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Blacks Leisure mulls equity fundraising

Group considering equity fundraising in the first quarter of 2010 to raise between £15m and £20m depending on investor demand.

CITY & CORPORATE

Blacks Leisure mulls equity fundraising

Group considering equity fundraising in the first quarter of 2010 to raise between £15m and £20m depending on investor demand.

"Proceeds from the potential fundraising being announced today would allow us to accelerate the roll-out of our successful new retail formats, refreshing our estate and expanding it on a selective basis as we focus on realising the potential of the Group's market leadership position in outdoor retail. Following the restructuring measures taken in 2009, Blacks Leisure is now a significantly stronger business and is better placed than it has been for some years to build on this recovery." said chief executive Neil Gillis.

Trading in the ongoing stores (i.e. excluding closed stores) during this period was very healthy with like-for-like sales increasing by 12.0%. Within this figure, the core Outdoor Division performed particularly strongly, with like-for-like sales increasing by 13.1%. The Boardwear Division recorded a like-for-like decrease of 4.4%.Total Group sales in the period were £98.9m, compared to £102.0m in the prior period.

In the six weeks ended 7 January 2010 like-for-like sales from the ongoing stores increased by 15.2% over last year.

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