ScS is sitting pretty after six-month results

ScS chief executive David Knight
ScS chief executive David Knight
0
Have your say

Sunderland sofa giant ScS saw gross sales leap by more than 10 per cent in the last half-year.

The firm's interim results for the 26 weeks to January 23 show gross sales up 10.2% to £145.4million and total sales order intake up 9.1% on a like-for-like basis.

Gross profit increased 13.% to £64.8million and Earnings before Interest, Taxes, Depreciation, and Amortisation improved by £2million to -£1million. Operating loss was down from £5.3million to £3.4million.

Gross sales in the firm's concessions in House of Fraser stores were up by more than 18 per cent and on-line gross sales by more than 17 per cent.

Chief executive David Knight said: "We are delighted to be reporting significant growth across all areas of the group in the first half of the current financial year.

"These results demonstrate the progress that has been made in developing ScS into a strong national brand with three very clear retail offers - upholstered furniture, flooring and our House of Fraser concessions, all supported by an improving on-line platform.

"Our sales order intake is the highest ever achieved in this period and is up 9.1% on a like-for-like basis, a strong performance against tough prior year like-for-like comparatives.

"Current trading, supported by enhanced marketing spend, remains strong with like-for-like sales orders up 12.0% for the first 37 weeks of the finacnial year, including the key Easter sales period.

"This gives us good visibility for the second half and, although the key May Bank Holiday day trading period is still to come, the board currently expects results for this financial year to be modestly ahead of market expectations.

"Looking to the future, we are excited about our growth prospects, including the continued growth from our concession agreement with House of Fraser, our flooring offering and on-line proposition.

"We continue to identify new store opportunities for further growth within our target areas. The Group's cash flow dynamics and committed bank facilities underpin the strong financial position which will support our ambitions for future growth and deliver value for our shareholders. To reflect this confidence, the Board is today declaring an interim dividend of 4.67p per share."