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Preliminary Results for SCS

ScSCroydonScS, one of the UK's largest retailers of upholstered furniture and floorings, has announced its Preliminary Results for the 52 weeks ended 29 July 2017.

  • ScS Group plc
  • ("ScS" or the "Group")
  • Preliminary results for the year ended 29 July 2017
  • Growth delivered, resilience increased

Financial highlights:

• Gross sales improved 4.4% to £349.5m (2016: £334.7m)
• Revenue improved 4.9% to £333.0m (2016: £317.3m)
• EBITDA increased 8.4% to £17.4m (2016: £16.0m)
• Operating profit increased 8.8% to £12.0m (2016: £11.0m)
• Like-for-like orders declined 0.7% against very strong comparatives
• Two year like-for-like order intake growth of 14.3%
• Earnings per share of 23.5p (2016: 21.8p)
• Free cash flows in the year of £23.6m, including a £12.5m working capital improvement
• Strong balance sheet with cash of £40.1m (2016: £22.4m) and no debt
• Recommended final dividend of 9.80p per share, full year dividend of 14.70p per share (2016: 14.50p), an increase of 1.4%

Current trading and outlook:

• Sales order intake up 3.0% on a like-for-like basis for the 9 weeks to 30 September 2017
• Trading since the start of the year in line with the Board's expectations

David Knight, Chief Executive Officer of ScS commented:

"We are delighted to be reporting continued sales growth across all areas of the Group for the third year in a row. The core ScS business has continued to focus on providing excellent choice, value and quality for our customers, and I am pleased to see this delivering record results in furniture and flooring sales.

The Group saw a £15.7m (4.9%) increase in revenue in the year to £333.0m (2016: £317.3m). Gross profit increased to £153.7m (2016: £149.1m), EBITDA increased 8.4% to £17.4m (2016: £16.0m) and profit before tax rose 9.9% to £12.0m (2016: £10.9m).

Since the start of the current financial year, trading performance has been in line with our expectations. Furthermore, we believe the Group's increasing resilience will enable us to manage the continued economic uncertainty and take advantage of opportunities."