Card Factory

CARD · Main Market · Retail · mcap £279m · 84.9p

Card Factory designs and makes greeting cards, gifts and party goods, and sells them mainly through its own UK stores. It also sells online and through partners such as Aldi, and has recently moved into the US.

Financials · LTM to 31 Jul 26

Source: results 29 Sep 26 ↗

Revenue: £596m
Operating profit: £63.8m
Net income: £34.8m
Free cash flow: £56.1m
Net debt: £86.3m
Market cap: £292m
EV / EBIT: 5.9×
FCF yield: +19.2%
Price / book: 0.8×

Latest half-year · H1 Jul 26 vs H1 Jul 25 results 29 Sep 26 ↗

Revenue: £261m
Operating profit: £18.9m
Net income: £9.2m
Cash from operations: £41.1m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest interim Latest annual

Half-year Results, published 29 Sep 26 · read the announcement ↗

Consolidated income statement · For the six months ended 31 July 2026

	Six months ended 31 July 2026 £'m	Six months ended 31 July 2025 £'m	Year ended 31 January 2026 £'m
Revenue	260.8	247.6	582.7
Cost of sales	(176.9)	(174.3)	(394.0)
Gross profit	83.9	73.3	188.7
Operating expenses	(65.0)	(58.8)	(129.3)
Operating profit	18.9	14.5	59.4
Finance income	0.5	0.2	0.3
Finance expense	(7.1)	(7.2)	(15.8)
Profit Before Tax	12.3	7.5	43.9
Taxation	(3.1)	(1.9)	(12.7)
Profit for period	9.2	5.6	31.2
Earnings per share pence pence pence
- Basic	2.7	1.6	9.0
- Diluted	2.7	1.6	8.9

Consolidated statement of financial position · As at 31 July 2026

	31 July 2026 £ 'm	31 July 2025 £'m	31 January 2026 £'m
Non-current assets
Intangible assets	390.8	356.4	388.8
Property, plant and equipment	52.3	49.3	51.6
Right of use assets	109.3	116.9	114.8
Deferred tax assets	0.7	0.9	0.9
Derivative financial instruments	0.5	1.3	0.7
	553.6	524.8	556.8
Current assets
Inventories	68.8	68.3	58.9
Trade and other receivables	18.3	18.8	20.8
Tax receivable	2.0	6.3	4.6
Derivative financial instruments	0.6	0.8	1.0
Cash at bank and in hand	20.9	20.3	18.8
	110.6	114.5	104.1
Total assets	664.2	639.3	660.9
Current liabilities
Borrowings	(1.3)	(0.9)	(1.5)
Lease liabilities	(32.8)	(29.2)	(32.8)
Trade and other payables	(74.6)	(70.7)	(73.9)
Provisions	(3.4)	(4.2)	(3.3)
Derivative financial instruments	(2.9)	(2.7)	(4.9)
	(115.0)	(107.7)	(116.4)
Non-current liabilities
Borrowings	(105.9)	(96.9)	(83.8)
Lease liabilities	(83.8)	(92.2)	(90.4)
Deferred tax liabilities	(9.7)	(0.6)	(9.9)
Provisions	(2.5)	-	(2.5)
Derivative financial instruments	(1.1)	(2.7)	(3.4)
	(203.0)	(192.4)	(190.0)
Total liabilities	(318.0)	(300.1)	(306.4)
Net assets	346.2	339.2	354.5
Equity
Share capital	3.4	3.5	3.5
Share premium	203.8	203.7	203.8
Own shares held	(3.3)	-	(5.0)
Hedging reserves 1	(1.1)	(1.2)	(2.4)
Other reserves 2	1.6	1.6	1.4
Retained earnings	141.8	131.6	153.2
Equity attributable to equity holders of the parent	346.2	339.2	354.5
1 Hedging reserves includes the Hedging reserve and Cost of hedging reserve which were shown separately in HY26 (see note	16)
2 Other reserves includes the Reverse acquisition reserve, Merger reserve and Translation reserve which were shown separately in HY26 (see note	16)

Consolidated cash flow statement · For the six months ended 31 July 2026

	Six months ended 31 July 2026 £'m	Six months ended 31 July 2025 £'m	Year ended 31 January 2026 £'m
Cash from operations	42.0	30.5	122.3
Corporation tax paid	(0.9)	(6.5)	(12.0)
Net cash inflow from operating activities	41.1	24.0	110.3
Cash flows from investing activities
Interest received on bank deposits and other interest received	0.5	0.2	0.3
Purchase of property, plant and equipment	(5.7)	(5.1)	(11.7)
Purchase of intangible assets	(6.1)	(2.5)	(7.7)
Acquisition of subsidiaries net of cash acquired	-	-	(25.7)
Net cash outflow from investing activities	(11.3)	(7.4)	(44.8)
Cash flows from financing activities
Interest paid on bank borrowings	(2.6)	(2.8)	(6.5)
Proceeds from bank borrowings	117.0	121.0	238.0
Repayment of bank borrowings	(95.3)	(98.0)	(228.2)
Other financing costs paid	-	-	(0.2)
Shares issued under employee share schemes	-	0.5	0.6
Own shares purchased 1	(6.1)	-	(5.0)
Payment of lease liabilities	(19.4)	(17.3)	(37.0)
Interest in respect of lease liabilities	(4.1)	(4.2)	(8.7)
Dividends paid	(12.8)	(12.6)	(17.2)
Net cash inflow/(outflow) from financing activities	(23.3)	(13.4)	(64.2)
Net cash flow for the period	6.5	3.2	1.3
Impact of changes in foreign exchange rates	(0.2)	(0.3)	(0.4)
Net increase in cash and cash equivalents in the period	6.3	2.9	0.9
Cash and cash equivalents at the beginning of the period (prior to restatement)	17.4	16.5	16.5
Adjustment on initial application of amendments to IFRS 9 on 1 February 2026	(4.0)	-	-
Cash and cash equivalents at the beginning of the period	13.4	16.5	16.5
Closing net cash and cash equivalents	19.7	19.4	17.4

Final Results, published 28 Apr 26 · read the announcement ↗

Consolidated income statement for the year ended 31 January 2026

	2026 £'m	2025 £'m
Revenue	582.7	542.5
Cost of sales	(394.0)	(348.7)
Gross profit	188.7	193.8
Operating expenses	(129.3)	(114.5)
Operating profit	59.4	79.3
Finance income	0.3	0.2
Finance expense	(15.8)	(15.4)
Profit before tax	43.9	64.1
Taxation	(12.7)	(16.3)
Profit for the year	31.2	47.8
Earnings per share Pence Pence
- Basic	9.0	13.8
- Diluted	8.9	13.7

Consolidated statement of financial position · As at 31 January 2026

	2026 £'m	2025 £'m
Non-current assets
Intangible assets	388.8	356.5
Property, plant and equipment	51.6	48.7
Right of use assets	114.8	110.2
Deferred tax assets	0.9	0.6
Derivative financial instruments	0.7	0.9
	556.8	516.9
Current assets
Inventories	58.9	61.1
Trade and other receivables	20.8	17.0
Tax receivable	4.6	1.7
Derivative financial instruments	1.0	2.4
Cash at bank and in hand	18.8	16.5
	104.1	98.7
Total assets	660.9	615.6
Current liabilities
Borrowings	(1.5)	(0.1)
Lease liabilities	(32.8)	(21.7)
Trade and other payables	(73.9)	(76.8)
Provisions	(3.3)	(5.4)
Derivative financial instruments	(4.9)	(0.3)
	(116.4)	(104.3)
Non-current liabilities
Borrowings	(83.8)	(73.9)
Lease liabilities	(90.4)	(88.7)
Deferred tax liabilities	(9.9)	(1.4)
Provisions	(2.5)	-
Derivative financial instruments	(3.4)	(0.4)
	(190.0)	(164.4)
Total liabilities	(306.4)	(268.7)
Net assets	354.5	346.9
Equity
Share capital	3.5	3.5
Share premium	203.8	203.2
Treasury Shares	(5.0)	-
Hedging reserve	(1.8)	1.0
Cost of hedging reserve	(0.6)	(0.1)
Reverse acquisition reserve	(0.5)	(0.5)
Merger reserve	2.7	2.7
Translation reserve	(0.8)	(0.6)
Retained earnings	153.2	137.7
Equity attributable to equity holders of the parent	354.5	346.9

Consolidated cash flow statement · For the year ended 31 January 2026

	2026 £'m	2025 £'m
Cash from operations	122.3	105.6
Corporation tax paid	(12.0)	(16.7)
Net cash inflow from operating activities	110.3	88.9
Cash flows from investing activities
Interest received on bank deposits	0.3	0.2
Purchase of property, plant and equipment	(11.7)	(11.4)
Purchase of intangible assets	(7.7)	(7.0)
Acquisition of subsidiaries net of cash acquired	(25.7)	(22.5)
Proceeds from disposal of fixed assets	-	0.2
Net cash outflow from investing activities	(44.8)	(40.5)
Cash flows from financing activities
Interest paid on bank borrowings	(6.5)	(6.4)
Proceeds from bank borrowings	238.0	258.5
Repayment of bank borrowings	(228.2)	(228.5)
Other financing costs paid	(0.2)	(1.6)
Shares issued under employee share schemes	0.6	0.5
Treasury Shares purchased	(5.0)	-
Payment of lease liabilities	(37.0)	(37.6)
Interest paid in respect of lease liabilities	(8.7)	(8.0)
Dividends paid	(17.2)	(19.8)
Net cash outflow from financing activities	(64.2)	(42.9)
Impact of changes in foreign exchange rates	(0.4)	(0.1)
Net increase/(decrease) in cash and cash equivalents	0.9	5.4
Cash and cash equivalents at the beginning of the year	16.5	11.1
Closing net cash and cash equivalents	17.4	16.5

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 Jul 26 (six months to 31 Jul 26), published 29 Sep 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM Jul 26	FY Jan 26	FY Jan 25	FY Jan 24	FY Jan 23
Revenue to operating profit
Revenue	595.9	582.7	542.5	510.9	463.4
Gross profit	199.3	188.7	193.8	184.9	160.7
Adjusted EBITDA	124.5	123.6	128.6	120.6	–
EBITDA	123.9	116.8	127.5	122.6	112.0
Operating profit	63.8	59.4	79.3	76.4	63.8
Depreciation (right-of-use)	–	–	(36.4)	(34.7)	(35.1)
Operating profit to net income
Finance costs	(15.7)	(15.8)	(15.4)	(13.4)	(11.4)
Profit before tax	48.7	43.9	64.1	65.6	52.4
Tax	(13.9)	(12.7)	(16.3)	(16.1)	(8.2)
Net income (owners)	34.8	31.2	47.8	49.5	44.2
Per share
EPS basic	10.1p	9.0p	13.8p	14.4p	12.9p
EPS diluted	10.0p	8.9p	13.7p	14.3p	12.8p
Dividend per share	5.1p	5.0p	4.8p	4.5p	0.0p

	H1 Jul 26	vs H1 Jul 25	H2 Jan 26	H1 Jul 25	H2 Jan 25	H1 Jul 24	H2 Jan 24
Revenue to operating profit
Revenue	260.8	+5%	335.1	247.6	308.7	233.8	290.1
Gross profit	83.9	+14%	115.4	73.3	117.6	76.2	103.6
Adjusted EBITDA	45.1	+2%	79.4	44.2	83.3	45.3	–
EBITDA	46.2	+18%	77.7	39.1	82.2	45.3	71.5
Operating profit	18.9	+30%	44.9	14.5	57.8	21.5	48.3
Depreciation (right-of-use)	–	–	–	–	(18.7)	(17.7)	(16.8)
Share-based payments	–	–	–	1.2	–	–	–
Operating profit to net income
Finance costs	(7.1)	−1%	(8.6)	(7.2)	(7.9)	(7.5)	(7.4)
Profit before tax	12.3	+64%	36.4	7.5	50.1	14.0	40.9
Tax	(3.1)	+63%	(10.8)	(1.9)	(12.8)	(3.5)	(10.6)
Net income (owners)	9.2	+64%	25.6	5.6	37.3	10.5	30.3
Per share
EPS basic	2.7p	–	7.4p	1.6p	10.8p	3.0p	8.8p
EPS diluted	2.7p	–	7.3p	1.6p	10.7p	3.0p	8.8p
Dividend per share	1.4p	–	3.7p	1.3p	3.6p	1.2p	–

	LTM Jul 26	FY Jan 26	FY Jan 25	FY Jan 24	FY Jan 23
Operating activities
Cash from operations	127.4	110.3	88.9	105.2	99.9
Interest paid	(6.3)	(6.5)	(6.4)	(6.5)	(6.2)
Tax paid	(6.4)	(12.0)	(16.7)	(13.5)	(7.9)
Investing activities
Capex (PP&E)	(12.3)	(11.7)	(11.4)	(18.8)	(8.8)
Capex (intangibles)	(11.3)	(7.7)	(7.0)	(9.0)	(9.4)
Financing activities
Lease principal paid	(39.1)	(37.0)	(37.6)	(37.5)	(52.5)
Lease interest paid	(8.6)	(8.7)	(8.0)	(6.2)	(4.5)
Dividends paid	(17.4)	(17.2)	(19.8)	–	–
Share buybacks	–	(5.0)	–	–	–
Shares issued	–	0.6	0.5	0.6	–

	H1 Jul 26	vs H1 Jul 25	H2 Jan 26	H1 Jul 25	H2 Jan 25	H1 Jul 24	H2 Jan 24
Operating activities
Cash from operations	41.1	+71%	86.3	24.0	80.0	8.9	75.0
Interest paid	(2.6)	−7%	(3.7)	(2.8)	(3.4)	(3.0)	(3.1)
Tax paid	(0.9)	−86%	(5.5)	(6.5)	(8.1)	(8.6)	(7.4)
Investing activities
Capex (PP&E)	(5.7)	+12%	(6.6)	(5.1)	(6.4)	(5.0)	(9.8)
Capex (intangibles)	(6.1)	+144%	(5.2)	(2.5)	(5.2)	(1.8)	(2.7)
Financing activities
Lease principal paid	(19.4)	+12%	(19.7)	(17.3)	(19.1)	(18.5)	(17.6)
Lease interest paid	(4.1)	−2%	(4.5)	(4.2)	(4.3)	(3.7)	(3.4)
Dividends paid	(12.8)	+2%	(4.6)	(12.6)	(4.2)	(15.6)	–
Share buybacks	(6.1)	–	–	–	–	–	–
Shares issued	–	–	0.1	0.5	–	–	–

	Latest Jul 26	FY Jan 26	FY Jan 25	FY Jan 24	FY Jan 23
Non-current assets
Goodwill	–	–	356.5	–	–
Property, plant & equipment	52.3	51.6	48.7	45.9	32.2
Non-current assets	553.6	556.8	516.9	–	–
Current assets
Inventories	68.8	58.9	61.1	50.0	45.3
Trade receivables	18.3	20.8	17.0	11.6	13.3
Cash	20.9	18.8	16.5	11.3	11.7
Current assets	110.6	104.1	98.7	–	–
Total assets	664.2	660.9	615.6	552.1	537.2
Current liabilities
Trade payables	74.6	73.9	76.8	80.1	84.7
Borrowings, current	1.3	1.5	0.1	7.1	27.1
Lease liabilities, current	32.8	32.8	21.7	25.3	27.3
Current liabilities	115.0	116.4	104.3	–	–
Non-current liabilities
Borrowings, non-current	105.9	83.8	73.9	37.9	40.4
Lease liabilities, non-current	83.8	90.4	88.7	75.5	78.1
Non-current liabilities	203.0	190.0	164.4	–	–
Total liabilities	318.0	306.4	268.7	236.3	269.0
Equity
Total equity	346.2	354.5	346.9	315.8	268.2
Net cash and other figures
Net cash / (debt) ex leases	(87.4)	(67.9)	(58.9)	(34.4)	(57.2)
Net cash / (debt) incl. leases	(204.0)	(191.1)	(169.3)	(135.2)	(162.6)
Treasury shares	–	5.8m	–	–	–
Undrawn facilities	–	–	48.8	74.0	75.2

	H1 Jul 26	H2 Jan 26	H1 Jul 25	H2 Jan 25	H1 Jul 24	H2 Jan 24
Non-current assets
Goodwill	–	–	356.4	356.5	331.7	–
Property, plant & equipment	52.3	51.6	49.3	48.7	46.3	45.9
Non-current assets	553.6	556.8	524.8	516.9	483.2	–
Current assets
Inventories	68.8	58.9	68.3	61.1	56.4	50.0
Trade receivables	18.3	20.8	18.8	17.0	26.5	11.6
Cash	20.9	18.8	20.3	16.5	26.6	11.3
Current assets	110.6	104.1	114.5	98.7	114.8	–
Total assets	664.2	660.9	639.3	615.6	598.0	552.1
Current liabilities
Trade payables	74.6	73.9	70.7	76.8	76.5	80.1
Borrowings, current	1.3	1.5	0.9	0.1	0.7	7.1
Lease liabilities, current	32.8	32.8	29.2	21.7	22.1	25.3
Current liabilities	115.0	116.4	107.7	104.3	104.8	–
Non-current liabilities
Borrowings, non-current	105.9	83.8	96.9	73.9	99.2	37.9
Lease liabilities, non-current	83.8	90.4	92.2	88.7	81.4	75.5
Non-current liabilities	203.0	190.0	192.4	164.4	181.4	–
Total liabilities	318.0	306.4	300.1	268.7	286.2	236.3
Equity
Total equity	346.2	354.5	339.2	346.9	311.8	315.8
Net cash and other figures
Net cash / (debt) ex leases	(87.4)	(67.9)	(78.9)	(58.9)	(74.9)	(34.4)
Net cash / (debt) incl. leases	(204.0)	(191.1)	(200.3)	(169.3)	(178.4)	(135.2)
Treasury shares	–	5.8m	–	–	–	–
Undrawn facilities	–	–	25.8	48.8	23.8	74.0

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.