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Carpetright has announced a statutory pre-tax loss of £70.5m for the year ending April 2018, having made a small profit 12 months earlier.

Like-for-like sales in the UK fell by 3.6%, with the steepest decline coming in the second half of the year.

The floor covering firm launched a Company Voluntary Arrangement (CVA) in April as part of a rescue plan which allowed it to close some stores.

Chief executive Wilf Walsh said the CVA offered the chance to rebuild the firm. “This will be a transitional year for the group as we work through our recovery plan,” he said.

Mr Walsh explained that going forward, the company was going to focus on four areas – who it is, what it sells, how it sells and where it sells.

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