ScS Group PLC Full Year Trading Update (6179H)
August 05 2021 - 2:00AM
UK Regulatory
TIDMSCS
RNS Number : 6179H
ScS Group PLC
05 August 2021
For Immediate Release 5 August 2021
This announcement contains inside information for the purposes
of Article 7 of the UK Market Abuse 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")
Full Year Trading Update
Continued strong trading; full year performance for FY21 and
outlook for FY22 ahead of market expectations
ScS, one of the UK's largest retailers of upholstered furniture
and floorings, today issues the following trading update for the 53
weeks ended 31 July 2021, ahead of announcing its preliminary
results on 5 October 2021.
Order intake
Like-for-like order intake summary for the year:
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%
--------- ---------------------- --------------------
13 June 2021 to 31 July 2021 47 to 53 (45.5%) 23.7%
--------- ---------------------- --------------------
26 July 2020 to 31 July 2021 1 to 53 (1.5%) (6.5%)
--------- ---------------------- --------------------
*periods impacted by third national lockdown
**stores were closed for the majority of this period in the
prior year
As noted in our previous update on 16 June, the current and
prior year have been impacted by regional and national store
closures across the UK as a result of COVID-19. Encouragingly, when
our stores have been open performance has been strong, with the
final seven weeks of the year seeing like-for-like orders growth of
23.7% when compared to 2019. The same period in the prior year
benefited from strong pent up demand following the re-opening of
our stores in May 2020 after the first national lockdown.
Despite our stores being closed for 17 weeks in the FY21 year,
our full year like-for-like order intake was down only 6.5% on
2019.
At 31 July 2021, the Group's order book was GBP103.5m (including
VAT), GBP1.2m lower than at the same point in the prior year and
GBP60.6m higher than at the same point in 2019.
The Group's financial position remains robust, with cash at 31
July 2021 of GBP87.7m and no debt.
Outlook
The Board is encouraged by the strong trading performance since
reopening and therefore believes that the Group is in a strong
position as we enter the new financial year. The next few months
still hold a level of uncertainty, with the tone of government
messaging at present being one of caution. However, given recent
trading and the strength of the current order book, the Board's
expectations for FY21 and FY22 are ahead of current market
forecasts.
Next scheduled update
The Group will publish its preliminary results for the 53 weeks
ended 31 July 2021 on Tuesday 5 October 2021.
An analyst briefing will be held at 9.30am on the morning of the
results, details of which will be provided in due course.
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
Victoria Hayns scs@buchanan.uk.com
Tilly Abraham
Shore Capital Tel: +44 (0)207 408
Patrick Castle 4050
James Thomas
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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