United Carpets Group plc Trading Update and Change to Accounting Year End (9926Q)
June 25 2020 - 02:00AM
UK Regulatory
TIDMUCG
RNS Number : 9926Q
United Carpets Group plc
25 June 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.
25 June 2020
UNITED CARPETS GROUP plc
("the Group" or "the Company" or "United Carpets"),
Trading Update and Change of Accounting Year End
United Carpets Group plc (AIM: UCG) the third largest chain of
specialist retail carpet and floor covering stores in the UK, is
pleased to announce the following trading update.
Following Government guidelines, the store network is now fully
re-open, with new retail protocols in place to maintain social
distancing, alongside increased sanitizing measures to protect
customers and staff. Whilst the Board expects that it will take
time for activity levels to normalize, early indications have been
encouraging and appear to reflect some initial pent up demand.
Losses during the period of enforced store closures have been
mitigated as far as possible. However, cash conservation has been
the primary focus in order to ensure appropriate liquidity for the
Group and its franchisees. The Group is also in the advanced stages
of negotiating additional funding under the Coronavirus Business
Interruption Loan Scheme and as a consequence, the Board believes
the business will have sufficient liquidity to meet its
requirements going forward during this extraordinary period.
With minimum staffing levels focused on cash management,
accessing available support and safely re-opening stores, the Group
has reviewed its reporting timetable. The Board concluded that it
would be advantageous to change the Group's accounting reference
date, extending the current accounting period from 31 March to 31
September. The majority of the impact from Covid-19 should be
confined within that extended accounting period whilst, going
forwards, the new accounting reference date will place the key
trading months in the first quarter of each new financial year,
enabling greater flexibility in the management of the business for
the remainder of the financial year.
As a result of this change the Group's next financial reporting
events will be as follows:
-- publication of unaudited interim accounts for the 12 months
ended 31 March 2020 by 31 July 2020
-- publication of audited accounts for the 18 months ended 30
September 2020 by no later than 31 March 2021
Thereafter, interim and annual reports will be published each
year for the 6 months to 31 March and 12 months to 30 September
respectively.
Paul Eyre, Chief Executive of United Carpets, said, "This has
been an extraordinary period for all companies and particularly so
for the retail sector. As a result of a strong balance sheet and
the recent cash conservation strategy, we are confident of meeting
our financial commitments and have sufficient funds to continue the
recovery of the business over the coming months."
Enquiries:
United Carpets Group plc
Paul Eyre, Chief Executive
Ian Bowness, Finance Director 01709 732 666
Cantor Fitzgerald Europe (NOMAD and Broker)
Rick Thompson
Will Goode 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
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPUAUQUPUGQC
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