25th Mar 2014 10:40
LONDON (Alliance News) - Topps Tiles PLC Tuesday gave a positive outlook for the current year, as it expects to report a 12% increase in revenues in the first half and a significant increase in its pretax profit, while saying it is on track to meet full-year profit expectations.
The tiles retailer said that revenues for the 26 weeks to March 29, will be around GBP97.5 million, a 12% increase when compared with GBP87.4 million in revenues for the same period a year earlier.
Topps Tiles said the business has continued to perform well, and it has moved into the second half of the year with a confident outlook.
In a pre-close trading statement ahead of the release of its half-year results on May 20, the Topps Tiles said that for the first half of the year it is expecting an underlying pretax profit of around GBP8.0 million, up from the GBP4.7 million it reported a year earlier.
"With the strong start we made to the year being sustained into the second quarter, we now expect a significantly improved profit performance year on year," said Chief Executive Matthew William in a statement.
Topps Tiles said that it is confident in achieving a full-year adjusted pretax profit for the financial year ending September 27, of around GBP16.4 million, in line with current market consensus.
The current range of analysts' estimates for Topps Tiles adjusted pre-tax profit for the full year is between GBP15.4 million and GBP19.3 million, according to the company.
It said that on the back of a stronger financial performance, there will be an increase in its operating costs base for the year.
The group is currently trading from a total of 330 stores across the UK.
Topps Tiles shares were trading 1.4% or 1.96 pence higher Tuesday morning at 139.21 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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