Sunderland sofa firm ScS ups H1 revenue to £174m

Shares of Sunderland-based furniture and floorings retailer ScS Group rose about 4% on Tuesday after it said its first-half revenues rose 14.4% to £173.9 million in the 26 weeks ended January 23 and it made a profit before tax of £17.7 million compared to a loss of £600,000 in the same period of the prior year.

ScS said online order growth for the first seven weeks of the second half of the year to March 13 was 157.5%.

The company’s shares have risen almost 60% over the past 12 months to give the a current stock market value of more than £90 million.

ScS Group CEO David Knight said: “We are delighted to be reporting a strong result for the first half of the year, and continue to make progress on our strategic priorities.

“The group has built a robust balance sheet in recent years and remains focused on cost and cash management to ensure it maintains its resilience in these challenging times.

“With consumer confidence and the economic environment remaining uncertain, it is difficult to provide clarity on the group’s outlook for the weeks and months ahead.

“However, we remain cautiously optimistic as recent government announcements have provided further clarity on the anticipated reopening of our stores.

“The business continues to adapt and respond to trading conditions, with increased focus on the development of our digital channels.

“We are confident that our underlying priority of providing an excellent customer experience with outstanding value, quality and choice, will continue to prove successful.

“This is my final results statement as CEO of ScS, with my handover to Steve Carson, who joined the business on 6 January 2021, progressing well.

“It was always my plan to leave the business when I felt it was on a firm financial foundation with strong succession plans in place.”

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