FY25 Trading Update

As previously announced, the Company expected to report adjusted EBITDA of between £6.0 million and £6.5 million for the financial year ended 28 February 2025 ("FY25"). This figure included an adjusting item in relation to stock provision charges for non-strategic stock, with a value of approximately £10.3 million.

In the interests of agreeing the sign off of its accounts, the Company, has agreed with its auditors to change the definition of the adjusting item such that it now relates solely to inventory that was sold, or is expected to be sold, through outlet channels. As a result of the change in definition, the value of the adjusting item is now expected to be approximately £8.5 million. Consequently, FY25 adjusted EBITDA is now expected to be approximately £4.7 million.

The adjusting item is non-cash and non-recurring in nature, owing to a significant rationalisation of the Company's product portfolio. As part of the audit process, the Company has concluded that the revised definition is preferable, given that it requires less judgement to arrive at the estimated value.

Company Update

As previously announced, the Formal Sale Process continues to progress with ongoing engagement with a number of parties. The Company also continues to progress and advance its constructive engagement with its stakeholders, including in respect of a potential equity raise. Further announcements will be made as appropriate with audited results for FY25 to be published before the end of August 2025.

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