Member Article

Pretax profits surpass the £10m mark for Sunderland retailer ScS

Sunderland-based home furnishings retailer ScS has reported a return to pretax profit following a strong growth in sales for the year.

Revealing preliminary results for the year ending 30 July 2016, the company’s pretax profits jumped to £10.9m, a significant upturn from its £1.7m pretax loss last year.

Gross sales increased by £42.5m (14.5%) during the period, meaning the firm’s overall revenue rose from £276.7m to £317.3m. ScS CEO David Knight paid tribute to the group’s ‘very clear’ retail offers, namely upholstered furniture, flooring and its House of Fraser concessions, in performing well.

He explained: “We are delighted to be reporting significant growth across all areas of the Group for the 2016 financial year.

“Our sales order intake is the highest ever and is up 14.8% on a like-for-like basis. These results demonstrate that the group has made significant progress in developing ScS into a strong national brand.”

The firm also disclosed that it plans to open three new stores in Plymouth, Thanet and Edinburgh at the close of the year.

David continued: “Looking further ahead, we are excited about our prospects, including the continued growth from our existing ScS network, the concession agreement with House of Fraser, our flooring offering and our online proposition. We continue to identify new store opportunities within our target areas.

“The group’s cash flow dynamics underpin the strong financial position which will support our ambitions for future growth and continue to deliver value for our shareholders.”