24th Aug 2005 07:00
Development Securities PLC24 August 2005 Development Securities PLC's associated company, Stead & Simpson Group Limited, announces sales figures and updates on corporate activity Development Securities PLC announces that the Board of Stead & Simpson GroupLimited released the following announcement. Development Securities continues toown an investment of 39% in Stead & Simpson Group Limited and will maintain aclose cooperation with Stead & Simpson's management during the current salesprocess following on from the earlier strategic review. 23 August 2005 Stead & Simpson, one of the UK's largest specialist shoe retailers, announcestoday above average sales growth for first half of 2005 and that interest inbuying the company remains keen with a number of bidders accepted through to thenext stage. Like-for-like sales for the group were up 1% in the first six months of thisyear, which management believe are significantly above the market average.Sales for the group for the month of June were strong with an increase of 7% ona like-for-like basis and this has continued in July with an increase of 6%.Last week the Office of National Statistics released figures showing an increasein like-for-like retail sales for July of only 1.8%. Against a background of such positive performance in a difficult retailenvironment, competition to buy the business has remained strong and managementhave selected a number of bidders to go through to the next stage, with finalbids anticipated towards the end of August. Stead & Simpson appointed Clearwater Corporate Finance in March of this year tocarry out a strategic review to consider exit options and funding for thegroup's planned expansion. Michael Marx, Deputy Executive Chairman, Development Securities, commented: "The trading results for the first six months of 2005 are a credit to the Stead& Simpson management team. Not withstanding the current retail environment itis pleasing to see continued appetite for the business." Enquiries: Alison Howard, The Communication Group - 020 7630 3825 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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