Topps Tiles Plc, the UK's largest tile specialist, has announced a trading update for the 52 week period ending 29th September 2018. Adjusted revenues for the year are expected to be in the region of £215 million, compared with £211.8 million in 2017. Like-for-like revenues in the 52 weeks were flat when compared to the previous year; although like-for-like revenues for the 13 week period ending 29th September 2018 increased by 1.2%.
Trading over the fourth quarter improved. As a result, adjusted pre-tax profits for the year will be slightly ahead of the top end of the current range of market expectations.
Looking ahead, the uncertainty in the UK economic outlook means Topps remains cautious and will focus on gross margins, tight cost control and cash generation.
Topps Tiles is now trading from 370 sites, having opened two and closed six stores during the period.
The company has launched more than 25 new product ranges, exclusive to Topps, in the last 12 months. Over 150 stores now feature Topps’ latest merchandising treatment and this upgrade programme will continue in the year ahead.
The development of the commercial business has progressed at pace since the acquisition of Parkside in September 2017. Investments so far have created two architectural showrooms in Chelsea and Leicester, and integrated the supply chain into the Group function. As expected, commercial will report annual trading losses of around £1.1 million as Topps continues to invest in its future growth.
Matthew Williams, Chief Executive Officer, said: "I am pleased to report an improvement in trading over the final quarter which has enabled the Group to post a full year sales result which is slightly ahead of the top end of market expectations and which represents an outperformance of the overall tile market. Our core Topps Tiles business is a well invested, cash generative market leader with a proven strategy and we continue to make good progress with our expansion into the commercial segment of the UK tile market which will be an important source of future growth for the Group."
For further information, visit http://www.toppstilesplc.com
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