TIDMUCG

RNS Number : 9510H

United Carpets Group plc

30 March 2020

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.

30 March 2020

UNITED CARPETS GROUP plc

("the Group" or "the Company" or "United Carpets"),

COVID-19 Trading Update

United Carpets Group plc (AIM: UCG) the third largest chain of specialist retail carpet and floor covering stores in the UK, announces the following update in connection to the COVID-19 pandemic.

Like so many companies, our primary concern has been the well-being, safety and health of our employees, customers, suppliers and all who enter our stores. Since the outbreak of COVID-19, the Group has been closely following the UK Government's guidance and applying this to working practices across its retail store network, distribution centre's and offices to help prevent the spread of the virus.

In tandem with the announcement by the UK Government, all 58 United Carpet stores were closed. Key staff who can perform their roles remotely are working from home, with all non-essential travel curtailed, and the Group is no longer fulfilling product orders until guidance on non-essential travel is lifted.

While trading across the store network held up comparatively well during early March, the store closures will necessarily have a significant and immediate impact on revenues. As it is still uncertain how long the stores will need to remain closed and thereafter how quickly it will be for normal retail spending patterns to resume, it is not presently possible to provide guidance on the outcome for the current financial year ending 31 March 2020 or for the next financial year.

The Group is currently working through the Government's range of COVID-19 related, financial assistance packages and will utilise those elements which are beneficial to the business. While this extraordinary period continues the Board will manage the business on a prudent and conservative basis.

The Board will monitor the situation closely and further announcements will be made as appropriate.

Enquiries:

 
  United Carpets Group plc 
   Paul Eyre, Chief Executive 
   Ian Bowness, Finance Director                  01709 732 666 
 Cantor Fitzgerald Europe (NOMAD and Broker) 
  Rick Thompson 
  Michael Boot                                  020 7894 7000 
 Novella Communications Ltd 
  Tim Robertson 
  Fergus Young                                  020 3151 7008 
 

The person responsible for arranging the release of this information is Ian Bowness, Finance Director of the Group.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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