British retail company Frasers Group has recorded strong financial performance as it recovered from Covid-19, with the group revenue (excluding SRL) up by 30.9 per cent during fiscal 2022. Premium Lifestyle revenue increased by 43.6 per cent, largely due to new FLANNELS stores, continued growth in online and the strong reopening of stores.

European retail revenue climbed by 28.4 per cent, largely due to strong growth in Ireland and the lockdowns experienced in the prior year. Excluding acquisitions and on a currency neutral basis, revenue increased by 33.4 per cent.

"I am really proud of the record performance we've announced today. It's clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions. We've got the right strategy, team and determination to keep driving our business from strength to strength,” said Michael Murray, chief executive of Frasers Group.

“We are delighted to report a record-breaking year for Frasers Group with adjusted profit before tax of £344.8 million, despite the significant economic headwinds and well-chronicled challenges across the sector. Our elevation strategy has remained laser focused, and we have re-structured our team to execute it with conviction. It is underpinned by our core strengths and rock-solid foundations. Although the backdrop remains challenging, this momentum gives us the confidence of achieving adjusted profit before tax of between £450 million and £500 million for the next financial year,” the company said in a press release.

“We have consistently criticised the archaic business rates regime and the need for reform. Unfortunately, these issues remain unaddressed and are now coupled with soaring construction and store fit out costs, making for an extremely challenging environment to open and operate physical stores. While others have shied away from committing to physical retail in these difficult times, we are convinced that consumers will still flock to stores for great brands and experiences. This belief has allowed us to build remarkable momentum, bucking market trends. We will continue to invest in new store openings, refurbishments and flagship opportunities to bring the world's best brands and experiences to untapped markets,” Murray explained.