24th May 2016 07:16
LONDON (Alliance News) - Topps Tiles PLC on Tuesday reported growth in profit in the first half of its financial year as revenue grew on the back of new customer visits following its upgrade and rebrand initiatives.
The tile specialist and retailer said its pretax profit in the 26 weeks ended April 2 grew to GBP10.1 million from GBP9.1 million the year before, as revenue rose to GBP108.0 million from GBP104.0 million. On a like-for-like basis, revenue grew by 4.7%, although this was lower than the 5.3% growth achieved in the prior-year period due to the earlier timing of Easter this year.
Topps Tiles said sales growth was achieved thanks to initiatives to upgrade and rebrand its stores leading more customers to reconsider the brand and shop there for the first time.
Topps Tiles will pay an interim dividend of 1.0 pence, up from the 0.75p it paid the year before.
Topps Tiles said it has made a strong start to the second half of the year, with like-for-like sales in the seven weeks to May 21 up 8.4%, higher than the 6.3% reported in the comparative period the year before.
"We are confident our plans to extend the appeal of the Topps brand have significant further potential and are excited about the opportunities ahead," Chief Executive Matthew Williams said in a statement.
Shares in Topps Tiles were trading up 3.1% at 135.25 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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