Seraphine Group PLC Trading Statement (6824M)
23 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMBUMP
RNS Number : 6824M
Seraphine Group PLC
23 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
23 September 2021
Seraphine Group plc
("Seraphine" or the "Group")
Trading Update
Seraphine, an international digitally-led maternity and nursing
wear brand, today provides an update on trading following its
admission to the London Stock Exchange on 16 July 2021.
The Group experienced a strong Q1 (13 weeks to 4th July 2021)
with better than expected demand for higher priced categories and
delivered year on year Group revenue growth of greater than 50%.
However, trading in the second quarter has been more challenging
than the Board anticipated.
The Group, along with the wider market, experienced supply chain
issues from China due to the heavily delayed arrival of sea freight
from late July. Whilst these stock issues have now been fully
resolved, this meant that the Group had a stock holding
significantly below plan from late July through to the end of
August and was unable to fully satisfy customer demand. As a
result, the Group experienced a loss of momentum on its own digital
platform as it exited the summer months, capturing fewer customers
at the beginning of their maternity cycle. This resulted in
marketing spend in the period being less effective due to the lower
mix of returning customers in the key Q2 trading month of
September. Digital Partnerships are performing well, with the
second quarter benefiting from a full impact of the Zalando
partnership, however the physical retail environment remains
challenging for the Group's eight retail stores.
As a result the Group now expects H1 year on year revenue growth
to be circa 35% on a constant currency basis (circa 30% on variable
currency) and Adjusted EBITDA pre-IFRS16 to be circa GBP2.5m (circa
15% below previous year).
Looking ahead to the full year, should the recent trends
continue, the Group would expect revenue growth to be at least in
line with H1 and profit to be at least in line with FY21 (on an
Adjusted EBITDA pre-IFRS16 basis).
The management team is implementing the following actions which
could lead to an improved full year outturn:
-- Marketing effectiveness: optimisation and redistribution of
marketing spend in favour of demand creation channels to rebuild
momentum
-- Supply Chain / Logistics: building more time contingency into the design and supply process
-- New market launches: the Group remains on track to launch a
dedicated eCommerce site for the Netherlands in the coming weeks
and to expand its Digital Partnership with Zalando into more
Northern European Markets
David N Williams, CEO of Seraphine said:
"After a strong Q1 exceeding expectations with Group revenue
growth of over 50%, it is extremely disappointing to have to report
a weaker Q2 performance due to the significant impact of logistical
headwinds and the subsequent momentum loss. I believe the actions
we are taking are the right ones to ensure an improved second half
performance and I remain fully confident in the future prospects
for Seraphine."
The Board will provide a further update in the Group's Interim
Results which are expected to be published in December 2021.
This announcement has been released by JTC (UK) Limited, Company
Secretary on behalf of Seraphine.
Enquiries
For further information, please contact:
Seraphine Group plc via FTI Consulting
David N Williams, Chief Executive Officer
John Bailey, Finance Director
FTI Consulting (PR adviser to Seraphine) +44 (0)20 3727 1000
Alex Beagley Seraphine@fticonsulting.com
Fern Duncan
Rafaella de Freitas
Numis Securities Limited (Broker to Seraphine)
Garry Levin
Tom Jacob
Jonny Abbott
William Wickham +44 (0)20 7260 1205
About Seraphine
Seraphine is an international digitally-led maternity and
nursing wear brand with a diverse range of innovative maternity and
nursing products serving an under-competed global market.
Seraphine was founded in 2002 with the vision of creating
desirable clothes which women would want to wear even if they were
not pregnant, and this ethos remains true to this day. The Group
has over 18 years' experience designing and developing maternity
and nursing wear for women from first trimester to post-partum and
nursing products.
The Group has achieved global brand recognition through its
rapidly growing digital platform, which in the year to 4 April
2021, contributed to approximately 89% of revenue. The Group
currently exports products to customers in over 120 countries
globally, with the Group's largest markets being Europe, North
America and the UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBIGDCUSDDGBD
(END) Dow Jones Newswires
September 23, 2021 02:00 ET (06:00 GMT)
Seraphine (LSE:BUMP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Seraphine (LSE:BUMP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024