Ahead of today’s AGM, the Board is pleased to provide the following update on current trading.
As previously noted at length, the first half of the financial year has proved difficult against a challenging macroeconomic backdrop in the UK, felt particularly keenly in the retail sector. This has been mitigated somewhat by cost savings implemented at the beginning of 2019 and ongoing contractual revenues which continue to renew at a healthy rate.
However, the second half of the year is set to be much improved with two large projects set for completion in November/December which should generate significant profitability in the quarter ended 31 December 2019.
Further projects for Ted Baker, LuluLemon, Pets at Home, Tiffany & Co, Kuoni, HMV and Hyundai have been completed or are in progress. New business enquiries in recent weeks have markedly increased and several potentially significant opportunities are being pitched in coming months.
At this stage it is too early to be able to forecast full year results but pending successful upcoming pitches the Board expects to build upon last year’s profit for the current financial year despite the economic environment mediazest