The single financial pane of truth — P&L, quality of earnings, profitability, FP&A and acquisition-cohort economics.
Luxury margin is expanding, but ≈ £3m of EBITDA still sits between today's 18.2% margin and the 20% ambition — held in still-integrating houses and SG&A. Convert integration value and add-backs into reported EBITDA to compound enterprise value for the family.
8 of 8 headline metrics improving vs prior · still off target: Total Revenue £165m vs £178m, Revenue Growth (YoY) 10.0% vs 12.0%, Blended Gross Margin 55.0% vs 57.0%
≈ £3m of EBITDA stands between 18.2% margin and the 20% target — the swing that compounds the house's value.
Targeted collections on £0.9m; tighten deposit/milestone terms on long hospitality projects.
Rosewood (62d), Mandarin Oriental (59d), embassy/institutional (64d) lifting blended DSO to 55d.
Lock forward fibre where possible; reprice bespoke quotes for the new cost band.
Fibre prices up; risk to Custom Rugs gross margin if not passed through.
Unbanked EBITDA until captured.
How £165m of revenue converts to £30m adjusted EBITDA.
| Revenue | £165m | 100.0% |
| Cost of goods sold | (£74m) | (45.0%) |
| Gross profit | £91m | 55.0% |
| SG&A | (£61m) | (36.8%) |
| Adjusted EBITDA | £30m | 18.2% |
Diligence-grade add-back walk.
Organic vs. acquisitive vs. price/mix vs. cost.
Forecast discipline, integration-value realization and productivity.
EBITDA uplift and integration-value realization by acquired brand.
| Brand | Year | Revenue | Repeat rev | EBITDA % | Integration | Status |
|---|---|---|---|---|---|---|
| Stark Carpet (flagship, 1938) | 0 | £52m | £38m | 0→19% | 100% | Core |
| Old World Weavers | 1992 | £22m | £16m | 3→8% | 96% | Integrated |
| Stark Studio Rugs | 2014 | £24m | £14m | 2→7% | 88% | Integrated |
| Scalamandré / House of Scalamandré | 2017 | £30m | £20m | 4→9% | 84% | In progress |
| Hinson & Grey Watkins | 2017 | £7m | £5m | 1→2% | 80% | Integrated |
| Ashley Stark Home | 2021 | £9m | £4m | 1→2.5% | 70% | In progress |
| Fort Street Studio | 2025 | £6m | £2m | 1→1.5% | 28% | Early |
One click into the owning view — each reads the same live governed dataset.