Card Factory grew its half-year underlying operating profits by 9.3% as it made a statutory loss of £7.9m in its first results since floating.

Underlying profits grew to £26.1m for the six months ending July 31 on the back of a 2.6% increase in like-for-likes and an 8.9% jump in revenues to £149.4m.

The company’s underlying EBITDA grew 10.1% to £30.2m during the same period.

However, the card specialist made a £7.9m statutory pre-tax loss that it attributes to £22.8m of non-underlying expenses that principally related to costs associated with the IPO and debt refinancing.

The company has completed a £200m debt refinancing and reduced its net debt to £144.2m.

Card Factory chief executive Richard Hayes said: “Having completed our flotation on the London Stock Exchange earlier this year, it is pleasing to report a strong set of maiden interim results. 

“We continue to deliver on each of our four pillars of growth - growing like-for-like sales; rolling out new stores; delivering business efficiencies; and increasing our online business.”

In the six-month period Card Factory opened 36 net new stores, which brought the total estate to 749.

The retailer has plans for 50 net new openings by the end of its financial year.

Revenue at the company’s Getting Personal website increased by over 16% to £5.5m and EBITDA more than doubled to £0.8m.

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