Van de Velde turnover up 1.2% in 2017 first half

Belgium-based Van de Velde has recorded 1.3 per cent increase in turnover from €113.9 million to €115.3 million in fiscal 2017 first half. On a comparable basis (including comparable seasonal deliveries), the consolidated turnover was up 1.2 per cent, from €115.6 million in the first half of fiscal 2016 to €116.9 million in the first half of fiscal 2017.

The wholesale turnover increased by 1.6 per cent while there was a 3.0 per cent rise in the retail turnover. The fashion retailer's PrimaDonna swimwear and the newly introduced PrimaDonna sportswear collections were particularly successful.

Reported REBITDA for the first half year declined by 5.6 per cent, from €37.3 million to €35.2 million. On a comparable basis (including comparable deliveries), consolidated REBITDA declined by 5.7 per cent, from €38.5 million to €36.3 million.

In the first half of 2017, the net profit part of the group declined by 5.4 per cent from €21.2 million to €20.0 million. This resulted in a decline of the profit per share from €1.59 to €1.50. Income taxes were lower compared to last year both as a result of the lower profit before tax as well as of the lower effective tax rate of 34.2 per cent (35.5 per cent last year). 

Net cash flow in the first half of 2017 was negative with € 13.5 million. At half-year the cash position was €6.7 million compared to the €18.5 million on 31 December 2016.

The company's working capital (current assets excluding cash and cash equivalents less current liabilities excluding financial debt) declined to €36.2 million as on 30 June 2017 (compared to €36.9 million as on 30 June 2016) mainly due to higher tax payables.