- Flooring retailer United Carpets announced that its store network has fully reopened but that the board expects it will take time for activity levels to normalise.

In a trading update, the company said that losses during the period of enforced store closures have been 'mitigated as far as possible' and that it is in the advanced stages of negotiating additional funding under the Coronavirus Business Interruption Loan Scheme.

United Carpets also announced a change to its accounting year end, with an extension to the current accounting period from 31 March to 31 September.

The company said the majority of the impact from Covid-19 should be confined within that extended accounting period while the new accounting reference date will place the key trading months in the first quarter of each new financial year.

Chief executive Paul Eyre said: 'This has been an extraordinary period for all companies and particularly so for the retail sector.

'As a result of a strong balance sheet and the recent cash conservation strategy, we are confident of meeting our financial commitments and have sufficient funds to continue the recovery of the business over the coming months.'

At 9:44am: [LON:UCG] United Carpets Group PLC share price was 0p at 3.25p

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