United Carpets Group plc AGM Trading Update (2727B)
19 September 2018 - 8:25PM
UK Regulatory
TIDMUCG
RNS Number : 2727B
United Carpets Group plc
19 September 2018
19 September 2018
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.
UNITED CARPETS GROUP plc
AGM Statement
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, announces the following
update in advance of its AGM being held later this morning at
noon.
As previously described in the Company's full year results
announced in July, trading in early summer was difficult due to the
exceptionally warm, sunny weather, and the World Cup, which
together had a significant adverse impact on the Company's sales
volumes, as they had on the sector as a whole.
As a result of these headwinds, the modest decline of 1.9% in
like for like sales for the 24 weeks ended 13 September 2018 has
been achieved at the cost of increased marketing investment.
Further costs have been absorbed during the period in supporting
the franchise network and making additional investment in future
business developments. The combination of these influences will be
reflected in significantly lower profit levels in the first half of
the current financial year.
Whilst comparatives for the balance of the year remain
challenging, the Board believes the business is well positioned for
future trading and is actively pursuing appropriate ways to respond
in the second half of this financial year in order to reduce the
impact on the full year results.
In view of the strength of its store portfolio together with the
abilities and commitment of the franchisee network, the Board
remains confident that the Group will continue to be cash
generative, with no borrowings, and able to support its current
dividend policy.
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
Marc Milmo, Catherine Leftley (Corporate Finance) 020 7894 7000
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END
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