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Delivering Value Read More Over the Page About How We Help to Deliver Consistently, from Our New Innovations, Our Improvements In-Store to Our Fantastic People

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Delivering Value Read More Over the Page About How We Help to Deliver Consistently, from Our New Innovations, Our Improvements In-Store to Our Fantastic People Delivering value Annual Report 2019 ScS Group plc Annual Report 2019 ScS is one of the UK’s leading furniture and flooring retailers, operating from 100 stores. In this report Strategic Report 1 A year in review 8 At a glance 10 Our business model 12 Our markets 14 Chairman’s statement 16 CEO’s review 20 Our strategy 24 Key performance indicators 26 Our strategy in action 30 Financial review 34 Stakeholder index 36 Risk and risk management 38 Principal risks and uncertainties 45 Viability statement Corporate Governance 46 Board of Directors 48 Corporate governance statement 52 Audit Committee report 58 Directors’ remuneration report 65 Remuneration policy report 71 Directors’ report 73 Statement of Directors’ responsibilities Financial Statements 74 Independent auditors’ report to the members of ScS Group plc 79 Consolidated statement of comprehensive income 80 Consolidated statement of changes in equity 81 Consolidated statement of financial position 82 Consolidated statement of cash flows 83 Notes to the consolidated financial statements 98 Company statement of financial position 99 Company statement of changes in equity 100 Company statement of cash flows 101 Notes to the Company financial statements IBC Company information See our website for more information www.scsplc.co.uk A YEAR IN REVIEW Financial highlights Gross sales £333.3m+£5.8m Underlying earnings per share 30.3p+13.1% Gross margin 45.0%FY18: 45.0% Underlying EBITDA (from continuing operations) £19.7m+£0.6m Cash £57.7m+£9.5m Dividend 16.7p+3.1% Strategic Report Corporate Governance Financial Statements 1 A YEAR IN REVIEW Operational highlights Delivering Value Read more over the page about how we help to deliver consistently, from our new innovations, our improvements in-store to our fantastic people. >> 2 ScS Group plc Annual Report 2019 A YEAR IN REVIEW CONTINUED Our technology is meeting the needs of our customers Strategic Report Corporate Governance Financial Statements 3 Operational highlights Our Technology Continued investment in our e-commerce offering has driven an online sales increase of 21.7% to £16.8m (2018: £13.8m) Roll out of our in-store sales app (nYwhere) completed end of July 2019 Implementation of technology for delivery, surveying and service technicians, further enhancing our Our technology is customer experience meeting the needs of our customers Read more on page 26 >> 4 ScS Group plc Annual Report 2019 A YEAR IN REVIEW CONTINUED Showcasing our product in welcoming, modern stores Strategic Report Corporate Governance Financial Statements 5 Operational highlights Our Stores Increased like-for-like order intake by 4.2% and sales densities per sq. foot by 2.2% Continued to grow our branded offering in-store 5 star “Excellent” rating maintained on Trustpilot with over 160,000 reviews Complete refurbishment of our flooring departments in every store Read more on page 22 >> 6 ScS Group plc Annual Report 2019 A YEAR IN REVIEW CONTINUED Our teams are committed to delivering an excellent customer experience Strategic Report Corporate Governance Financial Statements 7 Operational highlights Our People Continued to deliver tangible actions from employee survey results Invested in enhanced reward package and benefits for all team members Launched a new ‘mobile friendly’ recruitment website to showcase our opportunities, and to manage and track applicants Strengthened our Board and management team with new appointments Read more on page 28 >> 8 ScS Group plc Annual Report 2019 AT A GLANCE Providing excellent customer experience with outstanding value, quality and choice About us We are the ‘Sofa Carpet Specialist’ – ScS. We are one of Employees the UK’s leading furniture and flooring retailers and have over 100 years of furniture and retailing experience. Our dedicated team of specialists are highly-trained in their fields. We have a clear purpose and strategy which drives 1,784(FY18: 1,797) us day-to-day and ensures we offer our customers the best combination of customer service, value-for-money, quality and product choice. 22% Our purpose Our operation At ScS, we focus on providing an excellent In such a competitive marketplace, our unique customer experience with outstanding value, position is critical to our success. This means quality and choice. Our customer’s homes are offering the brands and choice consumers desire, 17% 61% special places – they are where they relax and at the best possible value, all supported by an enjoy quality time with their friends and families. excellent customer experience. As the leading We want to make sure they have their choice of La-Z-Boy and G Plan retailers in the UK, our quality furniture and flooring, and all at the right customers have access to some of the most price. Founded in the 1890s as a family-owned recognised brands in the world of furniture, and business in Sunderland, we know our customers each of our products is made-to-order, ensuring and how important customer experience and our customers get exactly what they want. Our value are to them. Our business and reputation scale allows us to offer this at the best possible Store teams is built on offering outstanding value-for-money price, supported by our interest-free credit Head office and support teams along with a 5-star “Excellent” customer payment options, ensuring affordability for our Delivery and warehousing teams experience. We combine this with a relentless customers. Our in-house customer care teams focus on great quality and choice, throughout ensure customers get all the help they need, and our bespoke and extensive sofa ranges and our our ‘Excellent’ 5-star rated Trustpilot service gives specialist flooring offering. Our customers are them confidence during their journey. paramount to us and we place them at the heart of what we do, through our purpose, culture Our market and values. Our unique value proposition ensures we stand out amongst our rivals in the competitive and challenging ‘big ticket’ furniture and flooring market. Providing the ability to purchase both a new carpet and sofa at the same time provides our customers with a complete home solution, that no other retailer of our size can offer. Strategic Report Corporate Governance Financial Statements 9 Stores across the UK Distribution centres Average retail space per store 100 9 14,512 sq ft Where we are The right store in the right location works hand- in-hand with having great people, great product, excellent service and value. We want to ensure we can reach as many potential customers as possible, whilst maintaining a sustainable estate. We currently trade from 100 stores across the Our stores and UK – from Aberdeen to Plymouth, and believe the distribution centres reach offered by our existing and targeted network Stores is optimum to meet customer demand, whilst ensuring we make an appropriate return. As Distribution technology changes the way our customers shop, centres we are able to support our physical estate through offering our full ranges on our website. The retail network is then further supported by nine strategically placed regional distribution centres. Our key ingredients 0% Range of price points Easy ways to pay Brands From £299 to £5,295 Long-term interest-free Long term relationships creating value and choice credit making buying with leading furniture for our customers. affordable. and flooring brands. Service In key retail parks Online 5-star “Excellent” Trustpilot High quality stores Showcasing product rated service delivered by our in prime locations. and a rapidly growing passionate and caring team. sales platform. 10 ScS Group plc Annual Report 2019 OUR BUSINESS MODEL Creating value and choice for our target market A high quality, value-led range of products, supported by an expert team, modern stores, and an efficient supply chain, providing outstanding value, quality and choice for our customers. “We have a clear vision to be Britain’s best value sofa and carpet retailer.” Alan Smith, Chairman Our resources Our people Our stores and reputation Our suppliers Our omnichannel offering Our experienced and With over 100 years of trading We source from a small group Our store network is supported knowledgeable staff throughout experience and many years of specialist, mainly UK-based by the continued investment the business are passionate about of marketing investment we suppliers, most of whom we in our mobile and tablet friendly helping our customers. are a recognised destination have worked with for many years, transactional website. for customers looking for building strong relationships. Our people work to our RIGHT new furniture and flooring. Our full product portfolio, values to ensure our customers Our third party brands are leading clear pricing, detailed product make the right choice and get the Within our expansive modern furniture and flooring brands recognised information and buying guides right product at the right price for stores, we offer a wide range of and desired by our customers. ensure our customers have a first them. Our in-house delivery teams fabric and leather sofas, carpets class experience, whether looking and network of carpet fitters and other flooring, as well as dining Our size ensures we are key to buy online or simply using the ensure the right fit in their home and occasional furniture, to help to all of our suppliers, ensuring site to research and view our and our dedicated service and our customers make their house our customers benefit from our great products and offers, support teams ensure we get a home. demands for value and quality. prior to visiting a store. it right along the way. See our Values on page 20 >> Dedicated employees Stores across the UK – Major furniture suppliers Growth in online sales from Aberdeen to Plymouth since 2017 1,784 100 14 49% Strategic Report Corporate Governance Financial Statements 11 Where we What we do generate sales Gross sales Product Price Customer experience We are furniture and flooring Our customers want the best value From our experienced in-store staff, £333.3m specialists and this is the core of for money in the market, and we through to our in-house delivery our customer proposition – offering aim to deliver it.
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