24 September 2014
Topps Tiles Plc
Pre-close Period Trading Update
&
Appointment of Company Secretary
Topps Tiles Plc ("Topps" or "the Group"), the UK's largest tile specialist, reports on trading for the 52 week period ending 26 September 2014, prior to entering its close period.
Revenues for the 52 week period are expected to be in the region of £195 million (2013: £177.8 million). Like-for-like revenues are expected to show an increase of c.8% on the prior year (2013: decrease of 0.5%).
The Board expects adjusted pre-tax profit for the 52 week period will be in the region of £17m (2013: £13.0m), an increase of 30% on the prior year.
The Group is currently trading from 335 stores, having opened 16 stores and closed or relocated 9 during the year.
Matthew Williams, Chief Executive Officer, said: "I am delighted to be concluding an excellent year for Topps in which we have achieved total sales growth of c.10% and delivered a c.30% increase in pre-tax profits. Our relentless focus on growing profitable market share continues to be the successful driver of our business. We are confident that we can make further progress, in this respect, during the year that lies ahead."
The Board is also pleased to announce that Stuart Davey will be appointed as Company Secretary with effect from 29 September 2014. Stuart has been with Topps for nine years as company solicitor and his appointment will further enhance our compliance with corporate governance best practice.
There have been no significant or unexpected changes in the financial position of the Group since the publication of the Interim Report for the 26 weeks ended 29 March 2014.
Topps will announce its preliminary results for the 52 week period ending 26 September 2014 on 25 November 2014.
- Ends -
Enquiries:
Topps Tiles Plc |
0161 486 2400 |
Matthew Williams, Chief Executive Officer |
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Rob Parker, Chief Financial Officer |
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Citigate Dewe Rogerson Kevin Smith / Nick Hayns |
020 7638 9571 |
Note to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated tools and accessories, targeting the UK domestic refurbishment market and serving a retail and trade customer base from 335 stores nationwide.
Since opening its first store in 1963, Topps has maintained a simple operating philosophy - inspiring customers with unrivalled product choice and providing exceptional levels of customer service and value for money, in a conveniently-located store.
This focus has established Topps as market leader in the UK, and underpins its successful strategy of taking profitable market share, which has increased from 22% in 2007 to 28.5% in 2013.
For further information, please visit www.toppstiles.co.uk/media-centre/investors.asp
