RED FLAG ALERT !!!!12 Aug 2021 16:59
Huge problems here.
More than investors FDespite this, the Group has seen revenues impacted by availability issues in stores over recent months due to supply chain disruption. This has been caused by the widely publicised nationwide shortage of delivery drivers due to a combination of external factors. The Group has put in place a number of temporary mitigating actions and continue to work closely with its supply chain partner to resolve these challenges as quickly as possible.
If these challenges to trading do not materially improve in the second half of the financial year, the performance in the full year is likely to fall short of management expectations. Notwithstanding these short-term headwinds, the Group remains optimistic for the future. Management believes that a post pandemic trading environment, coupled with the significant benefits of the acceleration and scaling up of its Morrisons Daily roll out, will allow the Group to significantly exceed its current performance.
The Board considers that the strong demand for the Group's convenience offering, an expected step change in growth and a strong investment case from its Morrisons Daily stores, and the ability to leverage new opportunities such as the demand for local delivery options, is likely to deliver sustainable profitable growth in 2022 and beyond.
This Announcement should be read in its entirety. In particular, you should read and understand the information provided in Appendix II (Important Notices) and Appendix V (Risk Factors), of this Announcement. Appendix IV of this Announcement sets out further information relating to the terms and conditions of the Firm Placing. Unless otherwise stated, capitalised terms in this Announcement have the meanings ascribed to them in the Appendix VI (Definitions) (which forms part of this Announcement).
The notice convening the General Meeting will be included in the Prospectus.
Enquiries
For further information please contact:
Analyst & Investors:
Tej Randhawa, McColl's
+44 (0)1277 372916
Media:
Ed Young, HeadlandRob Walker, HeadlandCharlie Twigg, Headland
+44 (0)203 805 4822mccolls@headlandconsultancy.com
Panmure Gordon (UK) LimitedSponsor and Joint bookrunner
Oliver CardiganRupert DeardenEdward Walsh
+44 (0)203 886 2500
Singer Capital Markets Securities LimitedJoint bookrunner
Shaun DobsonHannah WoodleyAlex Bond
+44 (0)20 7496 3000
Notes to editors
McColl's is a leading neighbourhood retailer, with an estate of over 1,200 managed convenience stores and newsagents. We operate McColl's and Morrisons Daily branded convenience stores as well as newsagents branded Martin's across the UK, except in Scotland