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United Carpets Reports Satisfactory Interim Performance

United Carpets & Beds 725 x 500.jpg

United Carpets Group plc (LSE: UCG), 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 2019. 

Key points 

·      Revenue for the period increased by 36.4% to £14.75m (2018: £10.81m) 

·      Like for like sales* were +1.8% 

·      Profit before tax and IFRS 16 adjustments** was £154,000 (2018: £121,000) 

·      Earnings per share before IFRS 16 adjustments were 0.14p (2018: 0.09p) 

·      Profit before tax after IFRS 16 adjustments was £nil (2018: loss before tax of £4,000) 

·      Earnings per share after IFRS 16 adjustments were -0.01p (2018: -0.03p) 

·      Interim dividend maintained at 0.135p per share (2018: 0.135p) payable 17 January 2020 

·      Net funds*** were £1.09m (2018: £2.01m) 

·      LFL sales for the 11 weeks since the period end were -3.5% 

   * Like for like sales are defined in the financial review
 ** IFRS 16 adjustments are explained in note 1
*** Net funds comprise cash and cash equivalents less borrowings (hire purchase liabilities)

 Paul Eyre, Chief Executive, said:

"A small improvement in profit before tax and IFRS 16 adjustments is a satisfactory performance in a challenging market environment with consumer confidence constrained by political uncertainty. Nevertheless, the Group generated a significant increase in revenues, primarily driven by a small increase in the average number of stores trading compared to the prior period and the Group's fledgling instalment payment model, a new business channel for the Group with the potential to become an important future profit centre. Importantly, the fundamentals of the Group remain sound. We have a strong network of mostly franchised stores, offering an excellent range of good quality, great value products making us well placed to benefit from any uptick in the market environment."

Source : United Carpets & Beds

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23 December 2019

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