3rd Oct 2018 08:08
LONDON (Alliance News) - Topps Tiles PLC said Wednesday it expects its annual adjusted profit to come in "slightly ahead" of the top end of current market expectations, after improving trading during its fourth quarter.
Topps Tiles shares were trading up 6.1% at 66.55 pence each early Wednesday morning.
Currently, the market sees Topps Tiles' adjusted pretax profit between GBP14.6 million and GBP15.2 million, with consensus at GBP14.9 million.
For its year ended September 29, the tile retailer expects adjusted revenue around GBP215 million, an increase of 1.5% on the prior year at GBP211.8 million. On a like-for-like basis, revenue was flat year-on-year compared to a 2.9% decline for financial 2017.
"Trading over the fourth quarter has seen an improvement due to a combination of the continued effectiveness of our strategy and outperformance of our market," the company said.
Looking ahead, Topps Tiles said it remains cautious in its outlook and will focus on costs control given the uncertainty in the UK's economic environment on the back of Brexit negotiations.
Chief Executive Matthew Williams said: "Our core Topps Tiles business is a well invested, cash generative market leader with a proven strategy and we continue to make good progress with our expansion into the commercial segment of the UK tile market which will be an important source of future growth for the group."
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