TFS and AVPS reported sales in store increased by EUR4.5 billion, an increase of 55% versus H1 last year. Group revenue increased by more than 50% to EUR208 million versus EUR138 million last year. Turning now to adjusted EBITDA, we have delivered a significant improvement to EUR75 million versus EUR32.6 million in the same period last year. Finally, we reported an adjusted net income for the group of EUR16 million, a significant improvement versus negative EUR13.7 million in H1 last year. Turning now to slide 18. Here, similar to Q2, we are showing the detail for H1 where we achieved 130% increase in adjusted EBITDA in H1 this year, with a 61% revenue drop through in adjusted EBITDA versus the same period last year. Starting with our adjusted EBITDA at EUR32.6 million last year.
If we look at the additional contribution of each business, we have a further EUR54 million in H1 this year and then considering EUR8.9 million of fixed costs, EUR1.6 million of scope effect and almost EUR1 million of foreign exchange impact, the group delivered an adjusted EBITDA of EUR75 million with an increase in adjusted EBITDA margin of 12 points to 36%. Now, moving to slide 19 for the DNA net finance cost. There has been a slight increase in adjusted EBITDA to EUR17.9 million in the period. On the annual basis, this give us a DNA of EUR36 million, which is in line with our current level of CAPEX. Then to the net finance cost, cost increased by EUR0.8 million to EUR24.6 million. And this was mainly due to an increase in interest cost of EUR12 million versus last year due to an increase in interest rates from 2.81% to 6.05% associated with the senior debt and revolving credit facility.
This was largely offset by the other finance costs decreasing by EUR11 million. And as a reminder in H1 last year, we’ve been impacted by the foreign exchange losses related to Certares and Knighthead equity transactions and the supplemental shareholder facility that were denominated in USD while Global Blue report in euro. Now let’s move to slide 20 for an analysis of our cash flow statement. After an adjusted EBITDA of EUR75 million and a level of CAPEX at about EUR80 million in the period, the CAPEX are essentially related to technology development. Turning now to working capital, being in the peak period of TFS activity in the first half of the year, we usually see an increase in our working capital during this period. And as a reminder, the travellers, they get refunds upfront and about two months later, we collect the VAT from the merchant or the authorities.
Here you can see that we have an outflow of EUR39.2 million for the period, but there will be a tailwind during the third quarter of our fiscal year. The interest related to our senior debt for the last six months paid in May, 2023 has also impacted the cash flow by EUR19.6 million. And finally, our net financial debt increased by EUR18.7 million versus March, 2023. Turning now to slide 21 for the debt position. As of end of September, 2023, our net financial debt amounted to EUR568.5 million, including cash and cash equivalent of almost EUR222 million. Nevertheless, knowing the recent events, I propose to jump directly on the next slide. As mentioned by Jacques in the introduction, we recently completed a $100 million strategic investment from Tencent, a world leading internet and technology company.
Tencent agreed to invest $100 million in Global Blue Common Equity at a price of $5.5 per share, generally in-line with the volume weighted average price over the previous three months. The common shares will consist of 50% primary common share to be issued by Global Blue, the process of which will be used to deliverage the company and 50% secondary common shares to be sold by affiliates of Silver Lake and Partners Group and certain member of Global Blue board and management. This represents EUR18.2 million common shares in playing an ownership in Global Blue that will be approximately 7.6% of the total issued share capital on a fewly diluted basis upon completion of the transaction. This agreement reflects confidence in the ongoing travel recovery and support the long-term leverage target of below 2.5 times net debt over adjusted EBITDA.
Turning now to slide 23 for detail on the refinancing. Our senior debt and revolving credit facility at the maturity date of August 2025. Earlier this month, we took the opportunity to renegotiate our senior debt to strengthen Global Blue balance sheet. The new agreement, which was signed on the 24th of November is comprised of a term loan of EUR610 million and a revolving credit facility of EUR97.5 million with maturity extended to 2030. The term loan has a variable rate equal to a rebate for the period plus a spread of 500 basis points per annum while the revolving credit facility has a variable interest rate equal to a rebate plus a spread of 450 basis points per annum. In that context, two public rating have been issued to Global Blue with Moody’s as an S&P attributing B1 and B plus respectively.
Turning now to slide 24, which showed the pro forma net debt. So this is here the net debt position for H1 as if the financing was in place with the RCF and drone and the supplemental shareholder facility fully repaid that leaves us with a gross financial debt of EUR610 million on a pro forma basis. Then we have 48 million of cash and cash equivalent which leave us at the end with a pro forma debt of EUR562 million. Turning now to slide 25 for the key takeaways. First, we are pleased to report a solid recovery with a significant increase in H1 revenue of more than 50% to EUR208 million. Second, thanks to the strong revenue growth and ongoing management of the cost based, we are pleased to report a strong improvement in H1 adjusted EBITDA to EUR75 million with an increase of 130% of that reported last year and with a revenue drop through of 61% in adjusted EBITDA.
