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United Carpets Group (UCG)

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United Carpets warns profits will be 'significantly lower'

19 Sep 18

LONDON (ShareCast) - (Sharecast News) - United Carpets told investors on Wednesday that trading throughout the early summer period had been "difficult" due to the UK's long, hot summer.
The carpet and floor coverings retailer said the exceptionally warm weather and the World Cup had resulted in a "significant adverse impact" on its sales volumes.

Despite the headwinds, United managed to record just a modest decline of 1.9% in like-for-like sales for the 24 weeks ended 13 September but required an increased marketing investment to do so.

United absorbed further costs throughout the period in order to support its franchise network and make additional investments into future business developments which will be reflected in "significantly lower profit levels" in the first half of its current trading year.

Although comparatives for the rest of the year remained "challenging", United assured shareholders it was "well positioned for future trading" and that it was "actively pursuing appropriate ways to respond in the second half".

United said: "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."

As of 1320 BST, United shares had dropped 4.52% to 7.40p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency UK Pounds
Price 5.75p
Change Today 0.000p
52 Week High 6.13p
52 Week Low 4.50p
Volume 0
Shares Issued 81.40m
Market Cap 4.68m


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