Last checked at 18 May 2021 14:21
18 May 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 trading update released on 17 February 2021, it was noted that the German Government had, in response to the Covid-19 pandemic, extended its countrywide lockdown until 7 March 2021. On 8 March 2021, the countrywide lockdown was lifted, however the German Government announced that in areas experiencing high localised infection rates, certain restrictions would remain in place. These restrictions are still in force and expected to continue until the end of May 2021.
Hemmers has been able to trade throughout the lockdown period, albeit at a reduced activity level and management have been able to mitigate some of the effects of the reduced trading. KMR has however been badly affected and the majority of shops remain closed. Hemmers and KMR continue to apply for all available government aid.
The Company's directors believe that both Hemmers and KMR are in a good position to fully recover trading once all the current restrictions are lifted and Germany recovers from the effects of the Covid-19 pandemic.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation 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.