed and are all paid up. Purchase of shares was something we did for the LTIP. Tax is an outflow, which you might ask why, given we made a loss in the first half, but because we are predicting to make a loss in line with market consensus, which was GBP 14 million, we have to pay payments on account throughout the year. That's the GBP 2.1 million outflow. That dividend is the kind of final dividend of 7p that we announced last year. Just something we've shown just on the left, you'll see it. We have actually disclosed, and people have asked us before, what's our average cash been in the period? You can actually see our average cash was higher than the opening closing at GBP 93.4 million. No matter how you look at our kind of cash, we're in good shape, and it's one of the reasons that we've increased the shareholder return to the capital for half year. Just touching on that, and obviously people hopefully read this, we have increased the interim dividend by 50%, and we've, for the first time ever, launched a 7 million share buyback program, which will commence immediately and take place over the next 12 months. We continue to look at, you know, internal and external investment opportunities. Steve will touch on the kind of areas that we are kind of looking at with regards to the strategy, but we still feel there are potential opportunities to invest the cash we have sitting on the balance sheet. As you can see from the announcement today, we are willing, where the return is right, to give further kind of capital returns to shareholders. We're in a great position, you know, strong second half coming with regards to the order book, and the kind of resilient balance sheet would be my summary before I pass back to Steve. Thanks very much, Chris. Just getting into the strategic growth plan. Next slide if you could, Chris. This slide, you'll have seen a number of times over the years. The key ingredients for the business. It's as relevant today as it has been before. I'm just gonna skip through. You know, the range of price points, super important, particularly with consumer confidence right now. We'll carry on with our entry level at GBP 299. Easy ways to pay with interest-free credit. We've got our brands with our long-term relationships with them. Customer remains at the core, and I talked about Trustpilot earlier. It's super critical that we're on the right retail parks, clearly. Online has always been important, and I think just grows as important as more and more customers research and shop online. Next slide, please, Chris. The growth plan. You know, you'll know that we announced this six months ago after a comprehensive business review. You'll maybe recall that we engaged colleagues up and down the business with it at all levels to help us build it. There's really good engagement with the teams with the growth plan. We've got six key segments and our new purpose, helping create the home you love. Just to remind you, the six segments quickly. At the foundation there, we've got customer and teams. Up in the top middle, we have the products that we're selling, so inspiring ranges. Either side, the two channels that we sell from digitally and through our showrooms. In the middle, about strengthening the core, so about building on the business fundamentals that we've already got there and sweating them as hard as we can. Next slide, please, Chris. Outstanding team. I guess for me, people and teams absolutely remain at the heart of the business. We've brought in some great external talent over the last few months, as well as reviewing, calibrating, and promoting some of our best internal talent. We focused on three key areas within the organization in terms of team placement, Commercial, Digital, and our People Team. We've further strengthened the commercial team. There's been some internal promotions in there, and we've also brought some, you know, high caliber external individuals in with deep knowledge in the furniture sector, as well as just last Monday actually somebody to head up the flooring division for us. We're super excited about the commercial team and where they're gonna bring us to. Digital, I'm really pleased with the progress we've made there so in terms of expanding capability and capacity of that team. I call out four areas on here in trading, in marketing, user experience, and data and econometrics. I've got a slide on digital I'll cover more in a few minutes. We've also grown our people team to help us bring the people in that we've just talked about. So with recruitment and onboarding new into the business, but also those that are currently in the business that we're looking at and supporting with people development and also just engagement across the group. Clearly, you know, their part of their role is to help support this whole segment. I've mentioned an internal talent. We've launched our new year-long Moving Up development program. Our first set of participants are well on their way to becoming our future store managers, so really pleased with where we're at with that. Finally, you'll all be very aware of the challenges that we've had with logistics and drivers across the country and the industry. You know, we've spent a fair bit of time thinking about how we engage with that population, communication, training, and so forth. On top of that, we've done an enhanced reward for the drivers and the operatives to improve retention and seeing good, positive results from that at this stage. Overall, really delighted with the progress that we're making on outstanding teams. Next slide, please, Chris. Just moving over to the customer, you know, in terms of really listening to the customer and then thinking about how do we improve that customer journey. As I said on the highlights, really, I'm delighted to have managed to not only maintain but keep pushing on with our excellent Trustpilot rating. Also over the last few weeks, we've enabled reviews at a local store level, so the first time that we've done that. At top right, maybe many of you are aware of WMO, Where's My Order. We have added a Track Your Order functionality to the website so the customer can go on and see where we're at with their order. We've only recently introduced that in the last number of weeks. To give you a sense of it, 35,000 customers used that last month alone. Clearly, great for the customer and also super helpful in terms of our customer experience team. Speaking of the customer experience team, they have undertaken City & Guilds accredited training over the last number of months so that we continually push on to improve the standard of service that we offer there. Clearly, the quality of the product turning up in the customer home is super important. To try to get it absolutely right first time, we've introduced pre-delivery inspections, as well as trialing new ways of transporting the product into our customers' homes. Clearly, all of that helps support our Trustpilot score. Down at the bottom, you may recall last time I brought you through the work we've been doing with Experian and the various Mosaic groups and how we'd profile the customers so that we stayed absolutely focused on our core customer. Well, we've gone even further and deeper, and we've just finished a qualitative and quantitative feedback and research, and we'll be working through that in the coming weeks and months. Next slide, please, Chris. Inspiring ranges, and I guess what I really wanted to reiterate here is that, you know, value for money and our value-focused proposition continues to be at the core of the business. At the last time we were together, I talked about Laurence Llewelyn-Bowen. We just launched that. We're really pleased with how that's performed. On top of that, we have just launched our new range of Botanicals. You see one of them there in that picture. That's one of our Bloom products. On the right-hand side there, you'll see that we've also launched as part of our living range, our new quick delivery sofas with a lead time of just two weeks. For the customer that's looking for a product super quick, we now have some options for them as well. We've also been trialing dining and how we do dining a little bit differently. We've been putting dining all together in a handful of stores. We've put it in various parts of the storefront, backside, walkway through, et cetera, and we're monitoring that closely to see what we can learn from that. On top of that, we've launched 20 new flooring products with an entry price point, in fact, a market leading price point of GBP 4.79/sq m. The last point really on this slide, it's super important to bring everybody on the journey with us, including our third parties, and, you know, our suppliers are super important to us. We've had a supplier day, where we've went through in detail the strategy with the suppliers, took superb feedback from them, done a lot of Q&A, and we also launched our supplier handbook. I think just to summarize, where we're at with inspiring ranges, we continue to focus on value with new products in sofa, dining, and flooring, as well as quick delivery sofas. Thanks, Chris. Digitally optimized, there's six words in the red box there, right people, right tools, right partners. I'd say that's really been the focus over the last six months, particularly the first two, right people. We're just about at full complement for our digital team now. With those individuals now in, we have reviewed each and every tool that we use, and we have reviewed each and every partner that we have. We've also opened our new digital hub in Coventry first week in January. I'm delighted to have that opened. That really gives us the opportunity for the digital team to connect fully face-to-face, in-person, with our customers and with the retail team and get real-time feedback. I also think it shows real intent in terms of our digital ambitions. At top right, we've significantly increased the amount of A/B testing that we're doing. Now we've got the team fully on board. That allows us to do many of these on a daily basis, take the learnings from it, and then implement them into the website. We've also started to really get after the data and build our econometric model, and we're using that analysis to help us ensure that we're attracting new customers. We've also added excitingly, I think, product reviews to the website, and I think, probably most of you, anytime you look to buy something, go on holiday, whatever, you'll have a look at product reviews and see what the customers are saying. I'm delighted we've got these now live. It clearly will make a difference for a customer, whether they're purchasing online or deciding to go into a store. Finally, I mentioned about working with new partners, for example, on social media, and we have launched our first influencer campaign a couple of weeks ago. We've also got third parties looking at the efficiency of our paid search investment and also search engine optimization, just to call out three of many there. Thank you, Chris. Engaging showrooms. This is about investing in our showrooms to create a simpler, more inspiring experience. I mentioned earlier about the detailed customer feedback that we've been doing. One of the things that came through on there was that they felt that our stores were cluttered. In a handful of stores, we are decluttering them, so removing a number of points of sale, removing where we have duplication of occasional ranges on display to create a clearer, more modern experience for our customers. We're clearly gonna use data and customer feedback to help us understand what's working and what's not with that and what we might roll out in future. On top of that, we're working with a third party to help us design a concept store. It's a third party I've used before. Really excited with the progress we're making. We'll take the learnings from the various store trials we're doing, as well as some new ideas on top of that. We'll look to get a new concept store up and running. We've also relocated a couple of stores in the last few weeks. We've relocated Doncaster and Rotherham to more newer modern units in newer retail parks, so improved locations, and we've managed to reduce cost while doing that. We've been using Experian and catchment analysis to help us identify several new sites, so white space opportunities. We're actively exploring those as we speak in terms of the opportunity to open some new stores. My summary on here would be that we've got a number of trials going on in stores. We've got our concept store that we plan to get open this summer, and we're looking at the network in terms of relocations, any potential closures, and on top of that, new white space opportunities. Thanks, Chris. The last segment, strengthen the core. As I said at the beginning, this was about trading the existing business model, driving sales, protecting margins, looking after costs and therefore staying lean. We've really dialed up our focus on our data-driven approach with both people and tools so that we identify trends quickly and respond to those. The sorts of thing we look at there are conversion, add-ons, finance. We look at them on a regional level, a store level, and a colleague level. Top right would be maybe a good example of that, where we've used line-level margin analysis tools to help us really focus on price elasticity, the margin for our products. Clearly over the last six months with inflationary costs, shipping costs, and other challenges, and as Chris said, margin in line with prior years, the team has done an absolutely excellent job with those tools, working with the commercial team. Also in logistics, we've used the tools to help us minimize our cost per drop, and on top of that, using it to help maximize customer experience. Then, just in terms of cost lines, we're using the tools to look at all the cost lines that we can, including compensation and allowances, and stock write-offs. Finally on here, we have relocated to a larger brand-new purpose-built distribution center in Doncaster to support our future growth. Thank you, Chris. Just moving on from the wheel and moving into ESG. I think we've made really great strides in the past six months, and we're clearly committed to driving further change. Just to shoot down this slide quickly, sustainability is now a standing agenda item on every board. We've set up an ESG steering group where we're defining targets and setting out the sustainability roadmap. We've been through training, Chris, I, the rest of the board and the SMT, so that we're really clear about what we should be asking about, talking about, and what good looks like. We've had some great wins where we've got 100% of our laminate and wood flooring ranges now made from responsibly sourced timber. You'll also be aware of our SpringBond recycled underlay. We've now gone through the barrier of 100 million bottles that we've utilized in there, and we'll try by year-end to get to 2 million on there. The team, in terms of social, just do a fantastic job on many elements. We continue to focus and support the Foundation of Light in our home city of Sunderland. Colleagues support food banks, donations, volunteering. Finally on here, we're gonna report in line with TCFD requirements on our annual report later on this year. Next slide. Sorry, Chris. I just tried to lay out some of the targets for this year for this summer and the beginning of next year, and you'll see we've already achieved the first three on there. 100% renewable electricity now used across the business. We've now got certification with FISP, so the Furniture Industry Sustainability Programme, and I've just mentioned the flooring to you, and you'll see a number of other targets set out there. Great strides, I think, with ESG, and we will continue our focus on it. Next slide, if you could, Chris. Again. I guess just in terms of summary, I'm really pleased with the strategic progress that we've made with the plan across all focus areas. We've strengthened key teams and I called them out, commercial and digital, as well as the people team. We've got a really strong order book at GBP 148 million, double the size it was in January 2020. Chris has talked about the strong balance sheet at circa GBP 88 million, and therefore, you know, we're delighted with the 50% increase in the divvy at 4.5 pence and commencing the 7 million share buyback program. The last and final slide. In terms of outlook, I guess it's there in the red box. You know, the board remain confident in the future success of the business. Our two-year like-for-like intake for the first 33 weeks is in line. Cost inflation and supply disruption, you know, they continue to present challenges, but we managed them super well in the first six months, and we will carry on with that level of focus for the remainder of the year. As always, you know, as a well-run business, we will remain focused on both strong cost control and cash management. We're very aware that there's a potential impact on consumer confidence. We hear about that every time we turn the television on or read something. Inflationary pressures there and the conflict in Ukraine. We remain focused on delivering that strong order book through the second half, and therefore remain on track to meet full-year expectations. Thanks very much. That's the end of the presentation.
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