28 Jun 2017 07:00
28 June 2017
Crawshaw Group Plc
("Crawshaw" or "the Group")
AGM Trading and Strategic Update:
At this afternoon's AGM of Crawshaw Group Plc, the fresh meat and food-to-go retailer, the Chief Executive Officer, Noel Collett, will give the following trading and strategic update for the 20 weeks trading to 18 June 2017 in the current financial year:
Group sales were up 5.1% for the first 20 weeks of the financial year with like-for-like sales down 4.5% for the same period. The trading performance of the business continues to be stable following the improvement in like-for-like sales from the initiatives introduced throughout the estate.
Following the announcement of our strategic partnership with the 2Sisters Food Group, we are making good progress on the transitional plans and operational synergies that will deliver the expected customer and financial benefits.
As noted in our recent full year results, we have opened an additional standalone fresh meat factory shop in Crystal Peaks which, along with the 2 new factory shops opened in FY2017, are all trading in line with our expectations. We plan to open a further 4 new shops of this type in the balance of the current financial year from a strong pipeline of potential sites.
Chief Executive Officer, Noel Collett, comments:
"We are pleased with the progress we've made and the continued level of stability achieved in the core business against the current backdrop of industry-wide cost pressures and a challenging consumer environment. Our new fresh meat factory shops continue to perform well and we are further encouraged by our most recent opening at Crystal Peaks, Sheffield. Our strategic focus for the rest of this year will be to open 4 more fresh meat factory shops and to ensure that we are maximising the customer and financial benefits of the new supply partnership across the estate."
"I'd like to take this opportunity to thank our retiring Chairman, Richard Rose, for his significant contribution to the business during his 11 years and would like to formally welcome Jim McCarthy to the Board as Chairman."
The Group interim results for the six months ended 30 July 2017 will be announced on 27 September 2017, when we will next update the market on current trading.
Enquiries:
Tulchan Communications LLP
Susanna Voyle, Will Smith 0207 353 4200
Crawshaw Group plc
Noel Collett, Alan Richardson 01709 369 600
Peel Hunt LLP
Dan Webster, Adrian Trimmings, George Sellar 0207 418 8900
END