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FY 2022 Trading Update
The positive sales momentum previously reported by the Group during the Christmas trading period continued through the final quarter of the Group's financial year. This encouraging momentum was achieved across both the Group's store and concession portfolio as well as its e-commerce website, and resulted in like-for-like revenues broadly consistent with those generated in FY 2019, prior to the impact of COVID-19.
As a result of this strong performance, total FY 2022 Group revenue is expected to be ahead of expectations at approximately £78.0 million.
Furthermore, the Group is pleased with the gross margin generated across the year, and that the gross margin recorded in the last quarter was consistent with the same period in FY 2019. This was driven by strong full-price sell through of QUIZ's trademark occasionwear and dressy casualwear products in response to the increased prevalence of social occasions such as weddings, and holidays compared to the previous year.
QUIZ is therefore pleased to confirm that it anticipates reporting a return to profitability in FY 2022 with an EBITDA generated of no less than £4.3 million and a profit before tax of no less than £0.5 million.
Cash Position
As at 30 March 2022, the Group had a net cash balance of £4.2 million,a comprising a cash balance of £5.6 million offset by a £1.4 million drawdown of available bank facilities. It has a total of £3.5 million of bank and credit facilities available to it which are scheduled for renewal in September 2022. There are no financial covenants applicable to these facilities.
Outlook
Encouraged by the positive performance delivered during the year, which highlights the strength and awareness of the QUIZ brand and the growing customer demand for its trademark dressy and occasion wear offering, the Board is confident in the Group's continued profitable revenue growth.
FY 2022 Results
QUIZ expects to publish its FY 2022 results for the financial year ended 31 March 2022 in July 2022
Amigo Loans has been told it cannot make any dividend or bonus payments without the UK regulator’s permission in the latest blow to the subprime borrowing business following months of management upheaval.
On Monday, Amigo announced it had entered into an “asset voluntary requirement” with the Financial Conduct Authority — a supervisory measure that means it will need prior approval by the regulator to transfer assets “in certain circumstances”. These transfers include discretionary cash payments to its directors and dividends to shareholders.
Shares in Amigo Holdings fell 20 per cent after the announcement before recovering to 7 per cent down by mid-morning on Monday.
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Amigo said the new requirement “does not impact the day-to-day running” of the business, or its ability to continue to pay down debt. It also stressed it had “adequate liquidity to continue to fund operations and support its customers”.
However, the company acknowledged that the increased regulatory scrutiny followed a high-profile battle for control of the business between its previous board and founder James Benamor. Mr Benamor had attempted to return to run the group, claiming its management had mishandled a rise in complaints and failed to stand up to the regulator in the past.
Last month, he tried to rejoin the board before installing himself as group chief executive, but 57 per cent of votes cast at a shareholder meeting rejected his proposal.
On Monday, Amigo noted it now “has a new board in place and is in regular and productive dialogue with the FCA to restore confidence following the events of recent months”.
It added: “The board continues to be focused on addressing Amigo’s legacy issues, restoring confidence in its corporate governance and building a sustainable business for the long term.”
One person briefed on the regulator’s action suggested it may have been taken as a precaution in case Mr Benamor took control of the group and made changes to its financial structure, but it would not affect the new management’s plans.
Mr Benamor had suggested returning cash from Amigo’s UK regulated lending business to allow its parent group to build new businesses outside the remit of the FCA.
However, the company’s new management had already indicated it would not pay dividends or make other asset transfers, and the person briefed on the FCA’s move said it “doesn’t change any of their plans”.
John Cronin, analyst at Goodbody, said: “While this morning’s announcement is clearly unhelpful for sentiment?.?.?. the Asset VReq will have a negligible impact on the day-to-day running of the business.”
According the FCA’s guidelines on supervision of financial companies, a VReq may be used “in instances where we have evidence that firms are not meeting our standards”. Its aim is to “prevent ongoing harm to consumers or markets”.
Belstaff
Anyone voting with an IG account. You can just send an email to corpactions@iggroup.com with the following information to vote. You don't need a proxy form as they say, because Amigo won't give you one if you aren't the direct owner of shares. Remember if you want to vote against JB you don't have to do anything!
Your IG account number and full name
The date and location of the company AGM
Your shareholdings over the ex-date
Your voting intentions for each of the relevant articles published in the notice of the company AGM
Sjward
If you’d like to vote by proxy, you’ll need to send us a signed proxy form available from the relevant company’s website. We’ll also need:
Your IG account number and full name
The date and location of the company AGM
Your shareholdings over the ex-date
Your voting intentions for each of the relevant articles published in the notice of the company AGM
Please post the proxy form and relevant information to:
Corporate Actions Department
IG Markets Limited
Cannon Bridge House
25 Dowgate Hill
London
EC4R 2YA
IG will need to have this information seven working days prior to the deadline date for voting at the AGM, otherwise we will unfortunately be unable to facilitate your request. You’ll be able to find further details about proxy voting in the investor relations section of your chosen company’s website.
Been looking at the buy vs sales volume today on LSE. Finished 3m difference which it seems to have been most of the day. You take JB’s 1% sells out (4.75m) would make it nearly 8m difference.
It seems like the price is being kept around this price. If you look at the 5 day chart. Opened 13.04 thurs 8am, what did it finish today? 13.04!
I have quite a decent investment in both and to be fair Chris does add good content to the boohoo board and is a poster that I do look out for.
Unfortunately I think he showed a lack of class with some of his posts on this board, think he was deramping to try and buy cheaper just like sunset did.
Which is why you can’t read too much into what anyone posts on here as everyone has an agenda and some people would rather others lose money just to save an extra few pence per share.