Ideal Shopping Direct PLC
14 January 2008
FOR IMMEDIATE RELEASE 14 JANUARY 2008
Ideal Shopping Direct Plc
Pre-Close Trading Update
Ideal Shopping Direct, a leading operator of TV and internet shopping channels,
is today providing a pre close update for the 52 weeks ended 30 December 2007.
Like for like sales for the 17 week period to 30 December 2007 were up 27.7%,
taking the full year sales to £97.0 million, a like for like sales growth of
14.8%. Sales were driven by a combination of underlying productivity
improvements and a strong promotional programme, with margins maintained year on
year.
206,000 new customers were added in the second half, taking the total number of
new customers for the full year to a record 380,000. This represents a 26%
increase on the prior year.
2007 overheads include the step change increase in the cost of carriage on
Freeview, as a result of securing the platform until 2018, and full year profits
are expected to be broadly in line with market expectations, with year end cash
balances in excess of £16 million.
Commenting, Andrew Fryatt, CEO said;
"We are pleased that, despite the more challenging market background, we have
been able to demonstrate strong sales growth in the second half, and for the
year as a whole, whilst managing our working capital tightly.
All retailers remain uncertain about market conditions for the year ahead, but
we now have an excellent platform to drive the continuing growth of the business
through 2008 and beyond, on a stable cost base."
The preliminary results will be announced on 4 March 2008.
For further information please contact:
Andrew Fryatt, Chief Executive
David Blake, Group Finance Director
Ideal Shopping Direct 08700 780704
Richard Darby, Nicola Cronk
Buchanan Communications 020 7466 5000
Notes to editors:
Ideal Shopping Direct is one of the UK's leading TV home shopping retailers. It
operates three TV channels ("Ideal World", "Ideal Vitality" and "Create and
Craft") which are broadcast on Sky, with "Ideal World", its core channel, also
broadcast on Virgin and the rapidly expanding Freeview platform.
"Ideal Vitality" and "Create and Craft" are niche channels selling health and
beauty and craft products respectively, whilst "Ideal World" offers a broader
selection of general merchandise with six product categories, led by Fashion,
Leisure and Craft along with Home, Health & Beauty and Jewellery.
Ideal acquired Superstore TV, a sourcing and wholesale business supplying products
to Asda, Wilkinson and Dunelm as well as Ideal.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.