Last checked at 17 Feb 2021 11:30
17 February 2021
Leeds Group plc (the "Company" or the "Group")
Trading Update
The business of the Company is that of a wholesaler and retailer of fabrics and haberdashery and is conducted by its German trading subsidiary Hemmers/Itex Textil Import Export GmbH ("Hemmers") and Stoff-Ideen-KMR GmbH ("KMR"), a subsidiary of Hemmers also based in Germany.
In the Company's unaudited interim results announcement released on 15 January 2021, it noted that the German Government had imposed further countrywide restrictions from 16 December 2020 to 31 January 2021 in response to the Covid-19 pandemic. These restrictions have now been extended to 7 March 2021 and could be extended further. Hemmers has been able to continue its trading activity but at a reduced level, whilst KMR's shops are closed.
Hemmers and KMR management are taking measures to mitigate the reduced sales, furthermore the Group has applied for government financial support. The Company's directors expect the significant impact on KMR's trading will have a negative outcome on the Company's results for this financial year.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR) and has been arranged for release by Jan G Holmstrom, Chairman. The Directors of the Company are responsible for the release of this announcement.
Enquiries:
Leeds Group plc Dawn Henderson
| Tel: 01937 547877 |
Cairn Financial Advisers LLP Nominated Adviser Liam Murray / Sandy Jamieson | Tel: 020 7213 0880 |
Note:
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.