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31 Jan – 4 Feb 2018
The online retailer has reported that demand for toys, homewares and gifts saw product revenues rise 42% in the 20 weeks since the end of March. Studio now boasts over two million active customers, a milestone which the company passed in June this year. This means the company is confident that it is in a strong position for the Christmas period.
Shares rose 6% to 265p following the news, boosting the value of the 37% stake held by the Frasers Group, whose owner, Mike Ashley, made a £140m bid for Studio Retail in April 2019. Studio is now valued at more than £210m, having benefited from strong online trading and plans to sell its Findel educational resources business for £50m – a deal still subject to approval from the Competition & Markets Authority (CMA).
The disposal of Findel will enable Studio to increase focus on its retail operation, which has posted operating profits of £39m for the year to the end of March. Product revenues of £311.7m were 2.5% higher than a year ago.