CPR.L Regulatory News (CPR)

10 Sep 2009 07:00



Carpetright plc

AGM Statement

Carpetright, Europe's leading specialist carpet and floor coverings retailer, will hold its Annual General Meeting ("AGM") at 1200 today at Harris House, Purfleet Bypass, Purfleet, Essex, RM19 1TT.

Historically, Carpetright has not provided any additional information on trading performance at the AGM, since it falls only five weeks after the first quarter trading update given in early August.  While this position remains unchanged, at the meeting today Lord Harris, Chairman & Chief Executive, will be making the following statement, re-iterating the Company's belief in the continued improvement in trading conditions in the UK.

"The last financial year was extremely challenging for the Group. Market conditions and consumer confidence declined throughout the year, leading to a significant reduction in sales volume. Throughout this period we remained profitable and I am more confident about the future prospects for a number of reasons.

"We have seen our principal nationwide competitor, Allied Carpets, enter into administration and significantly reduce its number of stores. We are securing more insurance business each week and have secured contracts to supply a number of house builders. We have a central warehouse and cutting facility which has the capacity to significantly increase volumes at minimal additional costs. Finally, the mortgage approval data is providing an indicator that the market will be stronger in the Spring of next year. 

"All these factors make me cautiously optimistic ahead of our important Autumn trading period, although it is too early to say to what extent this will impact on the full year financial results" 

Carpetright's next trading update will be made on Wednesday 28 October 2009 and will cover the trading performance for the first 25 weeks of the financial year to 24 October 2009.

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