Mothercare PLC said Monday that it is moving to London’s AIM market and that it expects to post a small Ebitda loss for fiscal 2021, as three-quarter net world-wide retail sales were hurt by the coronavirus pandemic.
The company said that it is delisting from London’s main market and that it is applying for listing on the junior AIM market.
“AIM will offer greater flexibility with regard to corporate transactions, enabling the company to agree and execute certain transactions more quickly and cost effectively than a company on the Official List,” Mothercare said.
The cancellation of the listing on the main market will occur around March 12, it said.
The baby-products retailer, whose U.K. business entered administration in November 2019, said net world-wide retail sales in the three quarters ended Jan. 2 fell 38% year over year, to 258 million pounds ($353.1 million).
The company said it expects full-year net world-wide retail sales to be at least GBP320 million and invoiced shipments to be at least GBP80 million.
Mothercare said its franchise business was hit particularly hard by the pandemic, with the exception of pharmacy chain Boots. “Group revenue is expected to return to more normal levels in the short to medium term,” it said.