Completion of £7m Share Buyback Programmes

RNS Number : 2178Q

ScS Group PLC

17 February 2023

 

17 February 2023

 

ScS Group plc

("ScS", or the "Group")

Completion of £7m Share Buyback Programmes

Further to its announcement on 25 November 2022, the Group is pleased to announce that the share buyback programme of up to £3.1 million (the "New Programme") has been completed.

The New Programme, together with the previous programme announced by the Group on 22 March 2022, has seen a total of 4,057,981 ordinary shares repurchased and cancelled, representing 10.7% per cent of the Group's issued share capital as at 22 March 2022. In total, ScS has returned £7 million to shareholders.

The Group's issued share capital is currently 33,954,674  o rdinary shares, each with one voting right.

The total number of voting rights in the Group is therefore 33,823,314 (which excludes ordinary shares held by the Group in treasury for the benefit of its Employee Benefit Trust). This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Group under the FCA's Disclosure and Transparency Rules.

Enquiries:

ScS Group PLC Steve Carson, Chief Executive Officer Chris Muir, Chief Financial Officer	c/o Buchanan [phone]
Buchanan Richard Oldworth Toto Berger Verity Parker	Tel: [phone] [e-mail]
Shore Capital Patrick Castle James Thomas Iain Sexton	Tel: [phone]

ScS is one of the UK's largest retailers of upholstered furniture and floorings. We trade as two separate brands- the core ScS brand and the newly acquired Snug brand.

The ScS brand is promoted as the "Sofa Carpet Specialist", seeking to offer value and choice through a wide range of upholstered furniture and flooring products. The 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 brand specialises primarily in fabric and leather sofas and chairs, selling 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). It also offers a range of third party brands (which include La-Z-Boy, Ideal Home and G Plan). ScS' flooring business includes carpets, rugs, wood, laminate and luxury vinyl tiling.

Snug is an innovative digital-first sofa and sofa-bed business specialising in modular and re-configurable sofas, with quick delivery and excellent quality and customer service. Although predominantly online, Snug also operates from one store in Leeds and seven concessions throughout England.

 

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