United Carpets Group plc Trading Statement (1002S)
07 März 2019 - 8:01AM
UK Regulatory
TIDMUCG
RNS Number : 1002S
United Carpets Group plc
07 March 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) 596/2014 (MAR). ON PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
7 March 2019
UNITED CARPETS GROUP plc
Trading Update
United Carpets Group plc ("the Group" or "the Company" or
"United Carpets"), the third largest chain of specialist retail
carpet and floor covering stores in the UK, provides the following
trading update for the year ending 31 March 2019.
In the Group's interim results announced in December, United
Carpets advised that the current financial year has been
challenging from the outset. The exceptionally warm summer and the
World Cup combined to impact upon the Group's first half trading
performance requiring increased marketing investment and support
for the franchisee network at the same time that the Group was
continuing to invest in online activities and future business
development opportunities.
Since then the Group has worked hard to successfully maintain
like for like sales against a well reported and increasingly
difficult backdrop in the run up to Brexit, which has weakened
consumer confidence, created a softer housing market and led to an
environment in which all retailers are competing aggressively for
every sale. Marketing investment and support for the franchisee
network have continued to impact on Group profitability as has
aggressive pricing to match competitor discounting. The Group also
continues to develop online activities and new opportunities which,
while increasing total revenue, are not yet making a positive
contribution to profit before tax. Consequently, the Board now
expects the likely range for profit before tax to be GBP550k to
GBP650k.
Looking ahead, the Board are confident that the fundamentals of
the business remain sound, as the Group continues to operate from a
stable store network, under a well-known and trusted brand with
substantial cash balances and virtually no debt. The business is
therefore well placed to take advantage of any improvement in
market conditions.
This announcement has been released by Ian Bowness, Finance
Director, on behalf of the Company.
Enquiries:
United Carpets Group plc
Paul Eyre, Chief Executive
Ian Bowness, Finance Director 01709 732 666
Novella Communications Ltd
Tim Robertson
Toby Andrews 020 3151 7008
Cantor Fitzgerald Europe (Nominated Advisor and Broker)
Rick Thompson
Michael Boot 020 7894 7000
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END
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