Mothercare boss Simon Calver to be 'ruthless' on costs after £103m loss The group has secured a refinancing deal with its banks HSBC and Barclays to fund the store reduction programme, increasing lending from £80m to £90m. Worldwide network sales grew by 6.4pc to £1.2bn, driven by the growth of its international business but tempered by the continued decline seen in the UK. After stripping out one-off costs such as the writedown on ELC, underlying profits plunged 94pc to just £1.6m. The group gained some market share in home and travel in the UK through the year but the rest of the market was "particularly weak." The group's international division continued to grow rapidly, with total sales up 18pc to £672.4m and underlying operating profits up 27pc to £34.9m. As part of its turnaround plan, the group pledged to accelerate international growth through targeting new markets and focusing on key growth regions such as China, India, the Middle East and Latin America. Mr Calver is likely to bring his online experience to the business after Mothercare launched its new UK website on May 1. Looking ahead, the group expects international sales to continue to grow in the financial year to next March, with around 150 new store openings and sales growth of around 20pc. In the UK, Mothercare expects the consumer environment to remain difficult and reassured that it is "planning accordingly."