Topps Tiles Expects Interim Revenue Up, But Mindful On Annual Results

4th Apr 2018 09:52

LONDON (Alliance News) - Topps Tiles PLC said on Wednesday that it anticipates revenue growth in the first half of its financial year, but said it remains cautious for full year performance.

The tile company assumes revenue to come in at GBP109.4 million for the six months to the end of March, up from GBP106.6 million reported the year before. Like-for-like revenue is expected to be up 0.6% year-on-year.

Topps Tiles said that it saw a strong sales growth in the first quarter, but it was partly offset by a slow down in the second quarter, affected by weather conditions in late February and early March as well as early Easter break.

The company said that it hopes to outperform the market and continue strong promotional positioning. It highlighted current investments in Parkside brand, used to launch a new website.

During the period, the group opened five stores and closed three. It now has 376 stores in total.

"After a strong start to the year, market conditions have become more challenging over the second quarter. While the business has responded well with a performance ahead of the overall tile market, we are retaining a cautious view of market conditions for the remainder of the year," said Chief Executive Officer Matthew Williams

The stock was trading 9.9% lower at 72.53 pence per share on Wednesday.

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