Koovs PLC Second Quarter Trading Update (3932R)
29 Outubro 2019 - 4:00AM
UK Regulatory
TIDMKOOV
RNS Number : 3932R
Koovs PLC
29 October 2019
29 October 2019
Koovs plc
("Koovs" or the "Company")
Second Quarter Trading Update
Koovs plc (AIM: KOOV), the Western fashion experts for online
Indian consumers, provides an update on its trading performance for
the three months to 30 September 2019, being the second quarter of
its 2020 financial year ("Q2 2020").
Key Q2 2020 Highlights
-- Gross Order Value ("GOV") increased by 100% to GBP5.0m (Q2 2019: GBP2.5m)
-- Trading margin* increased to 12% (Q2 2019: 7%)
-- Website traffic up by 69% to 27.3m visits (Q2 2019: 16.2m)
-- Conversion rates of 1.3% (Q2 2019: 1.1%)
The second quarter of the current financial year has seen a
continuation of the strong growth in website traffic and GOV. This
represents the completion of three consecutive quarters of growth
in our key performance metrics set out above and is a clear
indication of the strength of the Koovs' underlying business
model.
Update on FLFL Subscription and Near-Term Strategy of
Company
As announced on 21 October 2019, Koovs was informed by Future
Lifestyle Fashions Limited ("FLFL") that the Reserve Bank of India
(the "RBI") now requires FLFL to reapply for approval prior to
completing its outstanding GBP6.5 million investment into Koovs.
FLFL has confirmed to the Company that it is in the process of
reapplying for this approval and has confirmed its commitment to
honour its investment into Koovs, whether through the existing
mechanism (through the issue of compulsory convertible preference
shares) or, to the extent available, an alternative route should
the approval not be forthcoming.
The Company is working with FLFL to secure the committed
investment, alongside considering other fundraising options
available to the Company, in the event the RBI approval process is
not completed within the coming weeks.
The Board has also determined to implement certain cash
conservation measures, primarily in relation to reducing stock
purchases and marketing spend, with the intention of ensuring there
is the maximum time available for the various options available to
the Company to be considered.
The Board will make further announcements as and when
appropriate, and in the meantime notes that the other commercial
initiatives in place between FLFL and the Company continue as
normal.
* As previously disclosed, trading margin is the implied gross
margin that would be reported in the Group's accounts if Koovs
India were able to ship products directly to the end consumer and
is a key performance indicator of the Group.
END
For further information please contact:
Koovs plc
Mary Turner / Robert Pursell
company.secretary@koovs.com
Strand Hanson Limited (Nominated & Financial Adviser)
James Harris / Ritchie Balmer / Georgia Langoulant
Tel: +44 (0) 20 7409 3494
Canaccord Genuity (Joint Broker)
Georgina McCooke / Alex Aylen
Tel: +44 (0) 20 7523 8000
Whitman Howard Limited (Joint Broker)
Nick Lovering (Corporate) / Mark Murphy (Institutional
Sales)
Tel: +44 (0) 20 7659 1260
Media enquiries:
Newgate Communications
Clotilde Gros / Adam Lloyd
Tel: +44 (0)20 3757 6880
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Notes to Editors:
About Koovs
-- Koovs is a UK business that has built KOOVS.COM into India's
leading online western fashion destination. Koovs' fashion brands
are designed and developed in London exclusively for the young
Indian fashion market where two thirds of the population are under
the age of 35. It has 2.7m following and half a million active
customers.
-- The tremendous potential of the Indian fashion market has
been further underlined by the Strategic Partnership with Future
Lifestyle Fashions Limited (FLFL) which is part Future Group - one
of India's leading retail businesses and one of the top 10 fashion
apparel companies in the world
-- Koovs' proprietary online technology platform powers
KOOVS.COM and is a proven market-leading success in India's rapidly
expanding e-commerce market. The capability and scalability of the
platform has been recognised by FLFL which has contracted Koovs to
build and maintain the online platform for its Brand Factory retail
format. For more information, please visit www.koovs.com and follow
us on Facebook, LinkedIn, Twitter @mykoovs and Instagram
@koovsfashion.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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October 29, 2019 03:00 ET (07:00 GMT)
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