Strong Free Cash Flow GenerationMaterial FCF improvement (to ~£17.1m, +75%) and robust operating cash flow (~£20.4m) indicate durable cash conversion. Sustained FCF supports working capital, store/online investment and debt reduction, providing strategic flexibility over the next 2–6 months.
Improved Balance Sheet / Lower Historical LeverageLeverage has been reduced to roughly parity with equity, and equity has been rebuilt versus earlier periods. This materially lowers near-term refinancing and solvency risk, improving resilience if margins remain pressured and supporting multi-month stability.
Omnichannel Retail Model (stores + E-commerce)A dual distribution model—extensive store footprint plus ecommerce—provides diversified sales channels and customer reach. That structural mix helps smooth seasonal swings, supports inventory turnover and enables cross-channel promotions, a durable advantage for execution.