29th Nov 2005 07:01
Topps Tiles PLC29 November 2005 Topps Tiles Plc Preliminary Results Topps Tiles Plc ("Topps"), the UK's largest tile and wood flooring specialistwith 244 stores, announces preliminary results for the 52 weeks ended 1 October2005. Financial Highlights •Group turnover up 10% to £173.3m (2004: £157.6m) •Like for like sales increased by 3.4% (2004:21.5%) •Core store (stores opened pre September 2002) like for like sales up 1.6% •Group gross margin improved to 61.3% (2004: 60.5%) •Operating costs represented 40% of turnover (2004: 39.9%) •Profit Before Tax up 16.1% to £39.2m (2004: £33.8m) •Profit before tax, excluding exceptional capital items, up 12.9% to £37.5m (2004: £33.3m) •Basic EPS up 18.1% to 13.34p (2004:11.30p) •Final net dividend 6.00 pence payable 31 January 2006 •Total dividend of 9.50 pence per share (2004: 8.00 pence) up 18.8% •Strong cash generation with net cash balances of £21.8 m at period end Operational Highlights •Net 24 new store openings €20 Topps Tiles €4 Tile Clearing House •Topps and TCH Distribution and Marketing Centres fully operational with capacity to support new store roll out •Market continues to grow - UK retail sales of ceramic tiles expect to increase 26% by 2010 •First 7 weeks of new financial period total sales increased 1.2% and like for like sales are down 4.7% reflecting the tough UK trading environment •Controlled store roll out programme continues Commenting on the results, Nick Ounstead, Chief Executive said: "There is no doubt that we, along with the rest of the UK retail sector, areexperiencing a very tough trading environment. However, given the strength ofthese results we believe we have the right business model and the best people tocontinue to gain market share and we are well placed to maintain our goal ofproviding sustainable returns for shareholders." For further information: Topps TilesNick Ounstead, CEO Barry Bester, Chairman C/o Bell Pottinger 020 7861 3232 Bell PottingerAnn-marie Wilkinson/Sarah Landgrebe 020 7861 3232/07866 735 532 CHAIRMAN'S STATEMENT I am pleased to report another strong performance by the Group with recordprofits and increased UK market share. We have consolidated our position as theleading UK ceramic tile and wood flooring specialist, backed by what is now atruly national brand. The new Topps Distribution and Marketing Centre is fullyintegrated with the capacity to support our UK store target of a minimum of 350stores. The period has seen a particularly weak UK consumer environment, howeverI am pleased to report the resilience of our business model has enabled us tocontinue to deliver record results and to outperform the market. Since flotationin 1997 total shareholder return has grown by over 2,000% and we haveconsistently been a top performing company in the FTSE Index. Financial Results Group turnover has increased by 10.0% over the period to £173.3 million, withprofit before tax increasing by 16.1% to £39.2 million. Gross margins haveimproved to 61.3% compared to 60.5% in 2004. 2004 was an exceptional year inrespect of trading and if you look at the trend over the last two yearslike-for-like sales have improved 24.9% Set against extremely strongcomparatives last year and the tough UK trading, growth in like-for-like salesfor the period was 3.4%, with overall sales growth of 10.0%. Our businesscontinues to be highly cash generative and at the year end we had net cashbalances of £21.8 million. Board Changes As announced at the Annual General Meeting on 11 January 2005, Stuart Williams,my co-founder of Topps, stepped down as Co-Chairman and Board Director on 31March 2005. I am delighted however that Stuart has taken on the newly creatednon Board advisory role of President and continues to offer his expertise andguidance to the business. Dividend The Board continues to be committed to a progressive dividend policy and isrecommending a final dividend of 6.00 pence per share. Together with the interimdividend of 3.50p per share the total dividend for the period will be 9.50 penceper share, an increase of 18.8%. The dividend will be paid on 31 January 2006 toall shareholderson the register as at 13 January 2006. People Our staff are fundamental to the success of the business and I would like totake this opportunity to thank all our employees for their inspiringcontributions and continued commitment during the period. We have createdanother 174 jobs as a direct result of our expansion programme. Outlook Although the current UK trading environment continues to be volatile, I remainconfident that the strength of our business model and the expertise of thestrong management team will enable us to continue to grow the business andensure the delivery of sustainable growth for shareholders. Barry BesterChairman CHIEF EXECUTIVE'S STATEMENT This year, in a turbulent UK trading environment, we have again demonstrated thefundamental strength of our business through the continued delivery of improvedprofits. Store Development and ExpansionOur national store opening programme continues apace with a net 24 new stores(20 Topps and 4 Tile Clearing House) opened in this financial year. We now havea total of 244 trading stores (207 Topps and 37 Tile Clearing House) and arefirmly on our way to achieving our stated target of a minimum of 350 UK outlets.We continue to enjoy a good pipeline of suitable sites for occupation ordevelopment. In line with our policy of continued store development andrefurbishment, 3 stores were closed or relocated, 15 re-fitted and a net 24 newstores opened in the period. We have a total of 64 stores offering our tilestudio concept of extra choice of up-market tiles, available on a special orderbasis and 17 floorstores with an enhanced stock range of laminate and real woodflooring. The average square footage of our stores has increased gradually andis now over 6,300 square feet. Our Stoneworks concept has continued to be popular, as consumers' appetite fornatural product grows. We now have 19 stores open with a full Stoneworksoffering and we also offer a selected range of these products in all our otherstores. HollandWe now have a total of 13 stores trading in Holland under our 50/50 jointventure including two new stores opened in the period. It is our intention toopen a minimum two stores in the next financial period. Marketing, advertising and sponsorshipAs part of our strategy to be "the brand" of choice in the UK we have againcontinued our nationwide marketing and advertising programme. Our approach istwo fold: using national television advertising both digital and terrestrialcoupled with print and radio advertising on a regional basis. This is not onlyan effective strategy in respect of maximising our reach UK wide but is also acost effective approach, spreading costs across each store in concentrated areassuch as central London, for example, the Carlton Weather sponsorship. Topps Tiles is one of Britain's biggest supporters of youth football. Toppsstores currently sponsor 225 teams nationwide and our yellow kit is arguably themost famous in the beautiful game. Staff Development and Customer ServiceOur vision is of high-performing, motivated and well-trained people who can makea difference to our customers, shareholders, the business and themselves. Welive by our values of friendly, helpful and expert advice. The quality ofleadership in the company is key to the successful delivery of our strategy forgrowth and our commitment to training, development and career progression isdemonstrated through our in-house training school, incentive schemes, bonussystem, share save schemes and other incentives including the 'Home ComputingInitiative' and the 'Cycle to Work' schemes. We have recently introduced acomprehensive employee benefits scheme which includes a whole range of internaland external company benefits from discounts on holidays to an employee helplineservice. We understand the true value of all our employees and activelyencourage the recruitment of staff from all age groups. We have a policy ofinternal promotion, encouraging employees to advance their careers both in thestores and the Head Office functions. The marketDespite a widely reported slow down in spending, we believe that in themid-longer term DIY retail remains a relatively stable sector. There are anumber of factors underpinning the future of the retail DIY market. The UKpopulation is growing steadily, particularly in the 35- 64 key age band for DIY;and household numbers are growing faster than the population up from 22.4million in 1991 to 24.5 million in 2003; and owner occupancy is also on the riseand with an ageing UK housing stock that requires constant repair andmaintenance. More specifically, in 2004 the UK ceramic tile market grew 12% to 77.2 millionsquare metres, an increase of 49% compared with 2000. At manufacturers sellingprices the market was worth close to £400 million in 2004 (source MBD). The UKstill has a very low consumption rate compared to its European counterparts withonly 1.1% of world consumption in 2004 compared with, for example Spain at 5.9%(Source: Ceramic World Review). Consumption continues to increase driven byissues such as health and hygiene, an increase in second bathrooms, showerrooms, conservatories and utility rooms and an increase in the use of underfloorheating systems. UK Retail sales of ceramic tiles are expected to increase by26% by 2010 (source: MBD) and we are confident therefore of the continued growthin the ceramic tile market. Current tradingIn the first seven weeks of the new financial period we have recorded alike-for-like sales decrease of 4.7%, however, the two year like-for-like salesshows an increase of 14.1%. Overall sales have increased by 1.2% over last yearand 24.8% over two years. We have opened stores in Hayes, Lewes and PentonvilleRoad already this new financial year with our target roll-out of 24 new storesfor 2005/06. There is no doubt that we, along with the rest of the UK retail sector, areexperiencing a very tough trading environment. However, given the strength ofthese results we believe we have the right business model and the best people tocontinue to gain market share and we are well placed to maintain our goal ofproviding sustainable returns for shareholders. Nicholas OunsteadChief Executive Officer OPERATING AND FINANCIAL REVIEW This does not represent a statutory Operating and Financial Review as set out inthe Companies Act 1985 (Schedule 72A) and in RS1. Nature, Objectives and Strategies of the businessTopps Tiles Plc is Britain's biggest tile and wood flooring specialist groupwith over 244 stores throughout the UK. We have an opening programme of 24stores per financial year and a long term target of a minimum of 350 stores UKwide. Our founders, Stuart Williams and Barry Bester, whose vision andenterprise built up the business from just a few shops, are still majorshareholders. Topps first specialist tile centre opened in Manchester in 1963. It was apioneering concept offering customers quality tiles at bargain prices, sold byfriendly, helpful people. This policy has never changed. We operate two brandsin the market, Topps Tiles and Tile Clearing House. Topps is Britain's biggesttile and wood flooring specialist group with the largest choice in the UK tosuit all tastes and budgets. Tile Clearing House is a true "cash and carry" tilestore selling end of lines, job lots and seconds, appealing to small builders,local contractors and bulk purchasers. Today at Topps you will find the best the world can offer in wall and floortiles, natural stone, laminate and solid wood flooring. Underfloor heating,tools, adhesives, grouts, accessories and cleaning products are also on hand forthe perfect finish to any job. Most of the tiles commissioned for Topps gostraight to our central warehouse and distribution centre near Leicester. Fromhere, all Topps stores receive at least two bulk deliveries a week, so stock isconstantly flowing to keep pace with demand. The business is built on fourcornerstones that underpin our success: customer service, store locations, storelayout and stock availability. Our aim is to increase shareholder value throughthe delivery of sustainable earnings growth. Operating EnvironmentHistorically, the Group's business has proven to be resilient in the face ofeconomic downturn. The business has traded through a number of recessions andwhilst sales continued to grow we did experience some pressure on margins.However, the business has changed over the years and we are confident that ourcurrent business model places us well to continue to deliver future shareholdervalue. Topps is the market leading brand in the UK, enjoying an estimated 20% marketshare by value. Estimated market shares are based on external research by MBD.In terms of competitive positioning Topps sits between the DIY chains and theindependent tile retailers. In the UK there is one other significant chain,Tiles R Us but they also sell bathrooms and kitchens. Key Performance IndicatorsThe directors monitor a number of financial metrics and key performanceindicators (KPIs) for the group and by store, including: - Like for like Sales- Sales value per transaction- Gross ProfitThe directors receive daily information on these and other metrics and KPIs forthe Group as a whole. In addition, the directors receive information on nonfinancial metrics such as customer satisfaction questionnaires and MysteryShopper surveys. Key Strengths and ResourcesCustomer satisfaction is Topps No.1 priority. We are committed to the highestlevels of customer service, it is our policy to be honest, helpful andknowledgeable. In addition, we provide a range of services offering practicalsupport at every stage of the job including Loan-a-Tile, free 'How to' video orDVD, tile cutting and Topps buy-back service for unused tiles. The quality andrange of products offered is the widest in the market with over 17,000 separateproduct lines. Risks and UncertaintiesRisks to the business include its relationship with key suppliers, the potentialthreat of competitors, the risk that key information technology or EPOS systemscould fail; the loss of key personnel; the risk of a prolonged economicrecession and development of substitute products. The directors routinelymonitor all these risks and uncertainties andappropriate actions are taken to mitigate the risks or their potential outcomes. Financial reviewProfit and Loss Account TurnoverDuring the period Group turnover increased by 10.0% to £173.3 million from£157.6 million last year. Like-for-like sales increased by 3.4%, with new storeopenings contributing a further 8.7% increase, with the difference of 2.1% beingdue to the 53 week comparison in the prior period. Gross marginOverall gross margin was 61.3% compared to 60.5% last year. At the interim pointof this period gross margin was 61.9%. The second half of the period has shown agross margin of 60.7% which reflects the tougher trading conditions in thisperiod. Operating expensesOverall costs have increased from £62.8 million to £69.3 million which is anincrease of 10.4%. New stores accounted for 6.9% with the remaining 3.5% due tolike for like increases. Costs as a percentage of sales were 40.0% compared to39.9% last year. Profit before taxWe have achieved an overall increase in profit before tax of 16.1% to £39.2million compared to a profit before tax of £33.8 million last year. Thisperiod's profit before tax includes £1.7 million of exceptional profit, comparedto £542,000 last year, following the sale and leaseback of four freeholdproperties. Profit before tax marginGroup profit before tax margin has increased to 22.6% from 21.4% last year. Thisincrease of 1.2 percentage points has been achieved primarily by an increase ingross margin of 0.8 percentage points less a slight increase in operating costsof 0.1 percentage points with the remainder being reflected in the exceptionalprofit on disposal of fixed assets and interest receivable. TaxationThe effective rate of Corporation Tax was 23.1% (53 weeks ended 2 October 2004:24.1%) and we have continued to fully provide for deferred taxation in line withFRS19. The effective rates of tax for both financial periods have beenfavourably affected by statutory deductions for share options exercised andintra-Group restructuring benefits. Earnings per shareBasic earnings per share has grown to 13.34 pence compared to 11.30 pence lastyear, an increase of 18.1%. Diluted earnings per share were 13.24 pence comparedto 11.12 pence last year, an increase of 19.1%. Dividend and dividend policyThe Board is recommending a final dividend of 6.00 pence per share, which willgive a total dividend for the period of 9.50 pence compared to 8.00 pence lastyear an increase of 18.8%. This maintains our dividend cover at 1.41 times. Balance Sheet Capital expenditureCapital expenditure in the period amounted to £8.8 million. This includes thecost of acquiring two freehold sites for £3.6 million and development storessite costs of £0.1 million. We have also opened 27 new stores and undertakenpreparatory work on a further two stores at a cost of £3.0 million andundertaken major refurbishment of a further 15 stores at a cost of £0.7 millionand other re-fit costs of £0.8 million. We continue to update and expand our ITsystems within the business and this coupled with some motor vehicle renewalsaccounted for £0.6 million. At the period end the Group owned six freeholdsites, two development sites and both the Topps and Tile Clearing Housedistribution and marketing centres, which have a total net book value of £12.0million. StockStock at the period end represents 137 days turnover compared to 143 days forthe same period last year. Capital structureCash reserves at the period end were £27.8 million and borrowings were £6.0million, the latter being to help fund the cost of the new Topps distributionand marketing centre which was opened in April 2004. This gives the Group a netfunds position of £21.8 million compared to £23.1 million as at 2 October 2004.The highly cash generative nature of our business means that the Group hasalways been able to fund its new store expansion programme from its ownresources and to purchase freehold sites as suitable opportunities arise. TheGroup expects that the business will continue to be cash generative and may lookto repay part or all of the £6.0 million borrowings in 2006. Cash flowNet cash inflow from operating activities was £35.8 million, £2 million belowlast year. Higher trading profit for the Group was offset by higher cashoutflows on working capital. This is due primarily to a decrease in Creditors asthe Group now pays its employee bonuses on a quarterly basis rather than on anannual basis. Share buy-backsIn the financial period the Group has bought back 1,722,115 Ordinary Shares at acost of £3.77 million. This primarily is to stop any dilution occurring asemployee share options are exercised and sold. However the Group has also, onoccasion, acquired shares when the Board considers there is an opportunity to doso in the market. All of the shares acquired have now been cancelled. Joint venture in HollandThe joint venture in Holland continues to develop with two new stores opened inthe period to bring the total to 13 stores. The Group owns 50% in the jointventure with the other 50% owned by the Dutch management team. The Group'sProfit and Loss Account shows turnover of £2.3 million (2004 : £1.8 million) andoperating profit before tax of £56,000 (2004 : £39,000) from the venture whichreflects the Group's 50% holding. Change in accounting policiesDuring the financial period there have been no changes to the accountingpolicies of a material nature compared to the previous financial period. International Financial Reporting Standards (IFRS)The Group is working closely with its auditors to implement these changes. TheGroup is required to adopt IFRS for the financial period commencing 2 October2005. However, the Group intends to make an announcement in January 2006 to showthe impact of the changes. Post balance sheet eventsThe Board confirms that there have been no events after the Balance sheet daterequiring adjustment or disclosure in the financial statements for the periodended 1 October 2005. Annual General MeetingThe Annual General Meeting for the period to 1 October 2005 will be held on 10January 2006 at 10.30am at Topps Tiles Plc, Thorpe Way, Grove Park, Enderby,Leicestershire LE19 1SU, which is our Topps distribution and marketing centre. Nicholas Ounstead Andrew LiggettChief Executive Officer Finance Director Consolidated Group Profit and Loss AccountFor the 52 week period ended 1 October 2005 52 weeks 53 weeks ended ended 1 October 2 October 2005 2004 Audited Audited £'000 £'000 -------- -------- Turnover, group and share of joint venture 175,640 159,430Less: share of joint venture turnover (2,314) (1,818) -------- -------- --------Group turnover 173,326 157,612Cost of sales (67,146) (62,282) -------- --------Gross profit 106,180 95,330Operating expenses- employee profit sharing (7,502) (7,853)- other operating expenses (61,844) (54,968) -------- --------Group operating profit 36,834 32,509Share of operating profit in joint venture 56 39 -------- --------Group and share of joint venture's operatingprofit 36,890 32,548Exceptional profit on disposal of fixedassets 1,700 542 -------- --------Profit on ordinary activities before financeincome 38,590 33,090Finance income (net) 642 704 -------- -------- Profit on ordinary activities before taxation 39,232 33,794Tax on profit on ordinary activities (9,043) (8,146) -------- --------Profit on ordinary activities after taxation 30,189 25,648Dividends paid and proposed (21,492) (18,155) -------- --------Retained profit for the year transfered toreserves 8,697 7,493 ======== ======== Earnings per ordinary share- basic 13.34p 11.30p- diluted 13.24p 11.12p ======== ======== All activity has arisen from continuing operations.There are no recognised gains or losses in the period (53 weeks ended 2 October2004 - £9,000 foreign exchange gain). Balance SheetsAs at 1 October 2005 Group Company 1 October 2 October 1 October 2 October 2005 2004 2005 2004 £'000 £'000 £'000 £'000 ------- ------- -------- --------Fixed assetsGoodwill 517 551 - -Tangible assets 32,072 29,236 - -Investments - - 15,122 15,122Joint venture undertaking- share of assets 1,196 1,059 - -- share of liabilities (971) (866) - - ------- ------- -------- -------- 32,814 29,980 15,122 15,122Current assetsStocks 25,338 24,373 - -Debtors within oneyear 4,071 3,809 76,209 40,103Debtors after oneyear 115 110 6,200 6,200Cash at bank and inhand 27,829 29,624 - - ------- ------- -------- -------- 57,353 57,916 82,409 46,303 Creditors: amounts falling duewithin one year (39,775) (45,452) (44,214) (19,195) ------- ------- -------- --------Net current assets 17,578 12,464 38,195 27,108 ------- ------- -------- -------- Total assets lesscurrent liabilities 50,392 42,444 53,317 42,230Creditors: amounts falling dueafter more than one year (9,394) (7,571) (3,394) - Provisions forliabilities and charges (2,345) (1,864) - - ------- ------- -------- --------Net assets 38,653 33,009 49,923 42,230 ======= ======= ======== ======== Capital and reservesCalled-up share capital 5,655 5,673 5,655 5,673Share premium 5,575 4,889 5,575 4,889Merger reserve (399) (399) - -Special reserve - - 14,917 14,917Treasury Shares - (733) - (733)Capital redemption reserve 190 137 190 137Other reserve - - 6,200 6,200Profit and loss Account 27,632 23,442 17,386 11,147 ------- ------- -------- --------Equity shareholders'funds 38,653 33,009 49,923 42,230 ======= ======= ======== ======== Consolidated Cash Flow StatementFor the 52 week period ended 1 October 2005 52 weeks 53 weeks ended ended 1 October 2 October 2005 2004 Notes £'000 £'000 -------- ---------Net cash inflow from operating activities (a) 35,766 37,770Returns on investments and servicing offinance (b) 634 530Taxation (8,864) (5,236)Capital expenditure and financialinvestment (c) (4,272) (8,266)Equity dividends paid (21,489) (11,534) -------- ---------Cash inflow before financing 1,775 13,264Financing (d) (3,570) (2,220) -------- ---------(Decrease)/increase in cash in theperiod (e) (1,795) 11,044 ======== ========= The accompanying notes are an integral part of this Consolidated Cash FlowStatement a) Reconciliation of operating profit to operating cashflows 52 weeks 53 weeks ended ended 1 October 2 October 2005 2004 £'000 £'000 -------- ---------Operating profit 36,834 32,509Depreciation 3,363 2,729Loss on disposal of fixed assets - 269Goodwill amortisation 34 35Increase in stocks (965) (4,660)(Increase)/decrease in debtors (267) 793(Decrease)/Increase in creditors (3,233) 6,095 -------- --------Net cash inflow from operating activities 35,766 37,770 ======== ======== b) Returns on investments and servicing of finance 52 weeks 53 weeks ended ended 1 October 2 October 2005 2004 £'000 £'000 -------- ---------Interest received 942 930Interest paid (308) (400) -------- ---------Net cash inflow from returns on investmentsand servicing of finance 634 530 -------- --------- c) Capital expenditure and financialinvestment 52 weeks 53 weeks ended ended 1 October 2 October 2005 2004 £'000 £'000 -------- ---------Purchase of tangible fixed assets (8,564) (11,491)Sale proceeds of tangible fixed assets 4,292 3,225 -------- ---------Net cash outflow from capitalexpenditure and financial investment (4,272) (8,266) ======== ========= d) Financing 52 weeks 53 weeks ended ended 1 October 2 October 2005 2004 £'000 £'000 -------- ---------Proceeds from issue of ordinary sharecapital 721 3,325New loans - 3,095Purchase of Treasury Shares (3,774) (8,640)Repayment of loans (517) - -------- ---------Net cash outflow from financing (3,570) (2,220) ======== ========= e) Analysis and reconciliation of netfunds At At 2 October 1 October 2004 Cash flow 2005 £'000 £'000 £'000 -------- -------- ---------Cash at bank and in hand 29,624 (1,795) 27,829Debt due within1 year (517) 517 -Due debt after 1 year (6,000) - (6,000) -------- -------- ---------Net funds 23,107 (1,278) 21,829 ======== ======== ========= Decrease)/Increase in cash in theperiod (1,795) 11,044 Cash inflow (outflow) from increase/(decrease) in debtand finance leasing 517 (3,095) -------- ---------Movements in net funds in the period (1,278) 7,949Net funds at start of period 23,107 15,158 -------- ---------Net funds at end of period 21,829 23,107 ======== ========= NOTES TO FINANCIAL STATEMENTSFor the 52 week period ended 1 October 2005 1 Basis of PreparationThe accounting policies used in preparation of the accounts for the period ended1 October 2005 are consistent with those in the preceding period. 2 TurnoverTurnover and profit before taxation are attributable to one activity, the salesof ceramic tiles, wood flooring and related products, and arises predominantlywithin the UK. 3 DividendsAn interim dividend of 3.50 pence per ordinary share was paid to shareholders ofthe company on the 30 June 2005. The Directors recommend a final dividend of6.00 pence per ordinary share to be paid on 31 January 2006 to shareholders onthe register on 13 January 2006, making a total dividend for the period of 9.50pence (2004: 8.00 pence) per ordinary share. 4 Earnings per shareThe calculation of earnings per share is based on profit of ordinary activitiesafter taxation for the financial period attributable to equity shareholders andthe weighted average number of ordinary shares as follows: At 1 October At 2 October 2005 2004 Number of Number of Shares SharesWeighted average number of sharesFor basic earnings per share 226,351,825 226,881,069Weighted average number of sharesunder option 1,678,222 3,868,815For diluted earnings per share 228,030,047 230,749,884 5 Financial informationThe financial information set out above does not constitute the Group'sstatutory financial statements for the 52 week period ended 1 October 2005 butis derived from those statements. Statutory financial statements for the 53 weekperiod ended 2 October 2004 have been delivered to the Registrar of Companiesand those for the 52 week period ended 1 October 2005 will be deliveredfollowing the Company's Annual General Meeting to be held on 10 January 2006.The Auditors have reported on the accounts to 2 October 2004 and 1 October 2005and their report was unqualified and did not contain statements under section237(2) or 237(3) of the Companies Act 1985. The Annual Report and Financial Statements for the period ended 1 October 2005will be posted to Shareholders on 29 November 2005 and additional copies will beavailable from the Company Secretary at the Company's registered office: ToppsTiles Plc, Rushworth House, Handforth, Wilmslow, Cheshire, SK9 3HJ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Topps Tiles