United Carpets Reports Challenging First Half

United Carpets Group plc (the "Group" or "Company" or "United Carpets"), the third largest chain of specialist retail carpet and floor covering stores in the UK, today announces its interim results for the 6 month period ended 30 September 2018.

Key points

·      Revenue for the period was £10.81m (2017: £9.97m)

·      Like for like sales* decreased by 1.8%

·      Profit before tax was £121,000 (2017: £589,000)

·      Earnings per share were 0.09p (2017: 0.57p)

·      Interim dividend maintained at 0.135p per share (2017: 0.135p) payable 18 January 2019

·      Net funds were £2.01m (2017: £1.64m)

·      LFL sales for the 11 weeks since the period end were 0.1% up

* Like for like sales are defined in the financial review

Paul Eyre, Chief Executive, said:

"As we said in our September trading update, over the summer months the exceptionally warm, sunny weather and the World Cup combined to make the first half of this financial year a very challenging trading period. We worked hard to maintain sales levels but to do so required increased investment in marketing and further support for the franchise network. In addition, we have continued to invest in online activities and to explore future business development opportunities to better prepare the Group during a challenging period of changing shopping habits.

"With no immediate signs of respite in the general environment and continuing Brexit uncertainties, we entered the second half cautiously, however, recent trading performance has shown some more encouraging signs which, if sustained, should result in a better second half result and a reasonable outcome for the year."

In late October, United Carpets opened a flagship store in a former B&Q unit in Altrincham.

The full Interim Report can be found here.

Source : United Carpets

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