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YNAP UK revenue up despite currency fluctuations

Yoox Net-A-Porter Group (YNAP) has seen its UK net revenue increase by 6.3% to €286.8m (£256.4m) on a reported basis in the year to 31 December.

YNAP said its UK revenue result was up 13.7% on a constant exchange rate basis, with the reported 6.3% reflecting the devaluation of the pound against the euro.

In the fourth quarter, UK net revenues grew 8% to reach €84.5m (£75.6m) on a reported basis, up by 10.3% at constant exchange rates.

As previously reported, net revenue for the 12-month period soared by 16.9% to €2.1bn (£1.9bn), up from €1.9bn (£1.7bn) in 2016.

The group’s profit figures during the year were more mixed. Its operating profit dropped by 11.8% on a reported basis to €46m (£41m).

However, adjusted EBITDA on a reported basis rose 9.2% to €156.5m (£139.8m), after counting €12.8m (£11.4m) in non-cash costs relating to its share-based incentive plan.

Gross profit at the group leaped by 10% to €806m (£719.9m).

YNAP counted 4,703 employees at its year-end. It saw 842.2m website visits, with 9.5m orders placed.

The group pointed to menswear website Mr Porter own-label Mr P as a particularly strong performer during the year, as well as “strong momentum” in its hard luxury category.

It said it expects to achieve organic net revenue growth in 2018, with all of its business lines and key markets expected to perform positively. It also predicted an improvement in adjusted EBITDA margin at constant exchange rates.

It plans to invest around €170-180m (£152-160.9m) in relation to a “new omni-stock set-up” and ongoing development of its shared technology platform. A strong focus will also be placed on mobile innovation and rolling out localisation and omni-channel features.

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