Trading Update and Directorate Change

RNS Number : 7707V

ScS Group PLC

12 August 2015

 



For Immediate Release	12 August 2015

ScS Group PLC

("ScS" or the "Company")

Trading Update and Directorate Change

ScS, one of the UK's largest retailers of upholstered furniture and floorings, today provides an update on trading for the year ended 25 July 2015, ahead of announcing its Full Year Results on 29 September 2015.

Further to the last update on 7 May 2015, trading has improved in the final quarter of the financial year and as a result total like-for-like order intake for the 26 weeks to 25 July 2015 was up 1.4% on last year.

Total like-for-like sales for the year to 25 July 2015 were up 5.0% on last year.

The Board therefore today confirms that it expects to report results in line with current market expectations for the year ended 25 July 2015 and remains committed to £5.6 million in total dividend payments to shareholders in relation to the 2015 financial year.

In addition, the Board announces that Ron Turnbull, Chief Financial Officer and Executive Director, has decided to step down from the Board and resign from the Company. Ron will remain in his role for as much of the current financial year as is necessary to ensure a smooth handover to his successor once appointed. The Board has started an external search process to find a new Chief Financial Officer. Further announcements will be made in due course.

Alan Smith, Chairman, said:

"I'm pleased to report that sales have recovered in the final quarter of the financial year and the Company has entered the New Year well positioned for future growth.

"I would like to thank Ron for his significant contribution to ScS over the last 11 years; in particular for the key role he played in achieving a successful IPO for the Group in January of this year. I and the Board wish him every success for the future."

Ron Turnbull commented:

"I am proud of what we have achieved at ScS over my time with the Company. However, after 11 years at ScS I feel that now is the right time for me to pursue new opportunities. I wish everyone at and working with ScS well and I am confident that the business will continue to go from strength to strength."

Enquiries:

ScS Group PLC David Knight, Chief Executive Officer Ron Turnbull, Chief Financial Officer	c/o Buchanan [phone]
Buchanan Mark Edwards / Gabriella Clinkard / Jane Glover	Tel: [phone] [e-mail]

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 currently trades from 97 stores.

In 2014 ScS began to operate the furniture and carpet concession ranges for the House of Fraser "For Living" brand. ScS currently operates in 30 House of Fraser stores across the UK.

 

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