(Alliance News) - Electra Private Equity PLC on Wednesday said each of its portfolio companies is trading in line with expectations.
The London-based investment trust said restaurant chain TGI Fridays performed strongly across the fluctuating trading conditions of 2020, ending the year with its cash position virtually unchanged from March last year. Electra Private Equity said that, with substantial re-opening now likely to be in mid-May, this leaves the business well positioned to emerge strongly from lockdown.
During lockdown, the company said TGI Fridays continues to trade through delivery from 27 stores and nationally though delivery of prepare at home meals and Fridays cocktails. On resumption TGI Fridays will re-open its 85 existing stores.
Turning to Hotter Shoes, Electra Private Equity said its strong trading through direct-to-consumer channels is continuing into 2021, with direct channel growth of 68% in January outweighing the impact of retail lockdown. This leaves sales growth in the UK Direct Channel at 20% for the four months since Hotter's new business model and improved product collection were launched in October of last year.
Finally, Sentinel Performance Solutions has continued to trade strongly through the winter months in the UK and Europe despite Covid restrictions and, in January, Brexit disruption. For the first 10 months of its current financial year to the end of March, Sentinel is now over 42% ahead of the prior year at earnings before interest, tax, depreciation and amortization level, Electra Private Equity said.
"Despite continued uncertainty on timing of the relaxation of trading restrictions, and the impact of that particularly on TGI Fridays, we remain on track with plans to deliver our strategic objective of portfolio realisation in 2021," said Chair Neil Johnson.
Electra Private Equity shares were trading 1.4% lower in London on Wednesday morning at 308.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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