Brief: Electra Private Equity demerges from Hostmore, to rename as Unbound

Unbound

02/11/2021 07:09

Nov 2 (Reuters) - Electra Private Equity Plc  ELTA.L :
    * ELECTRA PRIV. EQUITY  - DEMERGER COMPLETE; UPDATE ON BOARD
&
OTHER MATTERS
    * SHARES OF HOSTMORE ) ARE EXPECTED TO BE ADMITTED AT 8:00AM
TODAY
TO TRADING ON MAIN MARKET OF LONDON STOCK EXCHANGE
    * FOLLOWING DEMERGER OF HOSTMORE, ELECTRA WILL CONTINUE IN
ITS
CURRENT FORM AS A LISTED INVESTMENT TRUST
    * COMPANY WILL BE RENAMED UNBOUND GROUP PLC ("UNBOUND") AND
WILL
CEASE TO BE AN INVESTMENT TRUST
    * UNBOUND WILL LEVERAGE HIGHLY ATTRACTIVE CUSTOMER DATABASE
AND
SCALABLE DIGITAL INFRASTRUCTURE OF HOTTER TO BECOME A BROADER
BUSINESS SELLING OTHER PRODUCTS AND SERVICES
    * TRANSITION OF ELECTRA TO UNBOUND IS TARGETED TO TAKE PLACE
OVER
COMING MONTHS, WITH FIRST UNBOUND, NON-HOTTER REVENUES TARGETED
IN Q2 2022
    * CURRENT HOTTER TRADING HAS BEEN STRONG AND EXTREMELY
PLEASING IN
LIGHT OF MARKET WIDE SUPPLY CHAIN ISSUES AND OTHER HEADWINDS
FACING ECOMMERCE BUSINESSES
    * IN H1 FY22 (ENDING JULY '21) HOTTER GENERATED EBITDA OF
£2.5M
FROM REVENUE OF £25M
    * AT END OF OCTOBER 2021, OVER PRIOR 12 MONTHS HOTTER
GENERATED
REVENUE OF £50.4M WITH GROSS MARGINS AND COSTS CONSISTENT WITH
THOSE ENVISAGED IN GIVING MEDIUM TERM GUIDANCE AT UNBOUND GROUP
CAPITAL MARKETS DAY ON 15 SEPTEMBER 2021
    * HOTTER IS SEEING A REDUCTION IN SUPPLY CHAIN DISRUPTION
EVIDENT
AT START OF AUTUMN / WINTER SEASON IN AUGUST AND SEPTEMBER.

Source text for Eikon:  ID:nRSB9892Qa 
Further company coverage:  ELTA.L 

 ((Rachel.Armstrong@thomsonreuters.com;))