27th Nov 2007 07:01
Topps Tiles PLC27 November 2007 Topps Tiles Plc Preliminary Results Topps Tiles Plc ("Topps" or "the Group"), the UK's largest tile and woodflooring specialist with 321 stores, announces its preliminary results for the52 weeks ended 29 September 2007. Financial Highlights • Total Group revenue increased 15.4% to £207.9m (2006:£180.2m); like-for-like revenue increased 4.7% • Group gross margin increased to 62.8% (2006: 62.6%) • Operating profit increased to £44.3m (2006: £38.9m) • Profit before tax £37.8m (2006: £39.1m) impacted by specific interest charge of £6.8m • Adjusted Basic Earnings per share of 14.94 pence (2006: 13.19 pence) * • Basic Earnings per share of 15.09 pence (2006: 12.80 pence) • Dividend policy maintained at 1.41 times cover • Final net dividend of 6.95 pence per share to be paid on 31 January 2008 • Net debt position of £95.2m (2006: £99.5m) * Adjusted for non-recurring items Operational Highlights • 10 year anniversary of flotation of the company • EPS growth of nearly 800% • Total shareholder return in excess of £200m • Net 30 new stores opening in the UK • Holland - now trading from 20 stores (2006: 15 stores) • First seven weeks of the new financial period total Group revenue was up 8.4% and Group like-for-like revenue was up 1.1% • Sponsorship deal with Leicester City Football Club • Continued store roll-out programme with target minimum of net 20 new stores Commenting on the results, Matt Williams, Chief Executive said: "This year marked the 10th Anniversary of our listing on the LSE and anotheryear of strong results which, despite tough trading conditions, underlines thesuccess of our strategy and strength of our brand." For further information please contact: Topps Tiles PlcMatt Williams, CEOBarry Bester, Chairmanc/o Bell Pottinger Corporate & Financial 020 7861 3232 Ann-marie Wilkinson / Emma Kent / Antonia CoadBell Pottinger Corporate & Financial 020 7861 3232 Chairman's Statement This year marked the 10th Anniversary of our listing on the London Stock Exchange. I am delighted to report that once again we have delivered another strongset of results proving the success of our strategy and the strength of ourbrand. The past decade has been an exciting time in the company's history. We havetransformed the business from a modest 54 store outfit with 301 staff to a European operation with over 321 stores and 1,722 employees in the UK and Holland. Total Shareholder return since listing has been excellent, £100 invested in 1997would have grown to £2,822, outperforming the FTSE250 by over 800%. In the past10 years we have returned over £200 million to shareholders by way of dividendsand share buybacks. Financial Results Total group revenue increased 15.4% to £207.9 million (2006: £180.2 million)with like-for-like revenue for the period up 4.7% on last year, which we haveachieved despite the continuing challenging retail market. Operating profit forthe period was £44.3 million (2006: £38.9 million) giving a profit before tax of£37.8 million (2006: £39.1 million), impacted by a higher interest charge as aresult of the refinancing for the share buy back. Basic earnings per shareincreased to 15.09 pence (2006: 12.80 pence). Dividend In line with our progressive dividend policy, the Board is recommending a finaldividend of 6.95 pence per share. This, once approved by shareholders at theAnnual General Meeting, is payable on 31 January 2008 to all shareholders on theregister as at 4 January 2008. This brings the total dividend to 10.70 pence pershare an increase of 2.9% on 2006. Board Changes In March this year we announced the appointment of Robert Parker as FinanceDirector, succeeding Andrew Liggett who left the Company in April. On behalf ofthe entire Board, I extend a warm welcome to Rob. We also announced in September that Nick Ounstead, who has been Chief ExecutiveOfficer for the last five years, would be taking on a new executive Board roleof Business Development Director with responsibility for buying, Holland andgroup business development. I would like to thank Nick for his leadership andcontribution to Topps throughout his tenure as Chief Executive. Matt Williams succeeded Nick as Chief Executive Officer from 1st November 2007.Matt joined Topps in 1998 in the property department. He was promoted to ChiefOperating Officer in 2004 and joined the Board in 2006. Matt is alreadydemonstrating his ability and drive and I am confident that with this firstclass executive team we have the best management in place to take the businessforward. People Exceptional customer service is the core of our business and critical to ourcontinued success. It is our people and not our products that achieve this. I would like to extend the Board's thanks and gratitude to everyone in the Company for their constant efforts in helping us to realise value for ourshareholders. Outlook As the business continues to grow in size, revenue and market share we maintainour investment in the future of the business and our people. The business is in excellent shape and in very capable hands and I am confidentthat we will continue to achieve sustainable growth and deliver value for ourshareholders in 2008 and beyond. Barry BesterChairman Chief Executive's Statement We have again this year demonstrated the strength of our strategy and ourorganic growth. Our market leading position, excellent customer service andcommitted staff have all contributed to another solid year despite a tough homeimprovement market. UK Store Development and Expansion We are pleased to have again achieved our store opening target of 30 net newstores in the period, giving us an overall total of 301 trading outletsthroughout the UK. We have modified the target going forward to a minimum of 20net new stores reflecting a wider focus on improving and renewing the estate. Topps Tiles We have opened 25 stores in new locations, rebranded 2 from the TCH format,refitted 10 outlets and closed or relocated a further 6 giving us a total of 246Topps stores. New locations include Crewe, Sheffield, Gloucester, Aylesbury,Scarborough, Brixton and Byfleet. We continue to develop our store portfolio and have now rolled out our newformat across a total of 65 stores. The new enhanced display formats are provingpopular with both customers and staff. We introduced a number of new ranges witha particular focus on natural products due to their increasing popularity. Tile Clearing House ("TCH") Tile Clearing House, our "cash and carry" offering has had a strong trading period. We have opened a net 9 new TCH outlets and the format continues to provepopular with both trade customers and jobbing builders. We now have a total of55 stores in the UK. New locations include Dartford, Southend, Plymouth and Lincoln. Holland Against the backdrop of a stable market, we have seen good growth in sales andprofits in our Dutch business. We opened a further five stores taking the totalto 20. Our marketing activity has been at a local level to date. However, as weexperienced with the UK market, as we begin to reach a size that brings scalablebenefits we anticipate increasing our advertising and marketing to a nationalaudience. We continue to improve the mix of sales with 25% now coming from tilesand the remainder from wood flooring, accessories and adhesives. Plans for thecurrent year include the opening of a minimum of a further five new stores. Marketing, Advertising and Sponsorship Over the last year we have maintained our national and regional marketing andadvertising campaigns with Carlton Weather and our sponsorship of the UK Stylechannel. This year we also signed a sponsorship deal with Leicester City Football Club tocoincide with the kick-off of the new football season in August. Although acommercial deal we very much see this as an extension to our community youthfootball initiative. Topps Tiles is Britain's biggest supporter of communityyouth football and we currently sponsor around 300 local teams nationwide. Staff Development and Customer Service Recruiting and retaining ambitious people at Topps is a core part of our strategy. We place significant emphasis on the training and development of ouremployees. We have continued to develop our e-learning training system in storewith a number of new courses. We differentiate our business from the competition in a number of ways. All ofour stores carry a wide range and supply of stock, we offer a loan-a-tileservice, a free "How to" DVD, a tile cutting service and a buy-back serviceallowing customers to "sell back" undamaged tiles within 45 days of purchase.These services coupled with friendly and knowledgeable staff offering technicaladvice led to 97.6% of customers surveyed expressing levels of satisfaction as'good to excellent' (2006: 99.1%). Corporate Responsibility Topps believes in conducting its business in a manner which achieves sustainablegrowth whilst incorporating and demonstrating social responsibility. Our policyis published on our website at www.toppstiles.co.uk and more detail on ourachievements can be found later in this report. The Board takes regular account of social, environmental and ethical matters inthe business of the Group and believes in being responsible in the way that itconducts its operations. Topps is pleased to be a constituent member of the FTSE4Good UK Index. The Market We are the leading tile retailer in the UK with an estimated market share of inexcess of 22% and we have continued to grow market share over the last financialyear. The Home Improvement retail sector continues to see overall expansion and the UKtile market is forecast to grow by volume by over 15% between 2007 and 2011 (source: MBD). There is significant potential for growth in our marketplace with the UK stillhaving one of the lowest usages per head of ceramic tiles in Europe, at a levelaround one third of that of other Northern European countries (source: MBD).Consumers are becoming more demanding and buying trends are showing the desireto tile rooms beyond the traditional kitchen and bathroom, a requirement for abroader product offering and also a trend towards refurbishing traditional roomsmore regularly. Alongside these consumer trends household numbers continue to grow faster thanthe UK population, which is anticipated to rise by 12% over the next 25 years (source: ONS). This is in contrast to the increasing number of households, whichis expected to grow by almost 23% in the next 20 years, from 20.9m in 2003 to25.7m in 2026, 3 million of these are expected to be built by 2020 (source:Government forecasts). We therefore believe Topps is well placed to benefit from these consumer andhousing trends driving the growth in the tile market. Current Trading and Outlook In the first 7 weeks of the new financial period Group overall revenue increasedby 8.4% and like for like sales by 1.1%. In the UK revenue increased 8.1% and like for like sales by 1.0%. In Hollandoverall sales increased 18.1% with like for like sales up 2.5%. We have had a challenging but positive start to the new financial period andthere remains an underlying growth trend in the retail tile market. Whilst webelieve the prospects for the future growth of Topps Tiles remain broadlypositive we must not underestimate the potential impact that this year's turmoilin financial markets will ultimately have on consumers. Matthew WilliamsChief Executive Officer BUSINESS REVIEW Nature, Objectives and Strategies of the Business Topps Tiles is a specialist tile & wood flooring retailer with operations in theUK and Holland. In the UK, we are the country's largest retailer of our kind with 301 stores anda 22% market share. We operate two retail brands, Topps Tiles and Tile ClearingHouse. Topps is the UK's leading branded tile retailer with 246 stores offeringwall and floor tiles, natural stone, laminate, solid wood flooring and acomprehensive range of associated products such as underfloor heating, adhesivesand grouts. Tile Clearing House is the biggest clearance tile retailer in the UKwith 55 stores nationwide focussing on a mini warehouse type format and a "whenit's gone it's gone" style customer offer. We have a growing European operation in Holland with 20 stores trading with asimilar style customer offer to the Topps UK stores. The Topps' strategy, which has been in place for a number of years, has servedthe business extremely well - to be a specialist tile retailer operating fromprominent, low rental locations offering customers a wide range of quality products with fantastic service at attractive prices. From this comes the four cornerstones of our competitive advantage - customer service, store locations, storelayout and stock availability. This has enabled us to deliver 10 years ofsuccessful financial results, build an economically attractive and resilientbusiness and become the market leading brand in the UK. Key Operational objectives for the UK and Holland: • Continue our expansion of stores in the UK towards our stated objective of over 400 stores across both brands. • Consolidate our position as the national brand for tiles and wood flooring. • Improve the economic returns in our Dutch operation towards the levels we generate in the UK - principally by improving sales density and product mix to improve gross margins and continue our expansion to a minimum of 60 stores. • Continue to develop our in store customer offer to ensure that we are always ahead of our competitors. • To continuously review our store estate ensuring the appropriate number of new openings, refits and closures is commensurate with availability and economic environment Financial objectives: • Financial reporting is a cornerstone of any successful business and it is imperative that we deliver the right information to the right people at the right time. We include management, employees, investors and other stakeholders in this process and strive to be as transparent and honest in our reporting as possible. • We plan to grow dividends for shareholders broadly in line with earnings, subject to the investment needs of the business and an acceptable level of dividend cover. • We will seek to maintain an appropriate capital structure, financing our operations through a combination of retained profits and bank borrowings. • Treasury management is now a key part of our financial objectives and we will continue to manage our day to day cash reserves as effectively as possible and minimise the overall group interest charge. • Reviewing all of our suppliers and ensuring that we are receiving good value for money is an important aspect of any financial agenda. We will continue with this process and will commence a three year rolling review of all non stock suppliers where benchmarking and tendering processes will be actively employed. Key Performance Indicators (KPIs) The Directors monitor a number of financial metrics and KPIs for the Company andby individual store, including: Like for like & total sales growthSales value per transactionGross Margin The Directors receive regular information on these and other metrics and KPIsfor the Group as a whole. In addition, the Directors receive information on non financial metricsincluding: Customer satisfactionUtilisation of own fleet Risks and Uncertainties Risks 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 the development of substitute products. The Directors routinely monitor all these risks and uncertainties and appropriate actions are taken to mitigate the risks and/or their potentialoutcomes. During the coming year a series of detailed reviews will be performedacross the business which will ensure we have up to date and robust contingencyplans in place for all areas. FINANCIAL REVIEW PROFIT AND LOSS ACCOUNT Revenue Revenue for the period ended 29 September 2007 increased by 15.4% to £207.9million (2006: £180.2 million). Like for like stores increased sales by 4.7%. Ona comparable basis (adding Holland into the prior year) overall revenueincreased by 12.1%. Average transaction per customer has increased to £64 compared to £62 in thesame period last year. Gross margin Overall gross margin was 62.8% compared with 62.6% last year. At the interimstage of this period gross margin was 62.6%. In the second half of the period wehave generated a gross margin of 63.0%. Operating expenses Total operating costs have increased from £73.9 million to £86.2 million, anincrease of 16.7%. Costs as a percentage of sales were 41.4% compared to 41.0% last year. Operating Profit Operating profit for the period was £44.3 million compared to £38.9m in the sameperiod last year, an increase of 14.1%. This represented a 21.3% return on sales(2006: 21.6%). Other gains and losses Other gains & losses include the impact of property disposals. Propertydisposals accounted for £0.3m (2006: £0.3m) driven by a sale of a long leaseholdon our Aberdeen store. Financing The net interest charge for the year was £6.8m (2006: £0.1m). This charge hasincreased as a result of the £116m loan that was obtained in 2006 to finance theshare buyback programme. The charge for the year also includes a fair valueadjustment of £0.5m relating to the interest rate hedging we have in place. Theinterest rate derivatives have been re-valued per the requirements of IAS39"Financial Instruments; Recognition and Measurement". Profit before tax Reported profit before tax decreased by 3.2% to £37.8 million (2006: £39.1million). This reduction is driven by the additional interest charge describedabove. The net result of the share buyback has generated a significant increasein the EPS return (see below). Group profit before tax margin was 18.2% down from 21.7% last year. Interest and tax The effective rate of Corporation Tax was 32.0% compared with 28.8% last year.The underlying tax rate, excluding adjustments in respect of previous periods is30.8%. Net interest cover was 7.7 times based on earnings before interest, tax and depreciation, excluding the impact of IAS39 in finance charges. Whilst interest rates have increased through the year which has increased theinterest charge in the P&L, in January we put in place interest rate derivatives, this has provided us with helpful economic protection during the year,however, the requirements of IAS39 have led to an additional charge this yearresulting from a high degree of volatility in the financial markets over thefinal quarter of the year. Earnings per Share Basic and diluted earnings per share grew by 17.9% to 15.09p and 15.02p respectively. Dividend and dividend policy The Board is recommending a final dividend of 6.95 pence per share, which willgive a total dividend for the period of 10.70 pence compared to 10.40 pence lastyear, an increase of 2.9% We have maintained a progressive dividend policy. BALANCE SHEET Capital Expenditure Capital expenditure in the period amounted to £9.7 million. This includes thecost of acquiring 2 freehold sites for £1.7million and development of a storesite for £0.3million, short leasehold additions totalled £0.1million. We have fitted out 50 stores and undertaken preparatory work on a further 4stores and refits at a cost of £6.8million. We continue to update and expand our IT systems within the business and thiscoupled with some motor vehicle renewals accounted for £0.7million. At the period end the Group owned 12 freehold sites including 2 warehouse anddistribution facilities with a total net book value of £17.7 million. Stock Stock at the period end represents 146 days turnover compared with 146 days forthe same period last year. Capital Structure and Treasury Cash reserves at the period end were £15.8 million (2006: £16.5 million) withborrowings at £111.0 million (2006: £116 million). This gives the Group a net debt position of £95.2 million compared to £99.5million as at 1 October 2006. In August 2006 the company borrowed £116m to fund a 3 for 4 share buybackprogramme. Through the financial year we have been able to maintain anappropriate level of cash reserves in the business. The highly cash generative nature of our business means that the Group hasalways been able to fund its new store expansion programme from its own resources and to purchase freehold sites as suitable opportunities arise and weexpect this to continue. Cashflow Net cash generated by operating activities was £49.8 million, £11.9million higher than last year reflecting the higher trading profit and improved workingcapital management. ANNUAL GENERAL MEETING The Annual General Meeting for the period to 29 September 2007 will be held on8th January 2008 at 10.30am at Topps Tiles Plc, Thorpe Way, Grove Park, Enderby,Leicestershire LE19 1SU. Matt Williams Rob ParkerChief Executive Officer Finance Director Consolidated Group Income StatementFor the 52 weeks ended 29 September 2007 2007 2006 £'000 £'000 Group revenue 207,898 180,180Cost of sales (77,344) (67,470) --------- ----------Gross profit 130,554 112,710 Operating expensesemployee profit sharing (7,943) (5,907)distribution costs (61,504) (50,901)other operating expenses (16,765) (15,981)share buy back costs - (1,110)Share of results of joint ventures - 58 --------- ----------Group and share of joint venture profit from operationsbefore share buy back costs 44,342 39,979Share buy back costs - (1,110) --------- ----------Group and share of joint venture profit from operations 44,342 38,869Other gains 270 258Investment revenue 1,012 1,276Finance costs (7,791) (1,339) Profit before taxation 37,833 39,064Taxation (12,093) (11,260) --------- ----------Profit after taxation for the period attributable toequity holders of the parent company 25,740 27,804 --------- ---------- Earnings per ordinary share- basic 15.09p 12.80p- diluted 15.02p 12.74p All of the above results relate to continuing operations. Consolidated Statement of Recognised Income and ExpenseFor the 52 weeks ended 29 September 2007 2007 2006 £'000 £'000Exchange rate gain loss on retranslation of overseasoperation - (2)Tax effect of share options exercised 195 -Deferred tax on sharesave scheme taken directly to equity (157) 304Profit for the period attributable to equity holders of thecompany 25,740 27,804 -------- -------Recognised income and expense for the period 25,778 28,106 -------- ------- . Consolidated Balance SheetAs at 29 September 2007 2007 2006 £'000 £'000Non-current assetsGoodwill 1,430 551Property, plant and equipment 41,851 36,857Joint venture undertaking - 281 ---------- --------- 43,281 37,689Current assetsInventories 31,067 27,031Trade and other receivables within one year 7,002 5,528Cash and cash equivalents 15,781 16,533 ---------- --------- 53,850 49,092Total assets 97,131 86,781Current liabilitiesTrade and other payables (31,497) (25,837)Bank loans (4,907) (4,900)Current tax liabilities (8,752) (7,507) ---------- --------- (45,156) (38,244) ---------- ---------Net current assets 8,694 10,848Non current liabilitiesBank loans (105,737) (110,600)Deferred tax liabilities (1,062) (1,233) ---------- ---------Total liabilities (151,955) (150,077) ---------- ---------Net liabilities (54,824) (63,296) ---------- --------- EquityShare capital 5,686 5,773Share premium 681 531Merger reserve 240 (399)Share based payment reserve 222 166Capital redemption reserve 20,359 20,254Retained earnings (82,012) (89,621) ---------- ---------Total deficit (54,824) (63,296) ---------- --------- Consolidated Cashflow StatementFor the 52 weeks ended 29 September 2007 Cashflow from Operating Activities 2007 2006 £'000 £'000Group and share of joint venture profit from operations 44,342 38,869 Adjustments for: Depreciation 4,424 3,718 Share of results in joint venture 0 (58) Share option charge 56 66 Loss on sale of fixed assets 772 258 Increase in receivables (1,144) (1,342) Increase in inventories (2,624) (1,693) Increase/(decrease) in payables 4,000 (1,949) ----------- ---------Cash generated by operations 49,826 37,869 Interest paid (7,805) (683) Taxation paid (10,980) (7,655) ----------- ---------Net cash from operating activities 31,041 29,531 Cashflows from Investing Activities Acquisition of Joint Venture (1,286) - Interest received 1,012 1,276 Purchase of property, plant and equipment (9,674) (8,668) Proceeds on sale of property, plant and equipment 1,166 573 ----------- ---------Net cash used in investment activities (8,782) (6,819) Cashflows from Financing Activities Proceeds from issue of share capital 158 222 Repayment of loans (5,000) (6,000) New Loans 0 115,500 Share Buy Back 0 (122,216) Dividends paid (18,169) (21,514) ----------- ---------Net cash used in financing activities (23,011) (34,008) Net decrease in cash equivalents (752) (11,296) Cash and cash equivalents at beginning of period 16,533 27,829 ----------- ---------Cash and cash equivalents at end of period 15,781 16,533 =========== ========= NOTES TO THE FINANCIAL STATEMENTSFor the 52 week period ending 29 September 2007 1 Basis of preparation The financial statements have been prepared in accordance with InternationalFinancial Reporting Standards (IFRS). The financial statements have also beenprepared in accordance with IFRS's adopted by the European Union and thereforethe Group financial statements comply with Article 4 of the EU IAS regulation.The financial statements have been prepared on the historical cost basis, exceptfor the revaluation of financial instruments. 2 Revenue An analysis of revenue is as follows: 2007 2006 £'000 £'000 Non-Trade customers 182,830 159,482Trade customers 25,068 20,698 -------- -------- 207,898 180,180 Investment income 1,012 1,276 -------- --------Total revenue 208,910 181,456 -------- -------- 3 Business Segments The Group is currently organised into three retail operating divisions, ToppsTiles (Topps) and Tile Clearing House (TCH) and Topps Floorstore (Holland).These divisions are the basis on which the group reports its primary segmentinformation. Segmental revenue and profit before taxation by business activity were asfollows: Segmental information for the 52 weeks to 29 September 2007 Topps TCH Topps Consolidated Floorstore £'000 £'000 £'000 £'000Revenue 175,380 25,068 7,450 207,898 --------- ------- -------- ----------Operating profit beforecentral costs 40,448 5,273 314 46,035Head office /distributioncentre costs (1,693) --------- ------- -------- ----------Operating profit 44,342Other gains 270 --------- ------- -------- ----------Finance costs less financeincome (6,779) Profit before taxation 37,833 4 Profit before taxation Profit before taxation for the period has been arrived at after charging/(crediting): 2007 2006 £'000 £'000 Depreciation of property, plant and equipment 4,424 3,718Staff costs 40,156 33,733Cost of inventories recognised as expense 75,331 65,640Net foreign exchange gains (270) (113) ======== ======== 5 Other gains and losses Other gains and losses in 2007 relate to the sale of a long leasehold propertyand in 2006 relate to the sale and leaseback of certain freehold properties. 6 Investment revenue and finance costs 2007 2006 £'000 £'000 Bank interest receivable and similar income 1,012 1,276 -------- -------Finance costsInterest on bank loans and overdrafts (7,325) (1,377)Fair value loss on interest rate swaps (480)Interest costs capitalised 14 38 -------- ------- Net finance costs (7,791) (1,339) ======== ======= Finance costs have been capitalised based on a capitalisation rate of 5.1%, which is the weighted average of rates applicable to the Group's general borrowingsoutstanding during the period. 7 Dividends Amounts recognised as distributions to equity holders in theperiod: 2007 2006 £'000 £'000 Final dividend paid for the 52 weeks ended 30 September 2006of 6.00p (2005: 6.00p) per ordinary share 11,767 13,596Interim dividend paid for the 26 weeks ended 31 March 2007of 3.75p (2006: 3.50p) 6,396 7,933Over / (under) provision in respect of the prior periodfinal dividend 6 (15) -------- -------- 18,169 21,514 ======== ======== Proposed final dividend for the 52 weeks ended 29 September2007 of 6.95p (2006: 6.90p) per share 11,860 11,734 8 Earnings per share The calculation of earnings per share is based on the earnings for the financialperiod attributable to equity shareholders and the weighted average number ofordinary shares as follows: 2007 2006 Number of Number of shares shares Weighted average number of shares for basicearnings per share 170,536,121 217,252,872Weighted average number of shares under option 823,079 954,715 -------- ---------For diluted earnings per share 171,359,200 218,207,587 ======== ========= The reduction in the weighted average number of shares relates to the 3 for 4reverse share split completed during August 2006. 9 Retained earnings £'000 At 2 October 2005 41,109 Dividends paid (21,514)Share buy back (137,322)Exchange rate loss (2)Deferred tax on sharesave scheme taken directly to equity 304Net profit for period 27,804 At 30 September 2006 (89,621)Dividends paid (18,169)Deferred tax on sharesave scheme taken directly to equity (157)Tax effect of share options exercised 195Net profit for the period 25,740 At 29 September 2007 (82,012) 10 Financial information The financial information set out above does not constitute the Group'sstatutory financial statements for the 52 week period ended 29 September 2007but is derived from those statements. Statutory financial statements for the 52week period ended 1 October 2006 have been delivered to the Registrar ofCompanies and those for the 52 week period ended 29 September 2007 will bedelivered following the Company's Annual General Meeting to be held on 8 January2008. The Auditors have reported on the accounts to 1 October 2006 and 29September 2007 and their report was unqualified and did not contain statementsunder section 237(2) or 237(3) of the Companies Act 1985. The Annual Report and Financial Statements for the period ended 29 September2007 will be posted to Shareholders on 27 November 2007 and additional copieswill be available from the Company Secretary at Topps Tiles Plc, Oak GreenBusiness Park, Earl Road, Cheadle Hulme, SK8 6QL. Copies of the Annual Report and Financial Statements for the period ended 29September 2007 will be submitted to the UK Listing Authority and will beavailable shortly for inspection at the UK Listing Authority's document viewingfacility which is situated at: Financial Services Authority25 The North ColonnadeCanary WharfLondonE14 5HS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Topps Tiles