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9 Sep 2010 07:00
9 September 2010
Carpetright plc
AGM Statement
Carpetright, Europe's leading specialist carpet and floor coverings retailer, will hold its Annual General Meeting ("AGM") at 12:00 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.
"Against extremely challenging market conditions and a period of economic recession, Carpetright delivered a significant recovery in profitability in the year to 30 April 2010 over the depressed level reported in the previous financial year. The Group achieved this through developing new revenue streams in the house building and insurance sectors, and maintaining tight control over all costs, capital expenditure, stock and cash flow.
"As we enter our important autumn trading period, I believe economic conditions will remain challenging for the balance of this financial year. We have, however, a fundamentally strong core business model and we continue to grow our bed business with plans to open a further 50 locations, in our existing Carpetright estate before Christmas. The Group's strong value-led brands hold market leading positions in all our geographic markets and I believe all of these factors allow us to look confidently to the future."
The Group will report its pre-close trading update for the first half of its financial year on 27 October 2010.
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 / Lindsay Noton
Tel: 020 7638 9571
A copy of this trading statement will be available on our website www.carpetright.plc.uk today from 7.00am
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