Electra Private Equity PLC AGM Statement (1070Q)
February 24 2021 - 1:00AM
UK Regulatory
TIDMELTA
RNS Number : 1070Q
Electra Private Equity PLC
24 February 2021
Electra Private Equity PLC
Chairman's remarks at Annual General Meeting
24 February 2021
At today's Annual General Meeting Chairman Neil Johnson will
give the following update on Electra's portfolio companies:
"Each of the Electra Private Equity PLC ('Electra') portfolio
companies is trading in line with expectations, consistent with the
trends we reported at our final results announcement on 9 December
2020. Despite continued uncertainty on timing of the relaxation of
trading restrictions, and the impact of that particularly on TGI
Fridays, we remain on track with plans to deliver our strategic
objective of portfolio realisation in 2021. In the most challenging
circumstances each of our management teams and their employees have
worked tirelessly to put their business in a strong position for
future growth and, on behalf of our shareholders I thank them for
their continuing excellent efforts.
TGI Fridays
TGI Fridays ('Fridays') performed strongly across the massively
fluctuating trading conditions of 2020. Friday's agility in
responding to changing conditions and optimising opportunity,
combined with careful financial and cash management, allowed it to
end the year with its cash position virtually unchanged from March
2020. With substantial re-opening now likely to be in mid-May this
leaves the business well positioned to emerge strongly from
lockdown in a market with competition reduced by an estimated
20-30% from pre Covid levels by widespread restaurant closures.
During lockdown Fridays continues to trade through delivery /
'click and collect' from 27 stores and nationally though delivery
of prepare at home meals and Fridays cocktails. On resumption
Fridays will re-open its 85 existing stores and in addition will
open both its first '63(rd) + 1(st) ' location in Cobham and a new
Fridays store in Lincoln. '63(rd) +1(st) ' is a new brand building
on Friday's heritage in cocktails to provide a smaller site format
cocktails led experience with a focussed high quality menu. A
pipeline of 3 additional '63(rd) +1(st) ' stores and 2 additional
Fridays stores will open throughout 2021 with an additional 9
targeted locations in varying stages of delivery across both
brands.
An investor presentation focused on Fridays has been submitted
to the National Storage Mechanism and will shortly be available for
inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and online on the Company's website at
www.electraequity.com/investor-relations .
Hotter Shoes
Hotter's strong trading through its direct-to-consumer channels
is continuing into 2021 with direct channel growth of 68% in
January outweighing the impact of retail lockdown to deliver
overall sales growth of 15% YOY for the month. This leaves sales
growth in the UK Direct Channel at 20% for the 4 months since
Hotter's new business model and improved product collection were
launched in October of last year.
Hotter's new spring / summer collection, further developing its
differentiated focus on comfort and fit supported by technological
innovation, is now available on www.Hotter.com .
Sentinel Performance Solutions
Sentinel has continued to trade strongly through the winter
months in UK and Europe despite Covid restrictions and January
Brexit disruption. For the first 10 months of its Financial Year to
March Sentinel is now over GBP1.1m (42%) ahead of the prior year at
EBITDA level despite sales being negatively impacted by Covid by an
estimated GBP2m. The business is poised to continue its progress
with focus on further growth in the UK and overseas through new and
existing products."
A further update on progress towards delivery will be given in
Electra's interim results, which are expected to be announced on or
around 21 May 2021.
Results of Annual General Meeting
The results of Electra Private Equity PLC's Annual General
Meeting resolutions will be announced following the meeting later
today.
- ENDS -
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
For further information:
Gavin Manson, Chief Financial and Operating Officer, Electra
Private Equity PLC 020 3874 8300
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END
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