29th Jan 2020 10:27
(Alliance News) - Furniture retailer ScS Group PLC on Wednesday said it performed to expectations in its first half, helped by order intake growth during a recent nine-week winter trading period.
The company also added that long-time Chief Executive David Knight will step down, handing in his 12 months notice.
In the 26 weeks to January 25, ScS said it traded in line with board expectations. Like-for-like order intake for the period is expected to fall 4.4%, however.
In the last nine weeks of the first half, which the sofa seller called a "key winter sales period", order intake climbed 1.2% year-on-year.
This was a marked improvement from the first 17 weeks which saw order intake tumble 7.1% on a like-for-like basis.
Knight, who joined ScS 32 years ago before stepping into the CEO role in January 2002, will retire from the executive role and leave the company.
ScS said: "He has given 12 months' notice in accordance with his contract and is prepared to be flexible should the appointment of his successor and a smooth handover require a little longer."
The company said a search to find his successor will begin shortly.
Chair Alan Smith said: "David has committed a very substantial part of his working career to ScS and has been pivotal to its success. We are delighted that he will remain in the role of Group CEO until we have his successor in place and ensured an orderly handover.
ScS shares were 2.6% higher at 243.24 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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