Business
Interim Report for the 26 Weeks Ended 30 MAR 2019
Interim Report for the 26 Weeks Ended 30 MAR 2019.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n \nRNS Number : 6110Z Topps Tiles PLC 21 May 2019 \n\n \n \n \n \n21 May 2019\n \nTopps Tiles Plc\n(\"Topps Tiles\", \"the Group\" or \"the Company\")\n \n \nUNAUDITED INTERIM REPORT FOR THE 26 WEEKS ENDED 30 MARCH 2019\n \nResilient trading performance against a challenging consumer backdrop; consolidating market leadership position; good progress made in growing commercial operations \n \n \nHIGHLIGHTS\n \nTopps Tiles Plc, the UK's largest tile specialist, announces its interim results for the 26 weeks ended 30 March 2019.\n \n \n\n\n\n\n\n\n26 weeks ended\n30 March\n2019\n\n\n26 weeks ended\n31 March\n2018\n\n\nYoY\n\n\n\n\nStatutory Measures\n\n\n\n\n\n\n\n\n\n\n\n\n\nGroup revenue\n\n\n£110.3 million\n\n\n£110.5 million\n\n\n(0.2)%\n\n\n\n\nGross margin\n\n\n61.2%\n\n\n60.3%\n\n\n+90bps\n\n\n\n\nProfit before tax\n\n\n£5.2 million\n\n\n£6.4 million\n\n\n(18.8)%\n\n\n\n\nBasic earnings per share\n\n\n2.03p\n\n\n2.67p\n\n\n(24.0)%\n\n\n\n\nInterim dividend per share\n\n\n1.1p\n\n\n1.1p\n\n\nnil\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Measures\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Group revenue2\n\n\n£109.0 million\n\n\n£109.6 million\n\n\n(0.5)%\n\n\n\n\nLike-for-like revenue growth year-on-year3\n\n\n+0.2%\n\n\n+0.6%\n\n\n\n\n\n\n\nAdjusted gross margin4\n\n\n61.4%\n\n\n60.5%\n\n\n+90bps\n\n\n\n\nAdjusted profit before tax5\n\n\n£8.0 million\n\n\n£7.2 million\n\n\n+11.1%\n\n\n\n\nAdjusted earnings per share6\n\n\n3.15p\n\n\n3.01p\n\n\n+4.7%\n\n\n\n\nNet debt1\n\n\n£18.0 million\n\n\n£25.1 million\n\n\n£7.1 million\n\n\n\n\nFree cash flow7\n\n\n£2.7 million\n\n\n£6.8 million\n\n\n£(4.1) million\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nAdjusting items are detailed in the notes below. These include trading losses from the Parkside business while we go through an initial two year phase of investing in growth plus other items which are either one off in nature or can fluctuate significantly from year to year (such as some property related items). \n \n \nFinancial Summary\n\n\n\n•\n\n\nFirst half like-for-like sales grew by 0.2% (2018: +0.6%);\n\n\n\n\n•\n\n\nAdjusted gross margin of 61.4% (2018: 60.5%) reflects continued benefits of scale and sourcing;\n\n\n\n\n•\n\n\nAdjusted profit before tax of £8.0 milli...