19th May 2015 07:20
LONDON (Alliance News) - Topps Tiles PLC Tuesday reported growth in profit in the first half of its financial year, boosted by an increase in revenue, although its like-for-like sales growth was lower than in the first half of the prior year.
The tile retailer reported pretax profit growth of 13.8% to GBP9.1 million in the 26 weeks to March 28, up from GBP8 million in the same period a year earlier, as revenue rose to GBP104 million from GBP97.7 million.
However, while like-for-like sales rose 5.3%, this was considerably lower than the 10.2% growth reported the prior year. It added that like-for-like sales in the six weeks to May 9 increased by 5.1%, lower than the 6.1% increase in the same period the year before.
Topps Tiles will pay an interim dividend of 0.75 pence, a 15.4% increase on the 0.65p paid in the first half of the prior year.
"Initiatives to upgrade and rebrand our stores, making the shopping experience even more inspirational, have been well-received by customers. Our well-established trade offer is also ensuring that we keep pace with the accelerating "do it for me" trend, as more customers than ever use a professional fitter for their tiling project," Chief Executive Matthew Williams said in a statement.
"Looking ahead, we are well-positioned to grow our market share further as we continue to extend the appeal of the Topps brand," Williams added.
Shares in Topps Tiles were trading down 0.4% at 120.00 pence at the open on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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