12th Aug 2015 07:04
LONDON (Alliance News) - Furniture and floorings retailer ScS Group PLC on Wednesday said it saw improved trading in the final quarter of its financial year and said its full-year results will meet market expectations.
ScS said trading was stronger in the fourth quarter of its financial year to July 25, with like-for-like order intake for the year rising 1.4% year-on-year in the second half following the acceleration in the last three months. Total like-for-like sales in the full year were up 5.0%, ScS said.
As a result, ScS said its results should be in line with market expectations and added it remains committed to its dividend payout policy.
In addition, ScS said Chief Financial Officer and Executive Director Ron Turnbull has stepped down from his role as the company, but will remain in place until the end of its current financial year. The group has started the search for his replacement.
"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," said Chairman Alan Smith.
ScS shares were down 6.7% to 133.8 pence on Wednesday morning, one of the worst performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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