Investors took account banker Agenda Factory off the Christmas agenda account today afterwards a “truly shocking” accumulation warning.
Shares plunged 22% or 31p to 109.4p as the aggregation warned that profits would now be amid £81 actor and £83 million, compared with forecasts of £87 million. A admonishing over falling High Street footfall, the weakness of the batter and ascent costs including accomplishment additionally abashed investors.
Same-store sales over 11 months to December 31 fell 0.6% while accumulation revenues rose 3.6%.
Gallery: 15 companies adverse a make-or-break 2020 (Love Money)
The allotment will remain, but there’ll be no appropriate allotment abutting year, it said.
Chief controlling Karen Hubbard said: “The Christmas trading aeon connected to be arduous accustomed the accepted acclamation and anemic customer confidence, the appulse of which can be apparent in the footfall abatement accomplished in the period.”
The aggregation will now analysis its strategy. It has already been attempting to alter by bartering added rertailers including Aldi, Matalan and Australia’s Reject Shop.
Peel Hunt analyst Jonathan Pritchard brash investors to “throw your cards in” in a Sell note. “Card Factory’s Christmas amend is absolutely shocking… [sales have] burst in contempo weeks, and administration seems to accept absent all confidence: forecasts are actuality decimated, the appropriate will become a abroad anamnesis and the accustomed will additionally apparently be cut.”
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