SCS Group earnings ahead of full year expectations

Furniture and flooring retailer SCS Group said Thursday that full-year earnings exceeded market expectations thanks to positive trading, strong margins and effective cost management.

SCS said comparable orders were up 3.9% year-on-year in the twelve months to July 30, but the group acknowledged that 2021 trading was impacted by the Covid pandemic -19.

Compared to 2019, SCS said there was a 3.9% reduction in orders, with the latest period unaffected by the pandemic.

At the end of the period, SCS’s order book was £71.7 million, which was £31.8 million less than at the same time a year earlier and £28.8 million sterling more than at the same time in 2019.

SCS also noted that it had seen a reduction in the number of in-store and online visitors, resulting in lower order levels, due to declining consumer confidence due to cost of living and climate pressures. economic uncertainty.

“We expect low consumer confidence to continue to negatively impact the group in FY23. However, the group is in a strong position as we enter the new financial year, and the Strategic progress over the past 12 months means we are well positioned to capture market share and maximize opportunities in a challenging environment,” SCS said.

At 1010 BST, SCS shares were down 1.65% at 149.0p.

Reporting by Iain Gilbert on