Superdry (SDRY), Hipgnosis Songs Fund (SONG) and Netcall (NET)
Shares in Superdry (SDRY) tumbled 18 per cent this morning after the fashion retailer revealed that its trading performance had been “significantly below management expectations”. Retail sales fell by 13 per cent in the first half of FY2024 while wholesale revenue was down by 41 per cent.
The group blamed a “challenging consumer retail market” and the “abnormally mild autumn” for the delayed takeup of its autumn and winter collection. If this sounds familiar, this is because Superdry also blamed “poor weather” for subdued demand for its spring and summer clothes back in September, when it reported a £148mn loss before tax. JS
Read more: Superdry plunges to £148mn loss
Hipgnosis delays results on valuation dispute
Yet more hand-wringing at Hipgnosis Songs Fund (SONG), which has delayed its interim results after the board raised “concerns as to the valuation of the company’s assets”. The concerns came after an independent advisor valued various songs “materially higher” than Hipgnosis’s own estimates. This impacts specifically the failed sale worth over $400mn (£315mn) where linked vehicle Hipgnosis Songs Capital was the buyer, and also the $23mn sale completed on 11 December.
The board asked Hipgnosis Songs Management, the investment advisor run by Merck Mercuriadis, why the valuations were so distant, and received a “heavily caveated” response, leading to the results delay. The fund said it would aim to publish interim results by 31 December, the deadline under Financial Conduct Authority rules. A further delay could see the fund’s shares suspended from trading. AH
