Strong orders lifts shares of ScS, Sunderland sofa firm

Shares of Sunderland-based furniture and floorings retailer ScS Group rose 13% on Thursday after it issued a trading update for the 52 weeks ended July 25, 2020, ahead of announcing its preliminary results on September 29, 2020.

“Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, the group is encouraged with its trading performance since re-opening on 23 May 2020,” said ScS.

ScS added: “Delivered sales for the 52 weeks ended 25 July 2020 were £268m, which compares to £333m in the prior year.

“The reduction was driven by the temporary closure from late March to late May of our distribution network and our manufacturing partners’ facilities.

“As our furniture products are made to order, and normally have lead times ranging from 5 to 13 weeks, the recent strong order intake performance means the group’s opening order book for the new financial year is significantly higher than in the previous year.

“The majority of these orders will be delivered in the first quarter of the next financial year.”