Studio Retail Group PLC - Accrington, Lancashire-based online shopping - Reports 74% slump in pretax profit for the 52 weeks ended March 27 to GBP6.8 million from GBP26.2 million a year ago. Total revenue up 2.2% at GBP514.8 million. Operating profit from continuing operations down 53% to GBP14.7 million, largely as a result of the GBP20 million estimated impact of Covid-19 on its bad debt charge and the adoption of IFRS 16 accounting rules. Trading performance in the first 20 weeks of financial 2021 "exceptional", with product sales up 42% on prior year and financial services revenue up 6.4%. Anticipates more competitive market conditions to return in the coming months, with additional costs associated with new working practices. Sales growth for the remainder of financial 2021 to moderate to nearer the levels seen in recent years. Not yet in a position to restore detailed guidance for financial 2021. Does not have plans to reinstate dividend payments at this stage.
Current share price: 244.56 pence
Year-to-date change: up 3.2%
By Tapan Panchal; tapanpanchal@alliancenews.com
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