LONDON (ShareCast) - (Sharecast News) - Superdry surged on Thursday as the fashion retailer reported a jump in revenues and said it had secured a new £80m financing facility.
In a trading statement for the 26 weeks to 29 October, the company said group revenue rose 3.6% year-on-year, driven by a strong performance in owned stores. Store revenue was up 14.4% as collections "resonated well" with customers and online revenues were 1.7% higher as customers went back to shopping more in stores.

Wholesale revenue fell 5.2% following low levels of dispatches in October which are expected to partially reverse in the second half.

Superdry also said in the update that it had agreed a loan facility of up to £80m, including a £30m term loan, for three years with an option to extend for one further year, with specialist lender Bantry Bay Capital Limited. This replaces the existing up to £70m asset-based lending facility that was due to expire at the end of January next year.

The company said that "given market conditions", the interest rate on the new facility will be higher than its previous agreement, at 7.5% above the Sterling Overnight Interbank Average Rate (SONIA).

"The revised facility is operationally less complex to manage and covenant light, giving us the necessary flexibility to navigate the current challenging macro-economic environment and continue to focus on driving our brand strategy forward," the company said.

Founder and chief executive Julian Dunkerton said: "I'm pleased with the performance of the business over the half. It's been well documented that conditions are extremely challenging which weren't helped by the unseasonably warm weather in October and into November. However, by combining great product with affordable prices, we managed to grow sales in the first half.

"That said we are under no illusions that consumer confidence is fragile and that the picture is unlikely to change quickly. We are very pleased to have completed our refinancing and this, combined with the continued strengthening of our brand and product, means the business is in good shape as we trade through our important Christmas trading period."

At 1515 GMT, the shares were up 15.6% at 117p.

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