26th Oct 2020 12:02
(Alliance News) - United Carpets Group PLC on Monday said its sales grew following the lockdown period, but warned on the potential headwinds going forward.
The retailer of carpet and floor covering said since its 56 stores reopened on May 22, trading has been robust with good demand from consumers increasing like-for-like sales by 24% for the 19 weeks to October 1.
United Carpets said it continues to be in a strong financial position. As at September 30, it had cash and cash equivalents amounting to GBP5.4 million. Accordingly, the company said it believes that it has sufficient capital to support the business through the "current challenges", and is well placed in the event of any further restrictions due to the ongoing Covid-19 crisis.
"Since our stores were allowed to re-open, we have been encouraged by a strong period of trading," said Chief Executive Paul Eyre.
"Looking ahead, however, there are a number of significant, potential headwinds facing our sector and the UK economy in general," added Eyre.
AIM-listed United Carpets shares were up 23% on Monday in London at 4.00 pence each.
By Evelina Grecenko; [email protected]
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