Scs Upholstery Share Discussion Threads

[dogs dinner] 07/10/2005 07:56

What a dream team these boys are. A excellent trading statement should see them steadily rise towards the prelims usually early December. Target expansion 17 stores also shows a lot of growth left in them.
They run a debt free show which allows them a buffer during difficult trading periods, and to pick up opportunities (competitors collapsing) like increasing their market presence.

[typo56] 04/7/2005 16:05

Christie Tyler who supply 20% of SCS product have gone into administration.

[samg99] 30/6/2005 23:41

Just in case any SUY holders/traders don't realise.....it will be going on to the SETSMM trading system on Monday week (11th July). IMO that will mean wider spreads a lot of the time, plus worse liquidity - we'll soon see!

[stevemarkus] 11/5/2005 16:39

probably dragged down by the consumer confidence worries and also Homestyle who look like having to do a major fund-raising.

[0238jr] 11/5/2005 14:46

what's going on? any reason for the fall other than general concerns about consumer confidence?

[jack green] 07/4/2005 11:33

Indeed ddav. Liked the stmt that "pre-tax profits for the six months ended 31 March 2005 materially ahead of the corresponding period last year".

Interesting to look back at the corresponding trading statement 12 months ago when they said expect to report "pre-tax profits for the six months ended 31
March 2004 materially ahead of those achieved in the corresponding period last
year". They also had 7% LFL increases then also, but only 4 new stores in 1H FY2004 versus 5 in 1H FY2005.

Interim results to March 2004 showed revs up 19% and PBT up 22% with a gross margin of 48.1% versus 48.2% for 1H FY2003. (The gross margin hit they suffered on those mis-priced leather care kits only really affected 2H FY 2003).

Suspect they'll be very near or better than 20% up YoY again. That would be an excellent result, given the barrage of retailers reporting LFL declines and tough trading. They've obviously benefitted from the decline of Courts, and quality of their own offer/business model.

[ddav] 07/4/2005 10:46

Excellent Performance!

ddav:

[welsheagle] 07/4/2005 08:11

RNS Number:7367K
ScS Upholstery PLC
07 April 2005


For Immediate Release 7 April 2005


ScS Upholstery plc

TRADING UPDATE

ScS Upholstery plc, the fully listed specialist sofa retailer, wishes to update
the market on current trading for the six month period to 31 March 2005.

We are pleased to report that total sales order intake for the first half of
this financial year remains significantly higher than the same period last year.
With gross margins in line with expectation, we anticipate reporting pre-tax
profits for the six months ended 31 March 2005 materially ahead of the
corresponding period last year. The full interim announcement will be made on
Tuesday 17 May 2005.

For the first 25 weeks of the half year like for like sales order intake was up
7%. The decline in the like for like sales order intake from the 11% reported
at our AGM is due in part to adverse winter weather experienced towards the end
of February and early March. Trading over the subsequent Easter weekend,
however, was marginally ahead of the corresponding Easter period last year,
which fell in April.

New stores were opened in Watford and Leeds (relocated) on Good Friday making
five new stores opened during the first half year and all are trading
successfully. The much better site and strong performance at Farnborough has,
as anticipated, resulted in the closure of its neighbouring store at Guildford
which was effected earlier this week. This, together with the relocations to
better sites in Stockton and Leeds, represents very good progress in the review
of and improvement in our property portfolio. We now have 66 stores and we
remain on track with our expansion plans for the remainder of the financial year
as stated at our AGM.

[welsheagle] 07/4/2005 07:59

RNS Number:7367K
ScS Upholstery PLC
07 April 2005


For Immediate Release 7 April 2005


ScS Upholstery plc

TRADING UPDATE

ScS Upholstery plc, the fully listed specialist sofa retailer, wishes to update
the market on current trading for the six month period to 31 March 2005.

We are pleased to report that total sales order intake for the first half of
this financial year remains significantly higher than the same period last year.
With gross margins in line with expectation, we anticipate reporting pre-tax
profits for the six months ended 31 March 2005 materially ahead of the
corresponding period last year. The full interim announcement will be made on
Tuesday 17 May 2005.

For the first 25 weeks of the half year like for like sales order intake was up
7%. The decline in the like for like sales order intake from the 11% reported
at our AGM is due in part to adverse winter weather experienced towards the end
of February and early March. Trading over the subsequent Easter weekend,
however, was marginally ahead of the corresponding Easter period last year,
which fell in April.

New stores were opened in Watford and Leeds (relocated) on Good Friday making
five new stores opened during the first half year and all are trading
successfully. The much better site and strong performance at Farnborough has,
as anticipated, resulted in the closure of its neighbouring store at Guildford
which was effected earlier this week. This, together with the relocations to
better sites in Stockton and Leeds, represents very good progress in the review
of and improvement in our property portfolio. We now have 66 stores and we
remain on track with our expansion plans for the remainder of the financial year
as stated at our AGM.

[welsheagle] 20/3/2005 13:49

Shares magazine positive this week:-
Mentioned a target price of 500p.

[welsheagle] 19/2/2005 20:15

From February's 'Company Refs':-
a/ Prospective PE ratio of 9.92 (based on seven broker forecasts, four recommending 'buy', one recommending 'corporate stock', one 'reduce'and one 'hold').
b/ Forecast growth in eps of 11.4%.
c/ Prospective dividend yield of 4.88%.
d/ Price to sales ratio of 0.78.
e/ Turnover up from £46.4m to £140m in last five years.
f/ Net cash per share of 37p.
g/ Cash flow of 50p per share.

[gorse] 09/2/2005 23:32

And tonight it closed at 413.5p. Well that's another 5+% - taking the YoY rise to 100+%. Keep it up.

Gorse

[gorse] 08/2/2005 23:46

A year ago this stood at 205p - tonight it closed at 393.5p. That's over 90% up in 12 months. I suppose it's rather boring - furniture, and throwing off oodles of cash. I hope it bores me again over the next 12 months.

Gorse

[welsheagle] 07/2/2005 08:05

RNS Number:2691I
ScS Upholstery PLC
07 February 2005


For Immediate Release 7 February 2005


ANNUAL GENERAL MEETING STATEMENT


ScS Upholstery plc, the fully listed specialist sofa retailer, is holding its
Annual General Meeting at 12 noon today.


Current Trading and Outlook

Mike Browne, Executive Chairman, will be updating the meeting on current trading
results and outlook saying:


"The ScS January sale has been a successful period for the Group. We are
pleased to report that total sales order intake for the first 18 weeks of this
financial year was significantly higher than the same period last year. Like
for like sales order intake has strengthened since the final results
announcement in November and is currently 11% up. The impressive performance is
in part due to gaining extra market share over this critical period which was
also assisted by the recent demise of Courts and favourable weather conditions.


"Our expansion plans for the remainder of this financial year include new stores
opening at Watford (March), Barnsley (May) and Chesterfield (August), all within
our existing "clusters". Additionally, as part of the continual review of our
existing retail property portfolio, we relocated in Stockton with great success
and we are relocating our Leeds operations to a more prominent site on the same
retail park with an anticipated opening which will capture Easter trade.


"We are delighted to have started the financial year with such a strong
performance. However, whilst current trading remains strong, we are conscious
of reports of uncertainty in consumer confidence and the possible challenges
that this could present to the retail sector in 2005."

[welsheagle] 08/1/2005 20:10

Shares magazine this week mentions that profits are expected to be much higher than last year. Company goes ex-dividend on Wednesday.

[welsheagle] 12/12/2004 18:38

Can you post the jist of the mention in the Telegraph, mw8156?

[mw8156] 12/12/2004 13:30

Gets a mention in the Sunday Tele.

[johnrxx99] 06/12/2004 12:59

Big buys but price reduction!!!

[jack green] 29/11/2004 01:28

very quiet here. Not sure why, holders have had lots to celebrate with these results, and plenty more to come, I think.

Further to my post #121, I've managed to get a couple of broker notes on the result. Investec has a "hold", & edged up its forecasts by 600K, to PBT of 16m, and 33.2 eps. Seymour Pierce has a buy "rec" with PBT of 15.45 (up 0.35m) and an eps 31.9 for 2005 (and an eps of 35.1 in 2006. Both say their forecasts are conservative but that want to wait on successful xmas trading before considering increasing their estimates further (or words to that effect).

While SCS looks cheap on PE, and has 36p of cash (final dividend if just 9p). But what's better, is that SCS has an ROE of 44%, and outstanding cash flows - net cash grew by 7.8million in 12 months despite opening 7 more stores. It also has some underutilised warehousing/distribution so we can expect more years of cash flows exceeding earnings to come, IMHO.

[welsheagle] 24/11/2004 20:54

Daily Mail article:-
'Profits at sofa seller SCS Upholstery (up 15% at 366.5p) rose 64%. Chief Executive David Knight said TV home improvement programmes had been very helpful in luring customers into its 65 stores'.

[welsheagle] 24/11/2004 20:53

Daily Mail article:-
'Profits at sofa seller SCS Upholstery (up 15% at 366.5p) rose 64%. Chief Executive David Knight said TVhome improvement programmes had been very helpful in luring customers into its 65 stores'.

[jack green] 23/11/2004 07:35

terrific result, I thought. Can't believe there isn't more interest in this company. The YoY profit growth figures were flatterred by last year's hiccup, but go back and look over the 5 year results to see a truer performance of this company - outstanding IMHO. Not only were sales results excellent (+20% YoY), but EPS was at top end of my optimistic expectations (29.76), LFL sales increases in the new year are really strong (+9%) (further disproving the hypothesis the slowing housing market will hurt SCS), and the outstanding highlight - the free cash flow generation. Net cash now of 12.1m (versus 4.2 12 months ago). That's equivalent to 36p per share if my mental arithmetic can be trusted. Historical PE of 11.8 and a div yld of 4.0%. 6-8 more stores to open this year - that's 10% sales growth, plus excellent ongoing LFL increases. Forward PE must be 10 or lower, and don't forget the 36p of cash.

Growth, value, yield, excellent mgmt, and positive outlook statements. What more can an investor seek? Disc: I'm a devoted long term holder.

[jack green] 06/10/2004 08:33

I hope eps is well north of 25 Royaloak. There is usually a bias in favour of 1H. Since 1H eps was 15.25, I would have thought 2H was more like 13 or 14p. Certainly cheap though - cash on the balance sheet too, business reliably generates free cash flow, and has good prospects for organic growth.

[royaloak] 06/10/2004 08:14

Trading statement this morning very positive, sales up 7%, my calculations show eps around 25p at least, still good value.