Half Year Trading Update & Board Change
|
For Immediate Release |
29 January 2020 |
ScS Group plc
("ScS", or the "Group")
Half Year Trading Update and Board Change
Trading for the Group in line with the Board's expectations
ScS, one of the UK's largest retailers of upholstered furniture and floorings, today issues the following trading update ahead of announcing its interim results for the 26 weeks ended 25 January 2020 on 17 March 2020.
The Group has traded in line with the Board's expectations in the first half of the financial year. Encouragingly, the last nine weeks, which includes the key winter sales period, has seen like-for-like order intake growth of 1.2% when compared to the same period in the prior year. This is an improvement on trading for the first 17 weeks of the year, which had a like-for-like order intake decline of 7.1%. This has resulted in a like-for-like order intake decrease for the 26 weeks ended 25 January 2020 of 4.4% and a two year like-for-like order intake decrease of 2.9%.
The Group continues to focus on building a flexible and resilient business, whilst delivering a value proposition with excellent customer service. Whilst we are mindful of the continued economic uncertainty and subdued consumer confidence, we believe that this focus puts us in a strong position to take advantage of opportunities which will add value in the longer term.
Board change
David Knight, the Group CEO, who joined the business 32 years ago, has decided to retire from full time executive responsibilities and will be leaving the Group. He has given 12 months' notice in accordance with his contract and is prepared to be flexible should the appointment of his successor and a smooth handover require a little longer. A search process to identify David's successor will commence shortly.
Alan Smith, Chairman, commented "David has committed a very substantial part of his working career to ScS and has been pivotal to its success. We are delighted that he will remain in the role of Group CEO until we have his successor in place and ensured an orderly handover. On behalf of the Board, shareholders and all other ScS stakeholders, I thank David for his outstanding contribution to the Group and wish him the best of health and happiness for his life beyond ScS."
Enquiries:
|
ScS Group PLC David Knight, Chief Executive Officer Chris Muir, Chief Financial Officer |
c/o Buchanan +44 (0)20 7466 5000 |
|
Buchanan Richard Oldworth Tilly Abraham Charlotte Slater |
Tel: +44 (0)20 7466 5000 |
|
Shore Capital Patrick Castle James Thomas |
Tel: +44 (0)207 408 4050 |
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 and SiSi Italia). The Group also offers a range of third party brands (which include La-Z-Boy, G Plan and Parker Knoll). The Group's flooring business includes carpets, as well as laminate and vinyl flooring.
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.
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