Business
FY20 Trading and Financing Update
FY20 Trading and Financing Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8377M\n Watches of Switzerland Group PLC\n 14 May 2020\n \n \n \n \n \n \n \n \n \n Watches of Switzerland Group PLC\n \n \n FY20 Trading and Financing Update\n \n \n for the 13 and 52 weeks to 26 April 2020 \n \n \n \n \n \n Watches of Switzerland Group PLC (\"the Group\") today provides the following financing update and unaudited pre-close trading update for the 13 and 52 weeks ending 26 April 2020.\n \n \n \n \n \n Highlights\n \n \n · \n FY20 Group revenue1 increased 5.9% to \n £819.3 million, ahead of recently revised guidance range \n \n \n § \n Strong trading during first 46 weeks to 15 March 2020 (pre lockdown) with Group revenue up 15.8%, across both UK (up 9.4%) and US (up 36.4%), driven by luxury watches up 19.3% vs prior year\n \n \n · \n Covid-19 related closures of all stores in the UK and US has impacted momentum in final 6 weeks of the year\n \n \n § \n UK sales for 52 weeks to 26 April 2020 up 0.6% to £591.6 million (FY19: £588.2 million)\n \n \n § \n US sales for 52 weeks to 26 April 2020 up 22.9% to £227.7 million (FY19: £185.3 million)\n \n \n · \n Ecommerce sales up 45.8% vs prior year during store lockdown period (6 weeks to 26 April 2020) \n \n \n · \n Four acquired Fraser Hart stores converted and integrated during March, with encouraging trading until lockdown\n \n \n · \n Reacted swiftly to Covid-19 with mitigating cost and cash management actions implemented\n \n \n · \n Net debt2 of £131.4 million as at 26 April 2020\n \n \n · \n New £45.0 million facility agreement secured post year-end, further strengthening liquidity position\n \n \n · \n FY20 Unaudited adjusted pre-IFRS16 EBITDA3 is expected to be between £75.0 million and £78.0 million\n \n \n \n \n \n Brian Duffy, Chief Executive Officer, said:\n \n \n \"The health and wellbeing of our colleagues and customers remains our priority throughout this challenging time and beyond. I am incredibly proud of the response from our teams, demonstrating unwavering resilience, teamwork and dedication.\n \n \n \n \n \n Prior to the Covid-19 pandemic, the Group had been on track to deliver double-digit sales growth, reflecting our strong brand partnerships, favourable market conditions and accelerating momentum in the US.\n \n \n \n \n \n Despite the current challe...