Mothercare PLC - Hemel Hempstead, England-based retailer to parents and young children - Starts trading on AIM on Friday, having moved from the London Main Market. Chair Clive Whiley says switch to the junior market "marks the conclusion of this final phase of the refinancing and restructuring of Mothercare".
Plans trading update in late April for financial year running to the end of March, ahead of full annual results in July. Back in January, Mothercare had said net worldwide retail sales in the nine months ended January 2 were GBP258 million, down 38% from a year before. It said it expected full-year sales to be at least GBP320 million.
"Our resilient performance through the pandemic bears out the robustness of the Mothercare business today," Whiley says on Friday. "We are not immune to the impact of the pandemic on our Franchise Partners' operations around the world but we arrive on AIM today in good shape." He adds the company's debt position will improve upon the upcoming conversion of GBP19 million in shareholder loans into ordinary shares.
Current stock price: 14.95 pence, up 4.6% Friday
Year-to-date change: up 31%
By Tom Waite; thomaslwaite@alliancenews.com
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Mothercare (MTC)