TIDMSCS
RNS Number : 3832G
ScS Group PLC
25 November 2020
For Immediate Release 25 November 2020
ScS Group plc
("ScS", or the "Group")
AGM Statement & Board Changes
Trading in line with the Board's expectations; new CEO
appointed
ScS, one of the UK's largest retailers of upholstered furniture
and floorings, provides the following update ahead of the Company's
Annual General Meeting ("AGM") to be held at 14:00 today at its
registered office, ScS, 45-49 Villiers Street, Sunderland, SR1 1HA.
At the meeting, Alan Smith, Chairman, will provide an update on the
following matters:
Trading
Period Weeks Like-for-like order
intake vs prior year
26 July to 31 October 1 to 14 31.7%
--------- ----------------------
1 November to 21 November 15 to 17 (65.2%)
--------- ----------------------
26 July to 21 November 1 to 17 15.0%
--------- ----------------------
The Group had a positive start to the year with 14 weeks of
strong order intake growth to 31 October 2020. As expected, the
Welsh firebreak and the second lockdown currently in operation in
England has impacted trading over the recent weeks. Temporary store
closures impacting the period to date are as follows:
-- Wales, 7 stores - 23 October to 8 November
-- England, 81 stores - 5 November to 2 December
Trading since the second lockdown commenced has been similar to
that experienced during the initial lockdown, where, given the
tactile nature of our products, the majority of customers waited
until stores re-opened to try our product in person before making
their purchasing decision.
Unlike the first national lockdown, and in line with government
guidelines, our regional distribution centres have remained
operational and continue to deliver goods to our customers.
Whilst it is too early to provide clarity on the outlook for the
weeks and months ahead, we are encouraged by the trading pattern
the Group experienced following the first lockdown, when the
business benefited from significant pent up demand and an increased
level of investment by UK consumers in their homes. Whether this
trend repeats itself following the second lockdown remains to be
seen, however, the Group has built a strong balance sheet and has
worked hard to ensure it is as resilient as it can be.
At 21 November 2020, the Group's cash balance totalled GBP113m
and had no debt. Further liquidity is available through the
GBP20.0m CLBILS revolving credit facility (RCF) granted on 25
August 2020.
Despite the uncertainty, the focus on our value led proposition
has proved successful to date and we are confident it will continue
to appeal to consumers who want to buy great products at the lowest
possible price.
Board Changes
The Board is delighted to announce the appointment of Steve
Carson to the Board as Group CEO to lead ScS following David
Knight's planned retirement next year. Steve will join the Group on
6 January 2021 for a period of handover before David leaves the
Group in July 2021.
Steve brings deep knowledge and experience in retail and
leadership after an extensive career in the sector, most recently
as Group Managing Director of Holland and Barrett. Prior to this,
Steve held a number of roles at Home Retail Group plc ('HRG'),
which owned a number of well-known brands such as Argos, Homebase
and Habitat. Steve latterly served as Director of Retail and
Customer Operations and a Board member from 2014-2018, during which
time HRG was acquired by Sainsbury's plc, where Steve had also
begun his career. Having worked across a number of national
household brands, Steve's key expertise is in managing and
optimising all areas of the store network, leading national teams
and driving digital innovation.
Alan Smith, Chairman of ScS, commented on the appointment:
"Finding a successor to a CEO as capable and long serving as
David has not been easy but I believe that, in Steve, we have found
an executive with the right mix of experience, skills and
personality to take the Group forward. This early appointment will
allow Steve ample time to meet all the ScS team and understand the
Company's approach to its customers. On behalf of the Board, I
warmly welcome Steve to ScS."
Steve Carson commented:
"I am delighted to be joining ScS and look forward to getting to
know the ScS team, the Board and our external partners as we build
on our successes, identify new and exciting opportunities and
together embark on the next stage of the ScS evolution."
No information is required to be disclosed pursuant to LR 9.6.13
R .
Enquiries:
ScS Group PLC c/o Buchanan +44 (0)20
David Knight, Chief Executive Officer 7466 5000
Chris Muir, Chief Financial Officer
Buchanan Tel: +44 (0)20 7466 5000
Richard Oldworth scs@buchanan.uk.com
Tilly Abraham
Charlotte Slater
Shore Capital Tel: +44 (0)20 7408 4050
Patrick Castle
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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