The PLC said that sales for the year ending 31 March were likely to be down 4% on a constant currency basis, with group operating margins recovering to approximately 1.8%.

“All businesses, save for those operating in continental Europe experienced year-on-year sales decline in the second-half of the year. This reflected the challenging macroeconomic and consumer environment post-Christmas 2022, particularly so in the United Kingdom,” the firm stated. 

It warned: “Due to the recently deteriorated trading, and very limited pricing expectations for Christmas 2023 in the United Kingdom, the group is likely to incur a one-off, non-cash write-down to the historic goodwill value associated with certain businesses in that market. 

“The directors expect this to significantly impact the reported results for the year.”

The group also said it was at “an advanced stage with its re-financing” and expected new facilities that will run until spring 2026 to be in place  in the near term.

Shares fell by 11.23% after the announcement to 162.98p (52-week high: 200.40p, low: 46.50p). However, the share price is still nearly 35% higher than it was at the start of the year.