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United Carpets Group (UCG)

Share Price:
5.25p
Change Today:
0.000p
Market Cap:
4.27m

United Carpets profits hit by Brexit fears

07 Mar 19

LONDON (ShareCast) - (Sharecast News) - Floor coverings retailer United Carpets expects profits to fall almost two-thirds in its current financial year as Brexit fears weaken consumer confidence.
In its interim results, United Carpets warned that trading had been "challenging from the outset", with the exceptionally warm summer and England's unexpected World Cup run combining to impact first-half trading, requiring increased marketing investment and support for its franchisee network while it was also continuing to invest in online activities and future business development opportunities.

Since December, the AIM-listed firm said it had "worked hard" to successfully maintain like-for-like sales against a "well reported and increasingly difficult backdrop" in the run-up to Brexit, which it said had "weakened consumer confidence, created a softer housing market and led to an environment in which all retailers are competing aggressively for every sale".

United Carpets now expects pre-tax profits to come in somewhere between 550,000 to 650,000 - a drop of as much as 64% year-on-year.

Looking forward, United said it was "confident" that the fundamentals of its business remained sound and felt its "substantial cash balances and virtually no debt" left it well placed to take advantage of any improvement in market conditions.

As of 1040 GMT, United Carpets shares had slid 4% to 4.80p.

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 5.25p
Change Today 0.000p
52 Week High 7.88p
52 Week Low 4.50p
Volume 100,000
Shares Issued 81.40m
Market Cap 4.27m

Dividends

  Latest Previous
  Final Interim
Ex-Div 26-Sep-19 03-Jan-19
Paid 10-Oct-19 18-Jan-19
Amount 0.28p 0.14p