Unbound Group tanks 41% as the over 55s fashion retailer sounds ... - Proactive Investors UK

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Shares successful Unbound Group PLC (AIM:UBG) tanked 41% aft the proprietor of the Hotter manner website for the implicit 55s sounded the net alarm.

It blamed the extended heatwave implicit the summer, Royal Mail strikes and ‘broader economical conditions’ for its woes.

As a result, full-year gross is present expected to beryllium £53-£54mln, giving a pre-tax nonaccomplishment successful the portion of £4.25-£4.75mln. The statement estimate ahead of the trading connection for the 12 months ended February 5, 2023, was for income of  £57.7mln and a nonaccomplishment of £1.2mln.

In an update, the radical said it would absorption connected ratio and growth, adding that it had uncovered astir £2.3mln of outgo savings.

Unbound’s nett banking indebtedness was £8.8mln arsenic of the extremity of past twelvemonth with astir £1.3mln of ‘funding headroom’, which should summation successful the archetypal 4th arsenic “the incremental inventory concern successful moving superior reverses”.

At 8.50 am, Unbound shares were changing hands for 3.97p, a autumn of 41.19%. In the past year, they person dropped 93%, valuing the concern astatine conscionable £4.4mln.