The following amendment has been made
to the 'AGM Trading Update' announcement released on 3 June 2024 at
0700 under RNS No 7504Q.
The original announcement noted that
"The person responsible for releasing the announcement is Matthew
Biddy, CFO of Hostmore plc." This has been corrected to read "The
person responsible for releasing the announcement is Matthew Bibby,
CFO of Hostmore plc."
All other details remain
unchanged.
The full amended text is shown
below.
NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
This announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and
is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
3 June 2024
Hostmore
plc
AGM Trading
Update
In conjunction with today's Annual
General Meeting of shareholders, Hostmore plc (together with its
subsidiaries, the "Group") announces an update on trading for the
20 weeks ended 19 May 2024.
Year-to-date LFL sales were 10%
lower versus the same period for 2023. However, EBITDA (FRS102)
continues to perform ahead of 2023, with the first four months to
the end of April higher by £3.3 million versus the same period for
2023.
The final two 63rd + 1st store
locations are expected to be closed by 30 June 2024, with the
brand's supply chain and support function expense having now been
removed, improving future EBITDA performance for the
Group.
It is the Board's expectation that
net debt will reach a peak for the year at the end of Q3, a quarter
later than typically experienced, due to lower revenues and the
payment of transaction fees as they fall due of approximately £3
million related to the proposed all-share acquisition of TGI
Fridays Inc. announced on 16 April 2024 (the "Acquisition").
The Board's expectation for net debt does not give effect to
completion of the Acquisition, as the existing net debt of the
Group is expected to be repaid on or shortly after completion of
the Acquisition.
Update on the TGI Fridays
Acquisition:
•
The refinancing process of the combined group has received interest
from numerous lenders and is currently under exclusivity with one
party to agree a package
•
The share purchase agreement formalising the transaction is
expected to be signed shortly after financing is agreed
•
The transaction remains on schedule to reach binding terms and
complete before the end of Q3 2024
The person responsible for releasing
the announcement is Matthew Bibby, CFO of Hostmore plc.
ENDS
Enquiries
Hostmore plc
Matthew Bibby, Chief Financial
Officer
Tel: +44 (0)330 460 5588
Email: enquiries@hostmoregroup.com
Dentons Global Advisors
Jonathon Brill, James
Styles
Tel: +44 (0)20 7664 5095
Email: Hostmore@dentonsglobaladvisors.com
