04/04/2006
Ceramic tile and wood flooring leader Topps Tiles says latest trading has been 'encouraging', despite lower overall interim profits.
Fully-listed Topps Tiles says in a trading update that it expects pre-tax profits in the six months to April to show a £2 million fall to £19.675 million, which includes a £1.5 million reduction to £250,000 in exceptional property profits. The company says like-for-like first-half sales are expected to be 4.2 per cent lower, although overall turnover will be £1 million higher at £88.5 million.
That reflects the company's new store opening policy, which saw 14 net new outlets in the first half year. Topps, which has appointed 32-year-old chief operating officer Matthew Williams to the board, expects the full-year figure to reach 24.
Despite 'a consistently tough trading environment', the company, whose fortunes are to no small extent tied to the housing market, says like-for-like sales are up 0.9 per cent in the last five weeks of trading. Coupled with cheering comments from property lender Northern Rock about the return of first-time home buyers, it has sent the shares up 8p to 229p.
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