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Studio profits rise amid ‘strong’ Q3 trading

In its latest update, the group confirmed it was undertaking a ‘comprehensive’ review of potential strategic options, which includes a formal sale process for the business

Online retailer Studio has welcomed “record” levels of trading during its third quarter ended 25 December 2020, with product sales up 32% against the prior year. 

In light of continued strong trading trends, its unaudited pre-tax profit for the 39 weeks to the end of December 2020 was around £16m ahead of the equivalent period in FY20.

The group’s customer base now stands at 2.3 million, and nearly 1 million customers have now downloaded the Studio App, which has produced over 20% of sales in 2020. 

Its education resources provider, Findel Education, also saw improving rates of sales growth, with total Q3 sales up 15% against 2019. According to the group, the recent school closures announcement will “inevitably” lead to a sales reduction in the coming weeks, however.

In its latest update, the group confirmed it was undertaking a “comprehensive” review of potential strategic options to maximise value for shareholders. This includes a sale of the business through a formal sale process. 

It confirmed that a sale process is ongoing, and further announcements will be made “as appropriate”.

Phil Maudsley, group CEO, said: “This was an outstanding Q3 and peak trading performance across the Studio business. The strong sales momentum continued through the period, demonstrating the strength and attractiveness of our online value retail offer.

“I am hugely proud of all my Studio colleagues and I would like to thank them for their role in successfully serving more customers than ever before.”

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