City briefs: Next upgrades profit guidance; Image Scan back in the black
Next has continued to confound the Covid-19 gloom by again increasing revenue in its third quarter.
In a trading update this morning (October 28), the Enderby company reported a 1.4% hike in turnover during the period and upgraded its profit forecast for the full year to £365m – a rise of £65m from its September figure.
Despite this, the Next’s revenues remain over 20% down on last year.
A statement by the firm said: “The sales performance by product category remains very similar to the second quarter, with Home and Childrenswear over-performing while demand for men’s and women’s formal and occasion clothing remains weak. Online sales remain strong, both in the UK and overseas. In Retail, out of town retail parks continue to perform better than high streets and shopping centres.”
Barrow upon Soar based X-ray manufacturer Image Scan says it will bounce back into profit for the year ending September 30 after reporting a 50% hike in sales.
The company says it will make a profit of £112,000 this year – up from a loss of £402,000 in 2019 after turnover hit £3.5m.
Image Scan’s chairman and chief executive, Bill Mawer, said: “The COVID-19 pandemic has impacted our customers, our supply chains and our staff. However, I am proud of the way the whole Company has pulled together through this period to keep the business operating and deliver a profit for the year that exceeded our earlier estimates. The recent launch of the Axis-CXi cabinet X-ray machine is an exciting step forward for the company and should bring new customers and new sources of revenue. With our strong cash position and our ambitious product development programme we look to emerge from the pandemic well-placed for the future.”
