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Annual Results

Carpetright sees significant strategic progress

27 June 2017 07:25

Carpetright has described the 52 weeks to 29 April as a year of significant strategic progress.

It said a positive trading momentum was re-established in the second half and it had made an encouraging start to the new financial year.

Group revenue increased to £457.6m (2016: £456.8m) and underlying profit before tax was in line with market expectations at £14.4m (2016: £18.3m).

Other highlights:

- Year-end net debt position of £9.8m (2016: £1.1m) reflected investment in the accelerated store refurbishment programme.

- Separately reported items of £13.5m (2016: £5.5m), primarily related to increased onerous lease cost provisions on loss making-stores.

- Statutory profit before tax of £0.9m (2016: £12.8m).

Chief executive Wilf Walsh said: "I am pleased to report on a year of significant strategic progress, as we implemented a wide-ranging programme of investment and operational change, to refresh and update the Carpetright brand.

"Our strategy is on track and the positive response we have received from these initiatives has encouraged us to press ahead with plans to complete the refurbishment of the UK store estate by the end of 2018 and to extend the programme in the Rest of Europe.

"We have made an encouraging start to the new financial year, underpinned by the improving performance of our refurbished UK estate.

"While a challenging consumer environment and competitive landscape remain headwinds, we are confident the additional potential in our self-help initiatives will support an increase in market share."

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