PBT increased 75% YoY underpinning our view that last year’s disappointment was driven by adverse trading conditions out of their control and that the strategic growth plans have significant potential. The drop through to profit from 14% sales growth would actually have been better but for particular step-changes in opex for bonuses and marketing. We estimate pre bonus EBITDA leapt from c£12m to c£22m including that additional marketing. With new stores performing ahead of expectations, 4 new o ....
04 Oct 2016
N+1 Singer - ScS Group - Strategic progress and trading momentum point to upside risk
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N+1 Singer - ScS Group - Strategic progress and trading momentum point to upside risk
- Published:
04 Oct 2016 -
Author:
Matthew McEachran -
Pages:
4
PBT increased 75% YoY underpinning our view that last year’s disappointment was driven by adverse trading conditions out of their control and that the strategic growth plans have significant potential. The drop through to profit from 14% sales growth would actually have been better but for particular step-changes in opex for bonuses and marketing. We estimate pre bonus EBITDA leapt from c£12m to c£22m including that additional marketing. With new stores performing ahead of expectations, 4 new o ....