Smith has issued a trading update announcing it has successfully extended its
bank financing arrangements with its existing banks.
“We adapted well to
the evolving trading environment on the high street, despite reduced footfall,
with revenue in our High Street business in January 2021 at 74% of 2019 levels.
In Travel, we continue to see the same broad trends as we reported in January,”
the company said.
“Total revenue in January 2021 was 35% of 2019 levels and 33% of 2019 levels in February 2021. As a result of our better than anticipated trading performance, our cash burn has improved. We now expect the monthly cash burn over the period January to March 2021 to be £12m-£17m versus the previously guided £15m-£20m per month.”