Card Factory expects its full-year results to be “materially ahead” of its previous expectations despite an “uncertain” backdrop as it upgrades its profit outlook.
In a trading update, the gift card retailer said the positive start to the financial year had continued, with trading for the six months to 31 July 2023 ahead of the board’s expectations.
“Yet another upgrade underscores our confidence that there is much more to come with the business now on a firm footing,” it added.
The business posted profit before tax of £52.4m for the year ended 31 January 2023 on revenue of £463.4m.
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The statement added: “The macro backdrop continues to be uncertain, and there is still much to be delivered over the remainder of the year.
“Nevertheless, given the strength of the performance in the first half, together with our current outlook for the second half, the board now expects the full year outturn to be materially ahead of its previous expectations.”
Last month the business opened its first store in the Middle East as it continues its expansion into new territories.
The new shop, located in the Bawabat Al Sharq Mall in Abu Dhabi, is part of the retailer’s franchise agreement with Liwa.
Card Factory has also recently rolled out its click-and-collect service to all its stores following a successful trial.
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