Last checked at 13 Jan 2009 07:00
| For Immediate Release | 13 January 2009 |
Ideal Shopping Direct PLC
(the 'Company')
Pre-Close Trading Update
Ideal Shopping Direct, a leading operator of TV and internet shopping channels, is today providing a pre close update for the 52 weeks ended 28 December 2008.
Further to the trading update of 10 December 2008, like for like sales for the remaining three week period were slightly ahead of the Board's expectations. Full year sales were 3% lower than in 2007. Gross margins and overheads remained in line with the Board's revised expectations, as indicated in the December trading update.
The Company's cash balance at 28 December 2008 was £8.4 million.
Commenting on trading Mike Hancox said:
"Since my appointment in November, a review of all areas of the business has been undertaken and a programme of action to improve sales and reduce costs implemented. We remain focused on generating improved returns from our home shopping and internet channels to achieve the best possible results in the current economic climate."
The Company's preliminary results will be announced on 26 March 2009.
For further information please contact:
| David Williams, Chairman Mike Hancox, Chief Executive | |
| Ideal Shopping Direct | 020 7466 5000 |
| Michael Meade, Oliver Cardigan - Nominated Adviser Mark Lander - Corporate Broking | |
| Numis Securities | 020 7260 1000 |
| Richard Darby, Miranda Higham | |
| Buchanan Communications | 020 7466 5000 |
Notes to editors:
Ideal Shopping Direct is one of the UK's leading TV home shopping retailers. It operates three TV channels ('Ideal World', 'Ideal World 2' and 'Create and Craft') which are broadcast on Sky, with 'Ideal World', its core channel, also broadcast on Virgin and the rapidly expanding Freeview platform.
'Ideal World' offers a broad selection of general merchandise with six product categories, led by Fashion, Leisure and Craft along with Home, Health & Beauty and Jewellery. 'Ideal World 2' repeats selected shows of Ideal World and 'Create and Craft' is a niche channel selling health and beauty and craft products respectively.
Ideal acquired Superstore TV, a sourcing and wholesale business supplying products to Asda, Wilkinson and Dunelm as well as Ideal.