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SCS Group profits seen ahead of FY expectations
(Sharecast News) - Furniture and floorings retailer SCS Group said on Thursday that full-year profits had come in ahead of market expectations thanks to positive trading, strong margins, and effective cost management. SCS said like-for-like orders were up 3.9% year-on-year in the twelve months ended 30 July but the group did acknowledge that 2021 trading was impacted by the Covid-19 pandemic.
When compared to 2019, SCS said there was a 3.9% reduction in orders, the last period not impacted by the pandemic.
At the end of the period, SCS's order book was £71.7m, £31.8m lower than at the same point in the prior year and £28.8m higher than at the same point in 2019.
SCS also noted that it had seen reduced in-store and online visitors resulting in a reduction in order levels, driven by falling consumer confidence as a result of the cost of living pressures and economic uncertainty.
"We expect the low consumer confidence will continue to adversely impact the group in FY23. However, the group is in a strong position as we enter the new financial year, and strategic progress over the last 12 months means we are well positioned to take market share and maximise opportunities in a difficult environment," said SCS.
As of 1010 BST, SCS shares were down 1.65% at 149.0p.
Reporting by Iain Gilbert at Sharecast.com
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