Upholstered furniture and flooring retailer ScS has announced it’s on track to deliver a full year profit before tax in line with market expectations.
According to its interim results for the 26 weeks ended 29 January 2022, total sales were down 16.9% to £151.5m from £182.3m over the comparable period, while the loss before tax stood at £3.6m.
ScS reported one year like-for-like order intake growth of 16.6%, while two year like-for-like order intake was in line with that achieved in H1 FY20.
Online orders increased 55.8% compared to H1 FY20, while its order book remained strong at £148m, double the size when compared to that at 25 January 2020.
Steve Carson, Chief Executive Officer of ScS, commented: “We are pleased with trading and the progress made to date delivering our new strategic growth plan. The dedication of our colleagues continues to be instrumental in the success of the Group and I would like to thank them for their ongoing commitment and efforts.
“Like many retailers, supply chain disruption has impacted the Group’s first half results. Whilst this has been frustrating it has enabled the business to accumulate a strong order book and we are focused on delivering it through the second half of the year. We are progressing our strategic goals, whilst maintaining strong cost control and cash management.
“We are mindful of the ongoing impact of inflationary pressure on the Group, its customers and suppliers. Whilst we have no suppliers who manufacture in Ukraine, Russia or Belarus, we are deeply saddened by the conflict.
“The Board’s confidence in the future of the Group is demonstrated by the 50% increase in the interim dividend and the commencement of a £7m share buyback programme. Financially the Group remains strong, with good cash flows and a strong balance sheet. Given the Group’s positive trading, we remain on track to meet full year market expectations.”