Good morning,

Some RNS announcements I noticed today:

  • Carpetright (LON:CPR) - in line with expectations trading update
  • Severfield (LON:SFR) - in line with expectations trading update
  • Devro (LON:DVO) - in line with expectations trading update
  • Photo-Me International (LON:PHTM) - €20 million acquisition
  • Thalassa Holdings (LON:THAL) - extension of offer for Local Shopping REIT (LON:LSR)
  • Mincon (LON:MCON) - trading update, Q1 profit "slightly behind" last year.
  • BigDish (LON:DISH) - expanding to Basingstoke, Exeter, Brighton
  • Synnovia (LON:SYN) - trading update, marginally below expectations and a restatement of historic accounts.

These aren't earth-shattering announcements so I might just run through each of them with quick comments.

Elsewhere, I listened to the Tesla Q1 conference call live last night, and increased my short position in it again this morning. Lots of weird and interesting things going on there, as always!

Stop the press: Laura Ashley Holdings (LON:ALY) issued a profit warning at 10:30 am. Not great for shareholders.




Carpetright (LON:CPR)

  • Share price: 20.55p (+34%)
  • No. of shares: 304 million
  • Market cap: £62 million

Trading Update

The market loves this update, helping the shares back toward the January high.

The key bit is that the "UK like-for-like sales trend improved significantly in the fourth quarter, compared to the year to date".

Does this mean that like-for-like sales were positive? To me, it doesn't, not necessarily. All we know is that they are less bad than the first three quarters of the year!

A reminder:

  • Q1 LfLs: down 16.8%
  • Q2 LfLs: down 8.9%
  • Q3 LfLs: "remained negative, although the trend has improved from that of the first half".

So the year-to-date LfL result might be minus 10%, for example. And Q4 is much better than that.

£19 million of cash savings are on target - a very big number for a company with this market cap!

CEO comment:

"the work we have done to reposition the business is starting to deliver the benefits necessary to put Carpetright back…

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here