London, England, September 5, 2006--Flooring retailer Floors 2 Go said it was on course to meet expectations for the full year despite a slump in profits, according to ShareCast.
“Trading conditions have shown signs of improvement over the last few months and we are on course to meet expectations for the full year,” said the company. Total sales since the half-year end are up 9.7 % with like for like sales up 6.1%.
The bullish statement accompanies a 22.5% decline in pre-tax profit to £0.58m for the six months to June from £0.75m a year earlier, on turnover down 1.9% to £35.7m. Like for like sales fell 8.6% for the six months, largely on a poor first quarter.
Chief executive Simon Farnsworth said, “Despite difficult market conditions in the first half, Floors 2 Go remained operationally robust with lower average store costs and strong cash generation.”
Floors 2 Go added that it sees further opportunities ahead to rollout the brand. “There remains a further opportunity to develop the brand, particularly in London and the South East of England.”
The interim dividend has been maintained at 0.25p per share.
