They are the longest-lasting ankle boots in Europe, now used by three generations of young people who literally can't do without them. And the planetary success of Dr. Martens it is easily visible in the company's accounts, which closed the 2021-22 financial year, with profits more than quintupling and revenues growing strongly. Results they sent in orbit the title that gains 29%, on the London Stock Exchange, rising to 279,2 pence and realizing the best performance of the Stoxx Europe 600 index.
But let's get back to the accounts. In the financial year ended March 31, Dr. Martens recorded a net profit of £181,2 million, £0,181 per share. The previous year had been closed with a net profit of 34,7 million, 0,035 pounds per share affected by higher expenses mainly in relation to the company's listing on the Stock Exchange.
Moving on to the other fundamentals, the ebitda grew by 18% to 263 millioni (+28% at constant currencies), while revenues always increased by 18% (+22% at constant currencies) to £908,3 million. Cash more than doubled to 228 million.
From a geographical point of view, the group underlines “the very strong performance” realized in America and in the EMEA area, "with revenues up 29% and 19% respectively", while Asia-Pacific was impacted by the restrictions for the Covid-19 and revenues decreased by 10% to 127 million. As far as Europe is concerned, Dr Martens recorded “good growth in Germany”, but above all in Italy, where revenues rose by 122% at constant exchange rates in the second half.
“When we went public, we were committed to delivering revenue growth at a high-teens rate and today we are pleased to report 22% constant currency growth and EBITDA ahead of market expectations,” he commented. CEO Kenny Wilson – Our results have been achieved despite the unprecedented disruption caused by the Covid-19 in our supply chain, which our teams have navigated with flexibility and dedication”.
As for the prospects, the company forecasts for the current year a further increase in turnover of the order of 18-19% ('high-teens') 'due to price increases, while expectations on volumes remain unchanged” .
“The price increases should be such as to counter inflation”, specifies the company which is also aiming for an Ebitda margin of 30% in the medium term. Dr. Martens' majority shareholder is the Permira fund, with a 36% stake.
