ScS upgrades FY21 outlook amid ‘strong’ trading
Following its strong performance, the group has made the division to restart its dividends, a move that it said reflects its ‘confidence’ in the business going forward
ScS has announced that it now expects its full year performance for FY21 to be ahead of market expectations, following a “very encouraging” performance since the reopening of its stores.
The group also experienced strong order intake growth over the first 21 weeks of the financial year despite the impact of further temporary regional and national store closures across the UK as a result of the pandemic.
Increased restrictions across the UK meant its stores were closed from late December onwards, with Scottish stores opening on 5 April, followed by English and Welsh stores on 12 April.
Its optimistic trading update comes as the group was “encouraged” by the strong trading performance since reopening. It said that whilst some uncertainty persists relating to the end to all Covid restrictions, it believes ScS is “well positioned” to maximise opportunities for growth.
Meanwhile, the launch of the new website has seen the group’s online sales channel continue to make good progress, with a year to date increase in order intake of 95.3% when compared with the same period in the prior year.
Following its strong performance, the group has made the division to restart its dividends, a move that it said reflects its “confidence” in the business going forward. The first payment is expected on 24 July 2021.
In light of this, and given the strength of the current order book, its outlook for FY22 is “substantially better” than current market forecasts.
