Studio Retail hails solid first half trading performance
Studio Retail has reported that its first half group revenue has edged up 3.2% to £239.6 million year-on-year and by 32% on a two year basis.
In the 26 weeks to 24 September, the company’s adjusted pre-tax profit climbed by 36% to £23.7 million despite challenges in product shipping driving up costs. Meanwhile, pre-tax profit was up 67% to £26.5 million.
Paul Kendrick, Studio group chief executive, said: “I am pleased with how the business has built on the success seen during FY21 in delivering a solid trading performance in the first half of the year.
“There are undoubtedly more near-term headwinds for all retailers, but we are confident that the proactive decisions we have taken will leave us well placed to navigate these.
“We continue to focus on our strategy set out in June, and our objective remains to drive growth with Studio’s outstanding digital value proposition for its customers at the forefront. We remain confident in our medium-term targets.”
During the period, product revenue was up 0.3% on prior year and up 38% on 2019. Meanwhile, financial services revenue rose by £7 million or 11.3% on the prior year.
The company says it now has over 1.2 million active Studio App users with 25% of purchases now coming through the channel. It is currently trialling an in-app live video stream shopping channel where customers can buy directly from live video as part of plans to enhance their digital experience.
