Results are marginally ahead of expectations. The IFRS9 impairment for covid is £20m, partly offset by an in-year gain of £3.7m. Both the gross and net impairments are better than feared, and debtor performance remains stable. Trading so far in FY21 has been strong at Studio with product sales +42% and total sales +30%. The business is benefiting from operating leverage, especially in marketing. With net bank debt now just £35m, and Education trading starting to normalise, t
23 Aug 2020
Studio’s online value is in the sweet spot post covid
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Studio’s online value is in the sweet spot post covid
- Published:
23 Aug 2020 -
Author:
Matthew McEachran -
Pages:
3
Results are marginally ahead of expectations. The IFRS9 impairment for covid is £20m, partly offset by an in-year gain of £3.7m. Both the gross and net impairments are better than feared, and debtor performance remains stable. Trading so far in FY21 has been strong at Studio with product sales +42% and total sales +30%. The business is benefiting from operating leverage, especially in marketing. With net bank debt now just £35m, and Education trading starting to normalise, t