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Topps Tiles pre-close trading update indicates 8% LFL sales increase

Topps Tiles Plc, the UK's largest tile specialist, reports on trading for the 52 week period ending 26 September 2014, prior to entering its close period. 

Revenues for the 52 week period are expected to be in the region of £195 million (2013: £177.8 million). Like-for-like revenues are expected to show an increase of c.8% on the prior year (2013: decrease of 0.5%).

The Board expects adjusted pre-tax profit for the 52 week period will be in the region of £17m (2013: £13.0m), an increase of 30% on the prior year.

The Group is currently trading from 335 stores, having opened 16 stores and closed or relocated 9 during the year.

Matthew Williams, Chief Executive Officer, said: "I am delighted to be concluding an excellent year for Topps in which we have achieved total sales growth of c.10% and delivered a c.30% increase in pre-tax profits. Our relentless focus on growing profitable market share continues to be the successful driver of our business. We are confident that we can make further progress, in this respect, during the year that lies ahead."

The Board is also pleased to announce that Stuart Davey will be appointed as Company Secretary with effect from 29 September 2014. Stuart has been with Topps for nine years as company solicitor and his appointment will further enhance our compliance with corporate governance best practice.

There have been no significant or unexpected changes in the financial position of the Group since the publication of the Interim Report for the 26 weeks ended 29 March 2014.

Topps will announce its preliminary results for the 52 week period ending 26 September 2014 on 25 November 2014.

Source : Topps Tiles

24 September 2014

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