John Lewis Of Hungerford PLC Trading Update (3552I)
12 Agosto 2021 - 3:00AM
UK Regulatory
TIDMJLH
RNS Number : 3552I
John Lewis Of Hungerford PLC
12 August 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse (Amendment) (EU EXIT) Regulations 2019/310.
12 August 2021
JOHN LEWIS OF HUNGERFORD PLC
TRADING UPDATE
John Lewis of Hungerford plc ("John Lewis of Hungerford" or the
"Company"), the specialist kitchen manufacturer and retailer, is
pleased to provide the following trading update for its financial
year ended 30 June 2021, subject to audit.
In our interim results announced on 18 March 2021, we reported a
first half loss before tax of GBP213k and indicated that the
Board's central scenario expectation was to achieve a profit in the
second half. The Board is pleased to report that the second half
performance has exceeded this expectation, with the second half
profit now expected to recover the first half loss, resulting in a
small profit before tax for the full year. The Board is
particularly pleased with this result, following an uncertain and
challenging 12 months, with our stores closed for a combined total
of 18 weeks during the various lockdowns.
The Board is encouraged by the strong trading performance since
reopening our stores on 15 April 2021, and as anticipated, the
Company entered the new financial year with an order book
substantially higher than in recent years. The total value of
dispatched sales and forward orders (which the Board considers to
be the best measure of current trading) for FY22 currently stands
at GBP4.7m. This comprises GBP2.3m of sales recorded to date and
GBP2.4m of forward orders, against which first stage deposits have
been received. This total value of GBP4.7m compares to values of
GBP2.8m at this stage of the financial year in each of the last two
financial years.
Quotation activity within the Company continues at a high level
reflecting the sustained customer demand across the home
improvements sector.
Operations
The Company has worked hard to further develop its digital
presence, which has ensured customers have continued to connect
with the brand. Ongoing utilisation of Zoom and MS Teams has
allowed our teams to provide a hybrid service to our customers, to
suit their individual needs. We continue to operate in our stores
'by appointment' to protect our customers and our teams.
Our production facility has operated throughout the pandemic and
we continue to protect our teams with restrictions on visitors,
staggered working patterns and Covid-Safe working practices.
Supply chain delays are a cause for concern across the industry.
Our procurement team are focused on ensuring continuity of supply
for all key areas of our manufacturing and order fulfilment and our
lead times remain competitive.
Trades and Installation teams are operating at maximum capacity,
with fitting schedules filling fast for pre-Christmas
installations. We continue to monitor the situation and are looking
to secure additional services to add to our teams.
Outlook
Whilst uncertainty remains in relation to the Autumn/Winter
period in connection with further Covid restrictions, the Board
believes that the Company is well-positioned to divert our Company
online, should there be any disruption to the retail sector, to
minimise any adverse impact on our order book.
The Board is cautiously optimistic, for the forthcoming period
and is pleased that with the sales and forward orders for FY22 at
GBP4.7m, that this is substantially higher than at this stage in
previous years. We will provide a further update when we publish
our final results for FY21 in November.
Kiran Noonan, Acting Chairman and Managing Director,
commented:
"Our teams have worked hard to serve our customers well during a
highly challenging 18 months. The Company has developed a range of
tools to support our employees to be able to deliver a high
standard of service across the customer journey. We are pleased
with the performance of the Company for the current year to date
and look forward to reviewing our FY21 year in full, in our annual
report, scheduled for release in November."
Enquiries:
John Lewis of Hungerford plc 01235 774300
Kiran Noonan - Acting Chairman / Managing Director
Allenby Capital Limited (Nominated Adviser and Broker) 020 3328
5656
David Worlidge / Nick Naylor / George Payne (Corporate
Finance)
Matt Butlin (Sales and Corporate Broking)
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END
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