Carpetright PLC Trading Update and Directorate Change (0406P)

TIDMCPR

RNS Number : 0406P

Carpetright PLC

05 February 2019

Carpetright plc

Trading Update and Directorate Change

Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today announces a trading update for the 13 week period to 26 January 2019.

Trading Update

 
--  The Group's overall performance remains in line with expectations 
--  As anticipated UK like-for-like sales remained negative for the period, 
     although the trend has improved from that of the first half. Trading 
     patterns have remained volatile week to week, against a backdrop 
     of uncertainty and weak consumer confidence 
--  Trading in the Rest of Europe has been tracking consistently ahead 
     of the same period last year, driven by a strong performance in the 
     Netherlands 
--  We remain on target to achieve the GBP19m of annualised cash savings 
     announced as part of the recapitalisation of the Group in May 2018 
 

CFO Succession

Carpetright announces that Neil Page, Chief Financial Officer, has, after more than ten years in post and over thirty years in retailing, confirmed his intention to retire from a full-time plc role. He will step down from the Board on 25 February 2019 but will continue to work in the business until the end of the financial year on 30 April 2019.

As part of the succession planning process, Neil will be succeeded by Jeremy Simpson, who will become Chief Financial Officer on 25 February 2019. Neil and Jeremy will work together thereafter to complete a smooth handover of responsibilities.

Jeremy was most recently Chief Financial Officer of Sureserve Group plc (previously Lakehouse plc) from 2014. Qualifying as a Chartered Accountant with Ernst & Young he then moved to KPMG Corporate Finance and, later, to Smiths Group plc. He subsequently held senior finance roles at Hunting plc and Shanks Group plc, where he joined as UK Finance Director in 2011, before becoming Group Development Director in 2013.

Commenting on these changes, Wilf Walsh, Chief Executive, said:

"As CFO, Neil has made an outstanding contribution to Carpetright over many years and the Board wishes to express its gratitude for his unstinting commitment to the business, particularly through the recent challenging period of restructuring. We are delighted that Jeremy is joining us as CFO - he has a strong plc track record and will be able to integrate swiftly into the executive team".

Regulatory Information No other information is required to be disclosed pursuant to paragraph LR 9.6.13R in relation to the appointment of Jeremy Simpson as a Director of Carpetright.

LEI: 213800GO32BSNNHXID90

For further enquiries please contact:

 
 Carpetright plc 
 Wilf Walsh, Chief Executive 
 Neil Page, Chief Financial Officer 
 Tel: [phone] 
 
 Citigate Dewe Rogerson 
 Kevin Smith / Nick Hayns 
 Tel: [phone] 
 

Further information on Carpetright plc, including an alert service for latest company news, can be found at http://www.carpetright.plc.uk/

A copy of this trading statement will be available on our website from 7.00am today.

Notes to Editors:

Carpetright plc is Europe's leading specialist floor coverings and beds retailer. Since the first store was opened in 1988 the business has developed both organically and through acquisition within the UK and other European countries. The Group is organised into two geographical regions, the UK and the Rest of Europe (comprising The Netherlands, Belgium and the Republic of Ireland).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

TSTCKQDDFBKDDBK

(END) Dow Jones Newswires

February 05, 2019 02:00 ET (07:00 GMT)