ScS order intake ahead of expectations
SCS Group
270.00p
16:34 30/01/24
Furniture and flooring retailer ScS said on Tuesday that trading since the start of the new financial year has remained strong, with order intake ahead of its expectations.
General Retailers
3,915.52
17:09 25/04/24
In an update ahead of its preliminary results later in the month, the company said that as previously reported, post-lockdown trading was very strong both in store and online, with group order intake up 92.2% between 24 May and 25 July.
ScS said it was continuing to benefit from pent-up demand and an increased investment by UK consumers in their homes. In the six weeks to 5 September, like-for-like order intake has risen 51%.
"This growth, which is equivalent to £19m of additional revenue, has significantly exceeded our expectations and the board continues to be encouraged by recent trading," it said.
"The group is now entering its key autumn trading period and it remains difficult to predict the potential impact of the increased economic uncertainty, including the cessation of the government's CJRS scheme at the end of October. The group is well positioned, with our value led proposition being underpinned by a strong balance sheet."
At 1030 BST, the shares were up 12% at 175p.
House broker Shore Capital said: "We are highly encouraged at the sustained strength of current trading, whilst the group’s leading value proposition and very strong balance sheet should prove to be a major virtue given more uncertain times still look to lie ahead."