M&Z plc - Interim Results

On 29 August 2023, M&Z plc published its interim financial statements covering the six-month period ended 30 June 2023.

Revenues increased by 12.8% to €15.1 million (H1 2022: €13.4 million) reflecting the impact of high inflation, solid demand for branded consumer products, and broader coverage in other channels.

Operating costs rose by 13.3% to €13.7 million (H1 2022: €12.1 million) reflecting the higher level of business as well as the increases in administrative expenses. Consequently, operating profit increased by 8% to €1.43 million, compared to €1.33 million in the corresponding period last year. Excluding depreciation, EBITDA remained relatively unchanged at €1.90 million. Nonetheless, the EBITDA margin contracted to 12.5% from 14.3% in the first half of 2022.

After accounting for finance costs of €0.13 million and a tax charge of €0.46 million, M&Z reported a net profit of €0.84 million which is 7% higher than the €0.79 million figure recorded in the previous comparable period. Consequently, M&Z’s annualised return on adjusted equity was 11.0%.

In terms of financial position, total assets decreased by 2.1% to €18.6 million compared to €19.0 million as at the end of 2022. Similarly, total liabilities also decreased by 3.9% to €9.47 million whilst total equity remained relatively unchanged at €9.16 million.


The Directors approved an unchanged net interim dividend of €0.009 per share which translates into a payout ratio of 47% (H1 2022: 50%). The dividend will be paid on 29 September 2023 to all shareholders as at the close of trading on 19 September 2023.


Going forward, the directors of M&Z stated that there will be a focus on further brand representation and the further integration of Red October. M&Z is expected to suffer margin compression as they expect to absorb some increasing inflationary costs since not all of them can be passed onto consumers. Furthermore, M&Z products face competition from cheaper look-alike unbranded products. Nonetheless, the directors still expect to reach their revenue targets for 2023 with a stronger financial performance in the second half of the year. The main goal for M&Z in the upcoming year is to innovate and diversify the company’s business whilst doing the utmost to manage rising operational costs.