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Fashion retailer Quiz swung to a first-half after it booked one-off restructuring gains in the previous year, though its underlying performance improved amid a post-lockdown rebound in sales.
Pre-tax losses for the six months through September amounted to £1.3 million, compared to a year-on-year profit of £10.6 million.
Underlying pre-tax losses amounted to £1.3 million, narrowing from £5.6 million year-on-year. Revenue more than doubled to £36.0 million, up from £17.2 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to £0.7 million.
Quize's underlying results excluded the one-off impact in the prior year arising from the administration of one of its subsidiaries and the subsequent purchase of its trade and certain assets.
As for current trading, revenue in the two months through November was up 108% year-on-year.
Quiz said it was confident that it can return to profitability in a trading environment not significantly impacted by Covid-19 restrictions.
'Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive EBITDA,' chief executive Tarak Ramzan said.
'The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand's dressy and occasion wear returned.'
'The positive steps taken over the last 18 months with regards to restructuring our business, tight cost control and inventory management have all proved beneficial.'
"Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz's trademark occasion-wear will support continued profitable growth.'