ScS lifts annual outlook despite drop in like-for-like orders

(Alliance News) - ScS Group PLC on Tuesday reported its expectations for the year ended July 31 ...

Alliance News 5 August, 2021 | 2:21PM
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(Alliance News) - ScS Group PLC on Tuesday reported its expectations for the year ended July 31 are ahead of market expectations, despite stores being closed for 17 weeks due to Covid-19.

Shares in furniture and flooring retailer ScS were up 9.1% at 316.52 pence in London on Thursday.

The Sunderland-based company's like-for-like order intake for 2021 was 1.5% lower than 2020 and 6.5% lower than pre-pandemic times in 2019.

Like-for-like orders in the final seven weeks of 2021 climbed 24% when compared to 2019.

It tipped UK store closures generated pent up demand in 2020 and 2021, benefiting like-for-like orders when stores re-opened.

Its order book for the year end was GBP103.5 million, 1.2% lower than 2020 but more than doubled from 2019. The company's order book was GBP42.9 million for the same period in 2019.

"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," said ScS.

"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."

The retailer ended 2021 with no debt.

By Josie O'Brien;

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
ScS Group PLC 274.00 GBX 1.48 -

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