Card Factory

CARD · Main Market · Retail · mcap £275m · 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.

Target	Promise	Said	Status
2024
FY24 (Jan 2024)	Full-year FY24 adjusted profit before tax at top of market expectations range.	16 Jan 2024	✓ Kept
	“the Board expects to deliver full year adjusted profit before tax (excluding one off items) at the top of the range of market expectations” Result FY24 profit before tax rose to £65.6m from £52.4m. “Adjusted PBT growth of £13.2 million (+27.0%), excluding one-off gains, to £62.1 million (FY23: £48.9 million)”30 Apr 2024 · Final Results
2026
FY26 (Jan 2026)	Mid-to-high single-digit percentage adjusted PBT growth in FY26.	14 Jan 2025	✗ Missed · target changed
	“our expectations of mid-to-high single-digit percentage growth in Adjusted PBT in FY26 are unchanged” Also stated 7 May 2025 · 30 Sep 2025 Result Cut in December 2025 to £55-60m; FY26 adjusted PBT was £56.0m, down 15%. “on the assumption that current trading trends persist over the remaining seven weeks of our financial year, we now expect to deliver adjusted Profit Before Tax for the full financial year between £55m and £60m”12 Dec 2025 · Trading Statement “Adjusted PBT of £56.0 million down -15.2%, reflecting impact of UK footfall on stores transactions and sales in key trading season”28 Apr 2026 · Final Results
FY26	About 1% reduction in underlying cost base before inflation in FY26.	7 May 2025	… In progress
	“targeting circa. 1% reduction in the underlying cost base before inflation” Status so far Not yet due.
FY26	Continue buyback and declare a progressive full-year dividend for FY26.	12 Dec 2025	✓ Kept
	“The Board anticipates declaring a progressive full-year dividend in line with the Group's capital allocation policy.” Also stated 28 Jan 2026 Result FY26 dividend 5.0p versus 4.8p and a £15m buyback launched in April 2026. “Continued commitment to shareholder returns with recommended final dividend of 3.7 pence per share, resulting in total dividend of 5.0 pence per share for FY26 (FY25: 4.8 pence).”28 Apr 2026 · Final Results “In addition, the Board has concluded that the Group has surplus cash at the end of FY26, supported by the strong free cash generation in the period. As a result, we intend to shortly commence a share buyback programme to repurchase up to £15 million of shares during FY27.”28 Apr 2026 · Final Results
FY26	Adjusted PBT of £55-60m for FY26.	12 Dec 2025	✓ Kept
	“We expect to deliver our revised guidance of adjusted Profit Before Tax for FY26 of between £55 million and £60 million.” Result FY26 adjusted PBT was £56.0m, within the revised range. “Adjusted PBT of £56.0 million down -15.2%, reflecting impact of UK footfall on stores transactions and sales in key trading season”28 Apr 2026 · Final Results
Today · 10 Oct 2026
2027
End FY27	£650m sales, 14% PBT margins and 90 net new stores by end FY27.	30 Apr 2024	… In progress
	“medium-term ambitions of £650 million of sales, Profit Before Tax margins of 14% and 90 net new stores by the end of FY27” Also stated 24 Sep 2024 Status so far Not yet due.
FY27 (Jan 2027)	Funky Pigeon acquisition earnings enhancing in the year ending January 2027.	29 Jul 2025	… In progress
	“The Group expects the acquisition to be earnings enhancing in the financial year ended 31 January 2027” Also stated 30 Sep 2025 Status so far Not yet due.
FY27 (Jan 2027)	Deliver FY27 expectations (consensus adjusted PBT £54.8m-£60.5m).	29 Sep 2026	… In progress
	“We are confident of delivering full-year expectations with strong Golden Quarter plans in place, supported by significant product newness and a further strengthening of our great value offer.” Status so far Not yet due.
End FY27	Launch a new loyalty proposition by end of FY27.	29 Sep 2026	… In progress
	“we intend to launch by the end of FY27” Status so far Not yet due.
31 Jan 2027	Complete £15m buyback by January 2027 and launch a £3m buyback to treasury.	28 Apr 2026	… In progress
	“Previously announced £15 million share buyback now 83% complete. Intend to launch £3 million buyback to treasury to satisfy future obligations under colleague share schemes.” Also stated 28 Apr 2026 · 29 Sep 2026 Status so far Not yet due.
2028
FY28	Annual Funky Pigeon synergies of £5m, now expected from FY28.	29 Jul 2025	✗ Missed · target changed
	“Integration and delivery of the expected £5 million synergies, from FY28, remain on track.” Also stated 30 Sep 2025 · 28 Apr 2026 · 29 Sep 2026 Result Timing moved from end of FY27 to from FY28; company says it remains on track. 28 Apr 2026 · Final Results
Jul 2028	Pay down acquisition debt over three years while keeping a progressive dividend.	29 Jul 2025	… In progress
	“we anticipate paying down the additional debt drawn over the next three years, alongside maintaining a sustainable, progressive dividend” Status so far Not yet due.