John Lewis Of Hungerford PLC Trading update and Extension of reporting deadline (9235I)
17 Dicembre 2020 - 8:00AM
UK Regulatory
TIDMJLH
RNS Number : 9235I
John Lewis Of Hungerford PLC
17 December 2020
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR")
17 December 2020
John Lewis of Hungerford plc
(the "Company")
Update on trading and current financial position
Extension of reporting deadline for publication of the audited
accounts
for year ended 30 June 2020
John Lewis of Hungerford Plc (AIM: JLH), the specialist
manufacturer and retailer of kitchens, bedrooms and freestanding
furniture, announces the following update for the financial year
ended 30 June 2020 and trading for the first 24 weeks to 16
December 2020 of the current financial year.
As reported on 3 November 2020, the Company announced that it
would be delaying the announcement of the final results for the
year ended 30 June 2020 to enable the management team to focus on
operational responsibilities throughout the November lockdown
which, as a consequence, diverted attention away from the reporting
processes.
Guidance for the final results for the year ended 30 June 2020
was provided in the Pre-Close trading update on 21 September 2020
which remains unchanged. Given the strong design quoted activity
during January and February 2020, together with the effect of the
cost savings, the Board had been cautiously confident of a
profitable second half, which was expected to offset much of the
first half loss.
However, since the national lockdown began in March 2020, the
Company's immediate focus switched to cash preservation. As soon as
it became clear that the final quarter disruption would have an
adverse impact on our cash reserves, the Company explored all
available options to mitigate the revenue loss by implementing
cost-cutting measures immediately. We sought to agree preferential
terms from landlords and suppliers and we thank them for their
support during this difficult period.
In addition, the Company utilised UK Government support
measures, including VAT payment holidays and PAYE deferral, the
local business grants, business rates relief and the Job Retention
Scheme. This support helped the business to reduce monthly cash
operating costs throughout lockdown.
The Board met regularly to provide support for the Executive
team, both as a sounding board for the many challenges we
encountered and assisting in making critical decisions which were
taken to secure the financial resilience of the Company.
The new financing facility announced on 30 June 2020, supported
the business with operating costs as we emerged from the lockdown.
Liquidity (cash and unutilised overdraft) at 30 June 2020 was
GBP559k (2019: GBP538k). Liquidity has improved through strong
trading since the Summer and on 16 December 2020 stood at GBP775k
(2019: GBP312k).
Our despatched sales and forward orders (which we normally
consider to be the best measure of current trading) for the first
24 weeks of trading stood at GBP4.5m (2019: GBP3.7m). Future orders
against which a first stage deposit has been taken stood at GBP1.4m
(2019: GBP1.0m). Therefore, the total of all despatched sales and
forward orders is GBP5.9m, which is 25% ahead of the corresponding
period in the prior year. Overall design quotation activity within
the business is substantially up on the previous year which
reflects sustained consumer interest in home improvements.
During the November lockdown, our design team worked remotely
with our customers, offering video design consultations via Zoom
and Teams. Customers have engaged without interruption during this
period, now that they are more familiar with the technology. Our
virtual showroom tours and video content have supported our sales
process and we have successfully taken orders throughout lockdown.
With FCA approval granted, we are now offering finance facilities
to our customers, which has been well received. Our production
facility has continued to operate throughout this period, together
with continuity in our installations service taking place in
customers' homes.
The Board will continue to manage the Company's business in
accordance with market conditions and will give further updates
accordingly.
Annual report and accounts
Due to the COVID-19 pandemic, the Company will not be able to
post its annual audited report and accounts for the financial year
ended 30 June 2020 (the "Annual Report") to shareholders by 31
December 2020. The Company has applied to AIM Regulation, pursuant
to the guidance provided by AIM Regulation in "Inside AIM" on 26
March 2020, for an additional period of up to three months to
publish the Annual Report. AIM Regulation has granted the extension
and therefore the Company will publish the Annual Report by no
later than 31 March 2021.
The Company has been granted an extension of time to file the
Annual Report with the Companies House to 31 March 2021.
Enquiries:
John Lewis of Hungerford plc
Kiran Noonan - Acting Chairman / Managing
Director
01235 774300
Allenby Capital Limited
(Nominated Adviser and Broker)
David Worlidge / Nick Naylor 020 3328 5656
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END
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