ScS has issued an "encouraging" trading update ahead of its AGM today, as it continues to trade "resiliently through what continues to be a challenging period", says the group's chair, Alan Smith.
LFL order intake has seen an improvement in recent weeks, with trading ahead of the prior year. Total LFL order intake for the 16 weeks to 19th November 2022 was down -9.1% due to a reduction in orders in the first 10 weeks to 6th October, when the comparative period benefitted from strong pent-up demand following the last national lockdown.
The group says it has also continued to gain market share over the period.
ScS' balance sheet remains strong, with closing cash at 19th November of £89.7m, and no debt.
"The board is encouraged by the group’s recent performance, and current trading is in line with its expectations for the full year," says Alan. "The group is preparing for the important winter sales trading period and, as always, its success will be a key factor in the results for the full year. The business is planning to approach the winter sales period in a manner consistent with that which has proved successful in prior years.
"We are mindful of the challenges of the current economic climate. Trading remains difficult to predict, but we believe our refreshed strategy, strong cost management and robust balance sheet places the group in an excellent financial and operational position."