Carpetright’s half-year profits worn thin by Netherlands arm

Kasmira Jefford
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WORSENING conditions in the Netherlands and volatile trading in the UK caused flooring specialist Carpetright to post a slump in first-half profits.

The group already issued a profit warning in October alongside the shock news that chief executive Darren Shapland was stepping down with immediate effect just 18 months into the role.

His departure saw Carpetright’s 71-year-old chairman and founder Philip Harris take charge.

The group made a pre-tax profit of £3m in the six months to 26 October down from £4.5m in the same period last year, in line with already downgraded analyst forecasts.

Group revenue fell 2.2 per cent to £222.2m, with like-for-like sales at UK stores down 0.8 per cent and by 8.6 per cent in the Netherlands, Belgium and Ireland.

Harris said that while conditions remained challenging he expects to see an improvement in the second half on the back of the rising housing market, and said full-year expectations were unchanged.