5th Oct 2022 11:55
(Alliance News) - Topps Tiles PLC on Wednesday reported strong sales growth, and said it expects adjusted profit to be towards the upper end of market expectations.
Sales in the year ended October 1 are up 11% to GBP247.3 million, rising for a second consecutive record year, according to the Leicestershire-based tile seller.
It did not provide revenue figures. In the year ended October 2, 2021, revenue rose 18% to GBP228.0 million from GBP192.8 million in financial year 2020 ended September 26, 2020.
"Group sales in the 13 weeks to 1 October were 4.3% higher year on year, with positive progress from all parts of the group," Topps Tiles said.
The firm classifies "group sales" as "before year-end accounting adjustments including revenue recognition and customer returns provisions". The figure "includes sales from Pro Tiler Tools in the period following acquisition only as per the group's consolidated accounts".
The company stated that "overall, the group's adjusted [pretax] profits for the year are expected to be towards the upper end of market expectations", which is a range of GBP13.8 million to GBP15.4 million, with a consensus of GBP14.6 million. In financial 2021, adjusted pretax profit stood at GBP15.3 million.
The consensus for the financial year is therefore between 9.8% smaller. Given that the firm expects results at the upper end of expectations, it could be up to a 0.7% increase year-on-year.
Topps Tiles shares were 2.7% higher at 42.10 pence each in London on Wednesday morning.
By Tom Budszus; [email protected]
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