Studio Retail Group - Strong trading and more focused
Studio Retail Group’s (SRG’s) Q421 trading update highlights continued strong trading for the core online retail business through the end of FY21, buoyed in part by the forced closure of competitors on the high street. The (completed) disposal of the more challenged Education business completes the multi-year refocusing of the portfolio and leads to SRG now being a pure-play online retailer with an improved growth outlook than previously. The pro forma net cash position leaves the management team well placed to consider its options to enhance the group’s growth profile and shareholder value, which the new CEO will present at the FY21 results at the end of June and at a capital markets day in July. Our forecasts are under review.Studio Retail Group plc, formerly Findel plc, operates in the home shopping and education supplies markets. The Company's segments include Express Gifts, Findel Education and Overseas Sourcing. The Express Gifts segment includes direct mail order businesses in the United Kingdom, offering online and through catalogue a range of home and leisure items, clothing, toys and gifts supported by credit offer. The Findel Education segment supplies resources and equipment (excluding information technology and publishing) to schools and educational establishments in the United Kingdom and overseas. The Overseas Sourcing segment includes sourcing office based in Hong Kong supplying importing services to various group companies and external customers. The Company's subsidiary Express Gifts Limited, includes Studio, an online and home catalogue shopping; Ace, an online store for home, living and garden needs, and Health & Home, an online store for beauty, home, office and garden accessories.
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