Thomas nurses £91m loss 08/02/2012
Beleaguered travel operator Thomas Cook (TCG) has reported a loss of £91 million its first quarter also announcing the sale of its Indian division.
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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Beleaguered travel operator Thomas Cook (TCG) has reported a loss of £91 million its first quarter also announcing the sale of its Indian division.
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