ScS has upped its full-year guidance after its like-for-like order growth rose by 3.9% in the 52-week period ended 30 July, 2022.
In its latest training update, the board said it was “pleased” with its positive trading, strong margin, and effective cost management during the year and therefore expects its full year profit to be ahead of market expectations.
This comes as ScS’s financial position is still “robust”, with cash currently at £70.8m and no debt as of 30 July as the group reports remaining committed to the share buyback programme announced in March 2022.
The programme’s aim is to repurchase and cancel up to £7m of its share capital. The programme is progressing well, according to ScS, and as of 30 July, the group had repurchased and cancelled 1.24 million shares.
Nonetheless, the group states that its order book sits at £71.7m, which is reportedly £31.8m lower than at the same point in the prior year yet £28.8m higher than the same point in 2019.
However, the group reports seeing a reduction in its store and online visitors, which has been attributed to the cost of living pressures and economic uncertainty. Dwindling traffic to the store has reportedly resulted in a reduction in order levels.
The group expects the low consumer confidence to continue to adversely impact the business in FY23.