Last checked at 14 Jan 2011 10:41
For Immediate Release | 14 January 2011 |
Ideal Shopping Direct PLC
(The 'Company' or the 'Group')
Trading Update
Ideal Shopping Direct plc, a leading operator of TV and internet shopping channels, is pleased to announce that the robust sales performance, reported on 15 September 2010 for the first half of 2010 continued through to the end of the financial year, resulting in a significant improvement in the Group's sales performance for 2010.
At our Interim Results, we reported a Group sales increase of 19.3% for the first half compared with the previous half year. Sales for the 52 weeks ended 2 January 2011 increased by 13.5% compared with the previous financial year, a 53 week accounting period. Adjusting for this in the prior period, 'adjusted sales' increased 16.4%. In the second half, the Group delivered total sales growth of 8.6% and adjusted sales growth of 13.9%. This strong trading performance was due to successfully delivering on product strategy, customer service, ecommerce initiatives and further demonstrates the resilience of the Group's business model.
The Company's cash balance at 2 January 2011 was £14.7 million.
The Board confirms that discussions regarding a potential sale of the Company are continuing as part of the ongoing strategic review process. However, there can be no certainty that any formal offer for the Company will be forthcoming, nor as to the terms on which any such offer might be made. A further announcement will be made as and when appropriate.
Mike Hancox, Chief Executive, commented:
"I am delighted with the trading performance for 2010. The results reflect the benefits of the actions taken in 2009 to enable the business to concentrate on delivering an excellent product offer together with a much improved customer experience. The focus on our niche categories of Craft and Gardening coupled with strengthening our core TV centric categories has been extremely successful. Furthermore, we have continued to develop our multi channel proposition and improve our management of the supply chain. Whilst the outlook for 2011 is challenging, we remain confident in the business model we have developed."
The Company expects to announce its preliminary results for the 52 weeks ended 2 January 2011 in early March, 2011
For further information please contact:
Paul Wright, Chairman | |
Mike Hancox, Chief Executive | |
Ian Jebson, Finance Director | |
Ideal Shopping Direct Plc | +44 (0) 1733 316203 |
Simon Bennett, Ewan Leggat, Laura Littley | |
Fairfax IS PLC | +44 (0) 207 598 5368 |
Richard Darby | |
Buchanan Communications | +44 (0) 20 7466 5000 |
Notes to editors:
Ideal Shopping Direct is one of the UK's leading home shopping retailers, selling via its TV channels and the internet. Its main channel, Ideal World, is broadcast on the rapidly expanding Freeview platform as well as on Sky, Virgin Media and Freesat. It has three other channels on Sky, 'Ideal Extra', 'Ideal & More' and 'Create & Craft'. 'Create & Craft' is also on Freeview and Freesat.
'Ideal World' offers a broad selection of general merchandise with three product categories; Home & Leisure, Craft and Personal Care. 'Ideal Extra' focuses on Gardening and related outdoor product, Home & Leisure including selected Ideal World repeats. 'Ideal & More' repeats selected shows of Ideal World. 'Create & Craft' is a niche channel selling craft products.
Ideal's transactional websites www.idealworld.tv and www.createandcraft.tv carry a live web stream of the TV broadcasts and offer a wide selection of products sold on TV as well as web-only deals. www.gardenbargains.com offers a range of gardening products. www.animalbargains.com offers a range of animal related products.
For more information see www.idealshoppingdirect.co.uk