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SCS Group Share Price Rallies 18.6% on Rising Orders

Simon Mugo trader
Updated 8 Sep 2020

Practice Stock Trading
SCS Group image

Shares of SCS Group Plc (LON: SCS) today surged 18.6% after the furniture and flooring specialist company revealed that new orders rose 51% during the first six weeks of its new financial year.

The company specified that orders for the six weeks to September 5 were up 51% as compared to a similar period last year, earning the company approximately  £19 million during the period.

SCS had previously reported that the orders received in the 2-month period between May 24 and July 25 had risen 92% after the company reopened its UK stores; the period also marked the end of its financial year.

Analysts at Peel Hunt commented that: “With cash on the balance sheet and a well-proven business model (and failing competition) the shares are very cheap and held back only by their liquidity,”

They added that: “If the shares were more liquid they would surely be more expansively valued.”

SCS Group share price

Tradingview chart of SCS Group share price 08092020

SCs Group shares rose 18.6% to trade at 185p having ended yesterday’s session trading at 156p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading