United Carpets Reports Flat LFL Sales

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, today announces its preliminary results for the year ended 31 March 2019. 

Key points

·      Revenue increased by 10.4% to £23.98m (2018: £21.72m)

·      Profit before tax was £0.59m (2018: £1.52m)

·      Earnings per share were 0.51p (2018: 1.57p) 

·      Store numbers increased from 58 to 59 

·      Like for like sales* decreased by 0.1% 

·      Recommending a maintained final dividend of 0.285p per share (2018: 0.285p per share) payable on 10 October 2019 

·      Net funds at 31 March 2019 were £2.10m (2018: £2.64m) 

·      Like for like sales* since the period end up 4.6% 

*Like for like sales are defined in the Financial Review 

Paul Eyre, Chief Executive, said: 

"An unusually hot summer last year, combined with the football World Cup and a softer housing market, made this a challenging year. Despite this, sales increased by 10.4% through supporting our existing store network and further developing new business opportunities which helped increase market share, whilst only making a small positive contribution to profit in the year. Profit before tax was within the reduced range anticipated in March 2019 reflecting an increasingly difficult retail environment. The business remains well placed with a largely franchised store portfolio operating under a trusted brand, delivering good quality and great value products, and able to take advantage of any upturn in the broader market. The current financial year has started positively with like for like sales up 4.6% for the first 16 weeks."

Source : Insight DIY Team and United Carpets

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