WH Smith PLC Financing and Trading Update (5580R)
09 Marzo 2021 - 1:00AM
UK Regulatory
TIDMSMWH
RNS Number : 5580R
WH Smith PLC
09 March 2021
WH Smith PLC
Financing and Trading Update
9 March 2021
WH Smith PLC (the "Group") today announces it has successfully
extended its bank financing arrangements with its existing
banks.
The Group has extended the maturity of its two existing GBP200m
Term Loans to October 2023 and agreed a new minimum liquidity
covenant for both the August 2021 and February 2022 covenant tests.
The previously agreed covenant waiver for February 2021 remains
unchanged. These changes have enabled the Group to cancel its
existing GBP120m liquidity loan which was undrawn and due to expire
in November 2021. The Group's GBP200m Revolving Credit facility
remains unchanged with the current arrangement due for renewal in
December 2023.
As at 28 February 2021, the Group had cash on deposit of GBP52m
with GBP50m of known commitments (rents, restructuring charges and
outstanding creditors) and access to GBP200m of committed
facilities.
The Group's debt position is as follows:
Quantum Drawn Maturity
Available facilities
-------------- --------------
GBP200m Revolving Credit GBPNil* December 2023
facility
-------------- --------------
Existing debt
-------------- --------------
GBP200m Term Loan GBP200m October 2023
-------------- --------------
GBP200m MRG Loan GBP200m October 2023
-------------- --------------
*As at 28 February 2021
Current Trading
As reported on 20 January 2021, the Group was cash positive in
November and December 2020. Despite the lockdown announced by the
UK Government on 4 January 2021, the Group has delivered a better
than expected performance.
We adapted well to the evolving trading environment on the high
street, despite reduced footfall, with revenue in our High Street
business in January 2021 at 74% of 2019 levels and 84% of 2019
levels in February 2021, ahead of our expectations. Within our High
Street business, we continue to see significant growth from our
online businesses. Our online greeting cards business,
funkypigeon.com, saw record sales for the Valentine's day
period.
In Travel, we continue to see the same broad trends as we
reported in January. Total revenue in January 2021 was 35% of 2019
levels and 33% of 2019 levels in February 2021. North America
continues to be our best performing market in Travel.
As a result of our better than anticipated trading performance
since the start of January 2021, our cash burn has improved. We now
expect the monthly cash burn over the period January to March 2021
to be approximately GBP12m-GBP17m versus the previously guided
GBP15m-GBP20m per month.
Interim Results
The Group will announce its Interim Results on Thursday 29 April
2021.
Enquiries:
WH Smith PLC
Nicola Hillman Media Relations 01793 563 354
Mark Boyle Investor Relations 07879 897 687
Brunswick
Tim Danaher 020 7404 5959
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END
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