June 23, 2020 / 6:16 AM / 21 days ago

BRIEF-Pepco Group H1 profit down 16.3% on Covid hit

June 23 (Reuters) -

* H1 REVENUE GROWTH OF 9.7% FROM SPACE EXPANSION IN PEPCO AND DEALZ BRANDS PLUS POSITIVE LFL GROWTH

* H1 PBT OF 89 MILLION EUROS, DOWN 16.3%, REFLECTS COVID-19 IMPACT IN MARCH WITH SIGNIFICANTLY REDUCED STORE TRADING FOOTPRINT AND FOOTFALL

* SAYS GROUP BALANCE SHEET REMAINS STRONG WITH NET DEBT OF 478 MILLION EUROS, REPRESENTING 1.5X LAST TWELVE MONTHS EBITDA

* SAYS REVENUE RETURNING TO PRE-COVID LEVELS WITH 99% OF GROUP STORES NOW TRADING, ALTHOUGH LFLS REMAIN NEGATIVE

* SAYS FINANCIAL POSITION REMAINS STRONG WITH POSITIVE CASH RESOURCES IN EXCESS OF 400 MILLION EUROS AT JUNE 13

* SAYS LIKELY THAT CONSUMER DEMAND FOR DISCOUNT RETAILING WILL INCREASE IN A PERIOD OF PROLONGED ECONOMIC UNCERTAINT Further company coverage:

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