• ANZ Group Underlying NPAT of $36.0m, above guidance
• UK Underlying net loss of $2.8m, better than guidance
• 4 UK stores rebranded to Nick Scali, further 8 planned in H2

Nick Scali Limited has reported its half-year results for FY25, with the ANZ Group delivering an Underlying NPAT of $36.0m, above the $30-33m profit guidance provided at the October 2024 AGM. Statutory ANZ Group net profit after tax was $34.1m. The UK business reported an Underlying net loss after tax of $2.8m, lower than the $3.3m - 3.8m loss guidance provided at the October 2024 AGM. Statutory UK net loss after tax was $4.1m. During the half, 4 UK stores were refurbished and re-branded to the Nick Scali brand, with the remaining Fabb stores receiving the Nick Scali product as they sell off the Fabb product. The company expects to complete the refurbishment and re-branding of a further 8 stores by 30th June 2025. Group capital investments for the period of $5.8m included fit out costs of four UK showrooms, ANZ general capital expenditure and three new ANZ store openings. The directors declared a fully franked interim dividend of 30 cents per share.

The company expects further disruption to UK written sales orders as stores are closed and refurbished in H2 FY25, which is expected to increase the operating losses in the second half compared to the first half.

ANZ Group trading continues to be volatile, with written sales orders down in January 8.5%, but the last week of the January Sale in the first week of February was positive 5%. In the second half, one Plush store will open in Melton, Victoria, but further store openings expected in 2H FY25 will be delayed to FY26.