Card Factory plc (lon:card)
Card Factory – One to keep an eye one

Card Factory plc Financials

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Commentary History
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Sun 23 May 2021Card Factory – One to keep an eye one
Card Factory plc Share Price
Grade:No grade has been assigned to this company
Title: Card Factory – One to keep an eye one
Company: CARD - Card Factory plc
Share Price Then: 73p
Author: Ian Smith
Date: Sun 23 May 2021
Comments: Card Factory are in a slightly unusual area of retail, one where online is not the obvious answer for the customer or the retailer. Indeed they have reported a drop in online sales and an increase in retail sales when their shops have reopened after COVID shutdowns.

This is because the product range mostly consists of items that the customer wants to touch and browse through, however if the retail market in general continues to see more and more shop closures then I would be concerned that customer would move on line as it is too much effort to go out for just one item.

However with £225m of borrowing facilities and £110m or £150m of net debt, depending upon how you account for deferred items there is a worryingly high level of debt, indeed there is a plan to raise £70m via a share issue, which is around 25% of the current market cap.

With dividend payments also on hold until a £50m (CLBILS) loan is repaid it is easy to see further drops, especially when the share issue is formally announced. If this does occur then I would be looking at the company very seriously
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