Ted Baker delays FY results amid further Covid-19 disruption

Fashion retailer Ted Baker has delayed the release of its full-year results for a third time due to the impact of Covid-19 on the audit process. 

In a statement, the retailer said it now expects its results to be released on 14 June and expects them to be “in line with consensus expectations”.

It added the decision comes as a result of discussions with BDO, the group’s auditor, to enable BDO to complete its internal review procedures.

It said: “Ted Baker Plc, the global lifestyle brand, announces that its preliminary results for the 53 weeks ended 30 January, will be published on 14 June 2021.The date was revised as a result of discussions with BDO, the Group’s auditor, to enable BDO to complete its internal review procedures.

“The group reconfirms that its full year results will be in line with consensus expectations and reiterates its FY January 2023 financial targets set with the FY2020 preliminary results and then upgraded at the interim results in December 2020.”

Last month, the retailer pushed back the date of its results for a second time while also revealing that it had signed an extension to its revolving credit facility (RCF) with its existing lending syndicate. 

Under the new terms, the existing RCF of £108m maturing in September 2022 and restricted RCF of £25m maturing in January 2022, will be replaced by a new RCF of £90m reducing to £80m in January 2022 until maturity in November 2023.  

The retailer, which sells lifestyle goods and clothing, said the new agreement combined with a net cash of £66.7m at the end of the financial year 30 January 2021 – ensures the group has the necessary funds to continue the “successful delivery” of its transformation plan.

The amended RCF includes amendments to the adjusted EBITDA covenant tests, which Ted Baker states will provide “further financial flexibility” for the group.