Joules boosted by new credit facility as trading recovers
Joules, the Market Harborough retailer, has landed a further £5m of debt from Barclays as it revealed this morning that it expects its full-year adjusted profit before tax to be slightly ahead of expectations.
The news will be welcomed by Joules shareholders, who have seen their investment plummet to record lows over recent weeks. Yesterday, Joules’ share price closed at 21.24p – a fall of almost 20% over the previous five days.
The pay-off for the extended credit facility is that Joules won’t be able to pay a dividend to shareholders until it expires in November this year.
However, the firm said trading in the first six weeks of its new financial year was up by 8.5%.
Joules will releases its full-year 2022 results in September.