2nd Feb 2023 13:23
(Alliance News) - Superdry PLC on Thursday refuted rumours of plans to take the company private, following press speculation on the matter.
Founder & Chief Executive Officer Julian Dunkerton said there were "no plans" to take the Cheltenham, England-base firm private "at the moment", despite significant losses over the past twelve months on the continued underperformance of its Wholesale segment.
For the six months ended October 29, the clothing retailer swung to a pretax loss of GBP17.7 million from a profit of GBP4.0 million the year prior. Revenue inched up by 3.6% to GBP287.2 million from GBP277.2 million, but Wholesale revenue declined by 5.2% due to a delayed recovery from Covid and shipment timings.
Despite his announcement on Thursday, Dunkerton nevertheless retains the right to make or participate in an offer for the company within the next six months in the following circumstances: with the agreement of the Superdry board; following the announcement of a firm intention to make an offer for Superdry by or on behalf of a third party; and where the takeover panel has determined that there has been a material change of circumstances.
No such offer has yet been made.
Superdry shares were trading 7.1% higher at 126.20 pence each in London on Thursday afternoon.
By Holly Beveridge; Alliance News reporter
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