Team17 Group, the games developer with offices in Nottingham, Manchester, and Wakefield, has delivered a solid revenue performance, while slipping to a pre-tax loss of £1.1m.

According to unaudited final results for the year ended 31 December 2023, revenues grew 12% to £159.1 million, up from £142.3 million in 2022, with 17 new games and apps released in the period alongside six existing games released on additional platforms.

A thorough review of the Games Label strategic direction (now re-focussed on its core Indie games roots), cost base structure and processes was completed in the last quarter of the year, with headcount reduced to 348 from 392.

Steve Bell, Chief Executive Officer of Team17, said: “While 2023 presented some challenges for the Games Label, the speed and tenacity with which the teams have responded has demonstrated the exceptional talent we have at Team17.

“The Games Label is now realigned to its proven low-risk Indie model, tighter cost controls have been enforced and one-off actions taken to clean up the balance sheet.

“We are back on form in 2024, with a solid slate of games and apps, our exceptional back catalogue and a clear plan for growth across the Games Label, astragon and StoryToys. The year has started well.”

Results for Dr. Martens’ latest financial year are expected to be in line with expectations, the Northamptonshire shoe icon has said in a new trading update. However the firm is issuing warnings for FY25.

USA wholesale revenue is anticipated to be double-digit down year-on-year. “We have recently finalised the Autumn/Winter order book, which makes up the majority of the second half of USA wholesale,” the business said, “and this is significantly down year-on-year.”

The decline in wholesale has a significant impact on profitability, with a base assumption being in the region of a £20m PBT impact year-on-year, assuming no meaningful in-season re-orders.

Meanwhile the firm is seeing single-digit inflation in its cost base, and intends to invest in retaining and incentivising talent throughout the organisation. Together these equate to a year-on-year PBT headwind in the region of £35m. Dr. Martens do not anticipate increasing prices further this year, and therefore in FY25 are unable to offset cost inflation as in prior years.

Further, given an ongoing challenging performance in Dr. Martens’ USA wholesale business, it expects to continue to require the additional inventory storage facilities in this market through FY25, and therefore the majority of the £15m of additional costs incurred in FY24 are expected to repeat in FY25.

Moreover, a number of investment projects are underway, incurring operating costs in addition to capital expenditure, including a new Supply and Demand Planning system and Customer Data Platform.

In a statement to the London Stock Exchange, the business said: “There is a wide range of potential outcomes for FY25 given that we have only recently started the year. However, we have assumed that revenue declines by single-digit percentage year-on-year and at the PBT level we could see a worst-case scenario of PBT of around one-third of the FY24 level.

“There are also scenarios where the profit outturn could be significantly better than this, with the key factor being if USA performance is stronger than our planning assumptions as we progress through the year. We will also look to drive cost savings wherever possible, whilst protecting our brand and future growth opportunities.

“Against this backdrop, we are focused on cash generation and have already significantly reduced purchases from the supply chain, which will underpin the strength of the balance sheet.

“Our business is always second half weighted, however this year, given the phasing of USA wholesale and costs, this will particularly be the case.”

Kenny Wilson, CEO, added: “The FY25 outlook is challenging, and the whole organisation is focused on our action plan to reignite boots demand, particularly in the USA, our largest market. The nature of USA wholesale is that when customers gain confidence in the market we will see a significant improvement in our business performance, but we are not assuming that this occurs in FY25.

“We have built an operating cost base in anticipation of a larger business, however with revenues weaker we are currently seeing significant deleverage through to earnings. Against this backdrop, we will be laser-focused on driving cost efficiencies where possible. We also have a number of ongoing investment projects which will deliver results in outer years.

“We continue to believe in our DTC-first strategy and the considerable headroom for growth. Our brand remains strong, and we have a compelling product pipeline. These all give us confidence as we look beyond this transition year into future years.”

The CEO of Marks Electrical Group, the Leicester-based online electrical retailer, is “proud” of its performance, as the firm achieved record revenue for the year ended 31 March 2024.

As Marks Electrical continues to build its scale, it decided to leave the Euronics buying group as of 31 March 2024. It noted that this will enable the group to establish closer, direct relationships with its manufacturer partners, which will provide further opportunity to drive growth and margin in the future.

Mark Smithson, Chief Executive Officer, said: “I am proud of the revenue growth we have achieved of 16.9%, in a flat Major Domestic Appliances and a declining Consumer Electronics market. In addition, the investments we have made in driver training and customer services have resulted in us improving our Trustpilot rating from 4.8 to 4.9, further demonstrating the strength and attractiveness of our market-leading customer offering and the hard-work all of our colleagues throughout FY24.

“As we focus on positioning our business to deliver long-term growth and value creation, our decision to exit the Euronics buying group represents the next logical step in that journey, further building on the direct relationships we have with our brand partners. We anticipate that our departure will lead to revenue and margin upside in the medium-term and in addition, once the exit has concluded, our £1.7m balance sheet investment crystallises into cash, expected in June 2024.

“As explained in our January trading update, in the current trading environment consumers remain highly price-conscious, which given our premium focus, continues to have an adverse impact on our average order value, resulting in customer order volumes growing faster than revenue. This impact will limit our ability for margin expansion in the short-term, when taking into account the relatively fixed cost of delivery.

“Despite this, we are very pleased with the growth in our order volumes and new customer acquisitions during the period and the strong growth we have seen in early April, giving us confidence that our fundamental strategy of continued profitable market share gains and excellent customer service will help us in delivering further growth.”