ScS Group PLC Trading Update (0105C)
16 Junio 2021 - 1:00AM
UK Regulatory
TIDMSCS
RNS Number : 0105C
ScS Group PLC
16 June 2021
For Immediate Release 16 June 2021
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018
ScS Group plc
("ScS", or the "Group")
Trading Update
Current trading very strong and the Board now expects FY21 to be
ahead of market expectations
Outlook for FY22 substantially better than current market
forecasts
Resumption of dividends with interim dividend declared today
ScS, one of the UK's largest retailers of upholstered furniture
and floorings, today issues the following trading update for the 46
weeks ended 12 June 2021.
Order intake
As previously reported, the Group experienced strong order
intake growth over the first 21 weeks of the financial year despite
the impact of further temporary regional and national store
closures across the UK as a result of COVID-19. Increased
restrictions across the UK meant our stores were closed from late
December onwards, with our Scottish stores opening on 5 April,
followed by our English and Welsh stores on 12 April.
Period Weeks Like-for-like order Like-for-like order
intake vs prior year intake vs 2019
26 July to 19 December 1 to 21 12.4% 6.6%
--------- ---------------------- --------------------
20 December to 23 January 22 to 26 (65.2%) (65.9%)
--------- ---------------------- --------------------
26 July 2020 to 23 January 2021 1 to 26 (9.1%) (13.1%)
--------- ---------------------- --------------------
24 January to 3 April 21 27 to 36 (82.9%) (86.2%)
--------- ---------------------- --------------------
4 April 2021 to 12 June 2021 37 to 46 370.8%* 79.0%
--------- ---------------------- --------------------
26 July 2020 to 12 June 2021 1 to 46 10.6% (9.5%)
--------- ---------------------- --------------------
*stores were closed for the majority of this period in the prior
year
The Board is delighted to report that, following the reopening
of our stores, performance has been very encouraging. T he Board
expects full year performance for FY21 to be ahead of market
expectations.
The launch of the new website, coupled with a number of
initiatives completed in the year, has seen the Group's online
sales channel continue to make good progress, with a year to date
increase in order intake of 95.3% when compared with the same
period in the prior year (+165.0% on a two year basis).
As at 12 June 2021, the Group's order book was GBP116.6m
(including VAT), GBP39.0m larger than at the same point in the
prior year.
Liquidity
The Group has maintained a robust balance sheet, with cash at 12
June 2021 of GBP101.3m and no debt. Further liquidity is available
through the three year GBP20.0m CLBILS revolving credit facility
(RCF) granted on 25 August 2020.
Furlough
Given the encouraging trading performance, and in line with the
intention outlined in our half year results announcement, the Board
confirms that the Group has repaid the GBP3.0m Coronavirus Job
Retention Scheme (CJRS) grants previously claimed in relation to
the current financial year.
Dividend
The strength of the Group's balance sheet, coupled with the
robust trading experienced since our stores opened in April, has
provided the Board with the confidence to recommence dividends,
starting with an interim dividend of 3.0p per share which is being
declared with this update. The dividend will be paid on 24 July
2021 to shareholders on the register on 9 July 2021. The
ex-dividend date is 8 July 2021.
Outlook
The Board is encouraged by the Group's strong trading
performance since reopening. Whilst some uncertainty persists
relating to the end to all Covid restrictions, the Board believes
the Group is well positioned to maximise opportunities for growth.
The Group has a robust balance sheet and the re-introduction of
dividends today reflects the Board's confidence in the business
going forward. As such, and given the strength of the current order
book, the Board's outlook for FY22 is substantially better than
current market forecasts.
David Knight's handover to the new CEO Steve Carson has
progressed as planned and Steve has now assumed responsibility for
the day to day running of the business, with David remaining
available to support as and when required.
Next scheduled update
The Group will provide a trading update for the 53 weeks ending
31 July 2021 on Thursday 5 August, ahead of publishing its
preliminary results for the year on Tuesday 5 October 2021.
Enquiries:
ScS Group PLC c/o Buchanan +44 (0)20
Steve Carson, Chief Executive Officer 7466 5000
Chris Muir, Chief Financial Officer
Buchanan Tel: +44 (0)20 7466
Richard Oldworth 5000
Tilly Abraham scs@buchanan.uk.com
Charlotte Slater
Shore Capital Tel: +44 (0)207 408
Patrick Castle 4050
James Thomas
Sarah Mather
Notes to Editors
ScS is one of the UK's largest retailers of upholstered
furniture and floorings, promoting itself as the "Sofa Carpet
Specialist", seeking to offer value and choice through a wide range
of upholstered furniture and flooring products. The Group's product
range is designed to appeal to a broad customer base with a
mid-market priced offering and is currently traded from 100
stores.
The Group's upholstered furniture business specialises primarily
in fabric and leather sofas and chairs. ScS sells a range of
branded products which are not sold under registered trademarks and
a range of branded products which are sold under registered
trademarks owned by ScS (such as Endurance, Inspire and SiSi
Italia). The Group also offers a range of third-party brands (which
include La-Z-Boy and G Plan). The Group's flooring business
includes carpets, as well as laminate and vinyl flooring.
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END
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