25th Mar 2015 08:21
LONDON (Alliance News) - Topps Tiles PLC Wednesday said its revenue has risen in the first half of its financial year, although like-for-like sales growth has slowed significantly against very strong comparative figures a year ago.
The tile retailer also said it expects some short-term uncertainty to creep into the market ahead of May's UK General Election, but overall rising levels of disposable income should support increased consumer spending on home improvements.
It said revenue for the 26 weeks to March 28 will be about GBP104 million, up 6.4% from GBP97.7 million a year earlier. while like-for-like sales are expected to increase by about 5.2%, compared with 10.2% in 2013.
"These trading results compare to a particularly strong period in the prior year and reflect a two year like-for-like growth in excess of 15%," Chief Executive Matthew Williams said in a statement.
"The group is well positioned to continue to grow market share as we accelerate our plans to extend the appeal of the Topps brand," he added.
The company said it will announce its interim results for the period on May 19.
Its shares were down 5.7% at 116.00 pence early Wednesday, although they are still up 2.6% so far in 2015.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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