Card Factory shares up on liquidity, trading boosts

Shares of Wakefield-based greeting card and gift retailer Card Factory plc rose about 8% on Friday after it published an update on its trading and liquidity position.

On trading, Card Factory said: “The company is pleased to report that its performance following the reopening of stores in England and Wales from 12 April 2021 has exceeded its expectations.

We welcomed colleagues and customers back in our stores in Scotland from Monday 26 April, with stores opening in Northern Ireland today.”

On its liquidity, Card Factory said: “The company has agreed headline terms for refinancing of the group with its current syndicate of commercial lending banks and will issue a further update, over the coming weeks, once terms are documented. 

“Pending documentation of the revised facility terms, the banking syndicate has extended waivers in respect of anticipated covenant breaches to 31 May 2021, taking account of the company’s cash flow projections, subject to certain conditions.

“A further update will be issued on the refinancing in due course.”