RNS Number : 0147N
Luminar Group Holdings PLC
25 August 2011
Luminar Group Holdings plc
TRADING AND BANKING UPDATE
Luminar Group Holdings plc ("Luminar" or the "Group") today announces an extension to the waiver granted in May by its banking group, comprising Lloyds TSB Bank plc, Barclays Bank plc and The Royal Bank of Scotland plc (the "Banking Group") until 27 October 2011 and provides a trading update for the half year period ending on 27 August 2011.
Luminar has agreed with its Banking Group an extension to the covenant waiver granted by the Banking Group in May this year which would otherwise have expired on 27 August 2011. The waiver has now been extended until 27 October 2011 to enable Luminar to continue constructive discussions with the Banking Group in respect of a longer term restructuring of the Group's debt arrangements. During the waiver period, the Banking Group have agreed to continue to afford Luminar flexibility in managing its liquidity levels. Luminar continues to have a close relationship with its Banking Group which remains supportive of the Group's management and strategy.
Trading for the 25 weeks to 20 August 2011 has remained challenging. Same outlet sales for the 25 weeks were down 11.7% reflecting these on-going trading conditions. Whilst overall trading has shown gradual improvement over the period, the civil unrest during August had an adverse effect with trading in certain locations materially impacted. The 13 week period prior to the civil unrest showed same outlet sales down 7.9%.
During the period, the Group has disposed of 4 properties which have generated a net cash inflow of £3.7m.
Luminar will announce its interim results for the 26 week period to 27 August 2011 on 27 October 2011.
25 August 2011
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Enquiries:
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Luminar Group Holdings plc
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Tel: 01908 544100
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Simon Douglas, Chief Executive
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Philip Bowcock, Finance Director
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College Hill
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Tel: 020 7457 2020
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Matthew Smallwood
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Jamie Ramsay
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This information is provided by RNS
The company news service from the London Stock Exchange
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