London, England, March 15, 2006--News that the market remains challenging led wood and laminate flooring specialist Floors 2 Go sharply lower today.
Chief executive Simon Farnsworth said, “The floor coverings market was exceptionally tough in 2005 and conditions in 2006 remain challenging. Against this background we managed the business tightly and achieved a reasonable performance.”
“The difficult conditions experienced in the first ten weeks has resulted in a fall in underlying profits for the year so far. However, we remain confident measures to control costs, cautiously expand store numbers and improve the product range leave us well placed for the longer-term,” added Farnsworth.
Floors 2 Go reported a pre-tax profit of £3.2m for the 12 months to December against £6.3m a year earlier, on turnover down 5.2% to £74.7m. Like for like sales fell 18%.
The total dividend for the year was unchanged at 1.00p per share.
