23rd Sep 2021 14:43
Seraphine Group PLC - London-based maternity and nursing wear maker and retailer - Says trading in second quarter of its financial year has been "more challenging" than expected, partly due to supply chain issues from China, with "heavily delayed" arrival of sea freight since late July. As a result, Seraphine had a stock shortage through August and couldn't fully meet customer demand. Now expects half-year revenue growth to be 35% on a year before at constant currencies, slowing from 50% growth in the first quarter. Adjusted earnings before interest, tax, depreciation and amortisation is expected be about GBP2.5 million, down 15% on a year before. Interim results will be issued in December.
Looking further out, Seraphine expects full-year revenue growth to be at least as strong as in the first half and annual adjusted Ebitda to be at least level with financial 2021.
"After a strong Q1 exceeding expectations with group revenue growth of over 50%, it is extremely disappointing to have to report a weaker Q2 performance due to the significant impact of logistical headwinds and the subsequent momentum loss" says Chief Executive Officer David Williams.
After the announcement on Thursday, Williams buys 125,000 shares and Non-Executive Director Sharon Flood buys 50,000 shares, both at 200.5 pence and together worth GBP350,875. Williams now has 2.5 million shares and Flood 122,850 shares.
Current stock price: 204.18 pence, down 25% on Thursday
Year-to-date change: down 28% since July initial public offering
By Tom Waite; [email protected]
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