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Interim Results

Topps Tiles lifts H1 pretax profit, interim dividend

24 May 2016 07:33

Topps Tiles has hiked its H1 pretax profit to GBP10.1m, from GBP9.1m, at the same time lifting revenue to GBP108m, from GBP104m, and interim dividend to 1p a share, from 0.75p.

CEO Matthew Williams described the performance as robust.

"Like-for-like sales grew by 4.7% in the period as initiatives to upgrade and rebrand our stores led more customers to reappraise the Topps brand and shop with us for the first time," he said.

"Further improvements are in development and will be rolled-out in the remainder of the year and beyond.

"The Group has made a strong start to the second half, with like-for-like sales growth of 8.4%5 in the first seven weeks of the period.

"We are confident our plans to extend the appeal of the Topps brand have significant further potential and are excited about the opportunities ahead."

HIGHLIGHTS:

- Successful strategy of "Out Specialising the Specialists" delivers profitable sales growth

- Multiple initiatives to strengthen Topps' position as the UK's leading tile specialist including development of exclusive ranges/brands, product innovation and exit from non-tile lines

- Two key simplification initiatives announced at year end - exit from the Topps Clearance format and consolidation of central teams into our main office in Leicester - now complete

- Seven new core stores opened (four new sites and three conversions from the Topps Clearance format), offset by nine closures (eight from the exit of the Topps Clearance format)

- Trade sales increased to 51.0% of total (2015: 48.3%) driven by accelerating "do it for me" trend and extension of successful trade loyalty scheme.

Story provided by StockMarketWire.com

Related Company: TPT

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