Preliminary Results Announcement for the 52 weeks ended 1 May 2010
Carpetright plc
Preliminary Results Announcement for the 52 weeks ended 1 May 2010
Carpetright plc, Europe’s leading specialist carpet and floor covering retailer, today announces its preliminary results for the 52 weeks to 1 May 2010.
Headlines
Group
- Total Group Revenue1 increased by 7.0% to £516.6m (2009: £482.8m)
- Underlying 2 profit before tax up 64.0% to £28.2m (2009: £17.2m)
- Profit before tax of £22.3m (2009: £16.7m)
- Underlying2 earnings per share of 31.6p (2009: 18.2p)
- Basic earnings per share 23.5p (2009: 17.6p)
- Proposed final dividend of 8.0p (2009: 4.0p) making a full year dividend of 16.0p (2009: 8.0p)
- Net debt at year end of £71.3m (2009: £97.1m)
UK and Republic of Ireland
- Total revenue1 increased by 7.9% to £425.2m (like-for-like3 up 3.1%)
- Underlying 2 operating profit increased by 67.9% to £26.2m
- Store base4 increased by 19 to 586
The Netherlands and Belgium
- Total revenue1 increased by 4.1% to £89.2m
- Underlying2 reported operating profit increased by 10.3% to £9.6m
Lord Harris, Chairman and Chief Executive, said:
“In a challenging year, I am pleased to report that Carpetright has delivered an improved performance. The Group has grown sales and commenced the development of new revenue streams in the house building and insurance sectors, helping to deliver a significant recovery in profitability over the depressed level reported in the prior year.
“These results have been delivered through a period of economic recession, with fears of unemployment and tax increases adversely affecting consumer confidence. Throughout the period we continued to manage the business by exerting tight control over all costs, capital expenditure, stock and cash flow.
“Although we are planning for consumer demand across Europe to remain subdued, we have market leading positions in all our geographical areas with strong value led retail brands. I believe this enables us to look confidently to the future as and when the economic conditions improve.”
Lord Harris of Peckham
Chairman and Chief Executive
For further enquiries please contact:
Carpetright plc
Lord Harris of Peckham, Chairman and Chief Executive
Neil Page, Group Finance Director
Tel: 01708 802000
Citigate Dewe Rogerson
Kevin Smith / Angharad Couch / Lindsay Noton
Tel: 020 7638 9571
There will be a presentation today at 9.00am to analysts and investors at Andaz Liverpool Street,40 Liverpool Street, London, EC2M 7QN.
A copy of this trading statement will be available on our website www.carpetright.plc.uk today from 7.00am
Notes
1. All sales figures are quoted after deducting VAT.
2. Underlying’ excludes exceptional items and related tax.
3. Like-for-like sales calculated as this year’s net sales divided by last year’s net sales for all stores that are at least 12 months old at the beginning of our financial year. Stores closed during the year are excluded from both years. No account is taken of changes to store size or introduction of third party concessions. Sales from insurance and house building contracts are supplied through the stores and included in their figures.
4. Excludes Sleepright within Carpetright locations.
5. Certain statements in this report are forward looking. Although the Group believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements contain risks and uncertainties, actual results may differ materially from those expressed or implied by these forward looking statements. We undertake no obligation to update any forward looking statements whether as a result of new information, future events or otherwise.