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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  French Connection Group PLC    FCCN   GB0033764746

FRENCH CONNECTION GROUP PLC

(FCCN)
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French Connection : Trading Update May 20 (pdf)

05/19/2020 | 04:28am EST

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.

French Connection Group plc

("French Connection" or the "Company")

Trading Update and Financial Position

As announced in our last update on 24 March, our stores and concessions continue to be closed, however we have been able to continue to operate our own websites in both the UK and USA with sales up 44% over the last 6 weeks, while continuing to supply a few of the predominantly online wholesale customers who are still trading, although this all makes up a small proportion of the overall business. In addition we are starting to see a small increase in activity in Europe as countries begin to open up.

The Company has taken a number of actions to conserve cash and reduce costs given the significant reduction in sales, together with the delayed payments from many of our wholesale customers, particularly in the USA. The Company is in ongoing and generally constructive discussions with many of our key stakeholders including:

  • all suppliers to confirm extending payment terms and discounts
  • landlords with a view to agreeing rent holidays or deferred payments
  • factories to manage the supply of future goods to match current requirements while reducing quantities to reflect the expected lower level of trade for the remainder of the year
  • rescheduling payments to HMRC

We have attempted to participate in as many of the Government's support initiatives as is possible. The Job Retention Scheme for colleagues and rates relief for the store portfolio are now in place. It has however proved very challenging for us, in line with other retailers, to access any other Government funds due to the tight qualification constraints that have been imposed and to date we have been unable to access any further funding from these schemes.

In the light of the Company's current cash position and the continued expected weak trading environment, we have been in active discussions with a number of potential funding partners. The Board is confident of raising sufficient funds to support the business until the return of trading levels that are able to support the ongoing operations. This process is proceeding well and we are making good progress on due diligence and agreeing terms. Without securing additional funding and should the current Covid impacted trading levels continue, the Company's cash resources will eventually be eroded in the coming months.

We have been developing plans for when the stores re-open to ensure they do so safely and in line with all Government guidance, so that our customers and colleagues will be able to shop and work confidently in a safe and healthy environment. Given the UK Government's recent update regarding the potential phased reopening of stores from 1 June, we are planning to open up in an orderly manner to ensure everything required is in place. We look forward to returning to more normal levels of trade as the situation evolves, although we do not expect this for some time to come. Further announcements will be made as appropriate.

Enquiries:

French Connection Group plc

+44 (0) 20 7036 7206

Neil Williams, Chief Operating Officer

WH Ireland (Sole Broker & Financial Adviser)

+44 (0) 20 7220 1666

Adam Pollock (Corporate Broking)

Adrian Hadden / James Sinclair-Ford / Chris Savidge (Corporate Finance)

Paternoster Communications

+44 (0) 20 3012 0241

Tom Buchanan

Catriona Woolner-Winders

Disclaimer

French Connection Group plc published this content on 19 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2020 08:27:03 UTC


© Publicnow 2020
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Financials
Sales 2020 120 M 164 M 164 M
Net income 2020 -7,90 M -10,8 M -10,8 M
Net Debt 2020 21,9 M 30,0 M 30,0 M
P/E ratio 2020 -2,95x
Yield 2020 -
Capitalization 10,4 M 14,2 M 14,2 M
EV / Sales 2019 0,16x
EV / Sales 2020 0,38x
Nbr of Employees 1 012
Free-Float 21,0%
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Managers and Directors
NameTitle
Stephen Anthony Solomon Marks Chairman & Chief Executive Officer
Neil Pryce Williams Chief Operating Officer & Executive Director
Lee James Williams CFO, Secretary & Executive Director
Sarah Curran Independent Non-Executive Director
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