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Released: 29/09/2008
com:20080929:Rnsc4978E
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RNS Number : 4978E
Jessops plc
29 September 2008
29 September 2008
JESSOPS PLC
PRE-CLOSE TRADING STATEMENT
Jessops plc ("Jessops") will announce its preliminary results for the year
ending 30 September 2008 at the beginning of December 2008. Prior to entering
its closed period, the Group today issues a trading statement.
Jessops is pleased to announce that it has signed an extension of its banking
facilities to 31 December 2011, which are on significantly reduced interest
rates.
As part of this extension the £7 million deferred financing fee that was due on
31 December 2008 has been reduced to £5 million and extended until 31 December
2011. In exchange for this reduction and extension Jessops will grant warrants
over a further 5% of its share capital to HSBC Bank plc.
Like for like sales for the 51 weeks to 21 September 2008 were down (6.4%)
compared to the (5.6%) announced on 15 July 2008.
As a result of management actions the full year gross margin to 30 September
2008 is expected to improve by 0.8% points over the same period last year
despite the challenging retail environment throughout the key summer trading
period.
The cost reduction exercise that was announced on 29 May 2008 has continued to
deliver ongoing benefits and the Board is able to reaffirm that the EBITDA for
the year to 30 September 2008 will be in line with the guidance given on 15 July
2008 of more than £4.4m.
Commenting on today's statement, David Adams, Executive Chairman said:
"Our progress this year has been recognised by the continued support from HSBC
Bank plc and I am pleased to announce that our existing facilities have been
extended to 31 December 2011. This is a significant step forward as it removes
any uncertainty over our funding for the foreseeable future.
We remain confident that we have the plans in place to ensure continued
progress."
Enquiries
Jessops 0116 232 6000
David Adams, Executive Chairman
Brunswick 020 7404 5959
Jonathan Glass
Robert Gardener
Notes to Editors
* Jessops is the UK's largest high street retailer of everything photographic,
with a nationwide network of 232 stores, an industry leading web site, and a
dedicated mail order division. The company sells a comprehensive range of
digital SLRs, compacts, camcorders, binoculars and accessories.
* Winner of 'Best Supplier' at the 2008 Supply Chain Collaboration Awards,
August 2008
* Winner of Gear of the Year in the Retailer of the Year Awards, September 2008
for the 13th year running
* www.jessops.com
This information is provided by RNS
The company news service from the London Stock Exchange
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