City briefs: Card Factory, ITM Power, and more

Wakefield-based firm, Card Factory has provided an update on its response to Covid-19.

The firm has stated it is focusing on cash management protecting the longer-term prospects of the business and its stakeholders. As a result, it has utilised government schemes were applicable, including the furloughing of 90% of staff.

The business has also sort to control its cost base with a reduction of new store openings for the 2021 financial year and is in discussions with landlords over rental payment. Agreements have also been reached with HMRC to defer VAT and PAYE/NI.

The firm does have an existing £200m Revolving Credit Facility in place with its commercial banks, and has received confirmation from the Bank of England that we have access to additional funding under the Covid Corporate Financing Facility.

Following all the actions taken, the Board is confident that the Group has access to sufficient liquidity, even in the event of a prolonged store closure period.

Operationally, Card Factory continues to trade online and has seen significant growth in visitors, conversion and sales. It has also continued to supply both Aldi and our Australian partner, The Reject Shop, with card ranges.

The Card Factory Foundation has established a relief fund for our colleagues who are experiencing financial hardship during this time and we continue to provide a number of support services to all of our colleagues.

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Energy storage and clean fuel company, ITM Power has appointed Katherine Roe as a non-executive director with immediate effect.

Katherine Roe is CEO of Wentworth Resources plc, an AIM listed East African natural domestic gas producer. Roe joined Wentworth in 2014 and was responsible for corporate development and investor relations before becoming CFO in 2018 and CEO in 2019. Prior to this she had a 14 year plus career in investment banking and corporate finance.

Sir Roger Bone, Chairman of ITM Power said: “I am pleased to welcome Katherine to the Board of ITM Power. Her knowledge and experience of investment markets and the energy industry will add a directly relevant skill set to the governance and strategic direction of the Company. We look forward to working with her.”

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The Board of EMIS Group, the UK leader in connected healthcare software and systems, has announced that trading for the year to date is in line with its expectations.

The firm states that high levels of recurring revenue mean it is in a strong financial position. However trading patterns have altered, while new business sales have been lower than in 2019 and weighted more towards lower-margin hardware.

Due to its strong cash position, the Board has decided to continue invest and execute of the business’ strategic roadmap, rather than take short-term cost-saving measures in response to COVID-19.

Andy Thorburn, Chief Executive Officer of EMIS Group, said: “While the Group continues to navigate short-term market volatility, the Board believes that it is in the best interests of all stakeholders to continue with the execution of the strategic product roadmap to deliver greater integration and efficiency in healthcare.

The investments being made by the Group and the capabilities being built will be even more relevant after COVID-19. The Board is confident the Group will create significant value for shareholders over time while delivering opportunities for customers in the NHS and in the private and consumer healthcare sectors.”

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