12th Apr 2016 06:55
LONDON (Alliance News) - ScS Group PLC on Tuesday reported a narrowed pretax loss in the first half of its financial year and said it expects its full-year results to be "modestly" ahead of market expectations.
The furniture and floorings retailer said its pretax loss in the 26 weeks ended January 23 narrowed to GBP3.4 million from GBP13.1 million in the same period the year before, as revenue grew to GBP137.7 million from GBP125.0 million.
ScS said total sales order intake was up 9.1% in the period on a like-for-like basis, helping to boost overall revenue. Upholstered furniture gross sales in ScS stores rose by 6.9%, while flooring gross sales in ScS stores increased by 15%. Online gross sales grew by 17% and gross sales from the House of Fraser concession were up by 18%.
Profit also benefited from the absence of exceptional and net finance costs. ScS booked GBP7.8 million of those costs in the comparative period a year earlier.
ScS will pay an interim dividend of 4.67 pence, up from 2.8p the year before.
"Current trading, supported by enhanced marketing spend, remains strong with like-for-like sales orders up 12.0% for the first 37 weeks of financial 2016, including the key Easter sales period," Chief Executive David Knight said in a statement.
"This gives us good visibility for the second half and although the key May bank holiday day trading period is still to come, the board currently expects results for this financial year to be modestly ahead of market expectations," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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