Trading Update & Refinancing

RNS Number : 5944G

ScS Group PLC

09 August 2016

 

For Immediate Release

9 August 2016

ScS Group plc

("ScS", the "Company" or the "Group")

Trading Update & Refinancing

ScS, one of the UK's largest retailers of upholstered furniture and floorings, today issues the following trading and refinancing update ahead of announcing its preliminary results for the 53 weeks ended 30 July 2016 on 4 October 2016.

We are pleased to report that momentum has continued since the trading update issued on 9 June 2016, with total like-for-like sales order intake having increased by 14.8% for the 53 weeks ended 30 July 2016.

As a result, the Group expects to report profits in line with current market expectations.

The Group is also pleased to announce the refinancing of the Company's debt facilities.  The Group has extended the maturity of its committed £12m bank facility to October 2018.  The facility has also been renegotiated at a lower margin.

David Knight, Chief Executive Officer of ScS commented:

"We are delighted that trading was strong throughout the EU referendum campaign and has continued since the vote with progress on a like for like basis in all retail categories. We are also pleased to have completed the refinancing of our bank facility."

Enquiries:

ScS Group PLC David Knight, Chief Executive Officer Chris Muir, Chief Financial Officer	c/o Buchanan [phone]
Buchanan Richard Oldworth Jane Glover Hannah Brandstaetter	Tel: [phone] [e-mail]
Investec Garry Levin David Flin George Price Alex Wright	Tel: [phone]

 

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