Business
Trading update & Board change
Trading update & Board change.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n Topps Tiles PLC\n28 March 2007\n\n\n Topps Tiles Plc\n\n Pre-close period Trading Update\n\n and Board changes\n\n\nTopps Tiles Plc (the 'Company'), the UK's largest tile and wood flooring\nspecialist, reports on trading for the 26 week period ended 31 March 2007, prior\nto entering its close period. The Board will announce interim results for the 26\nweek period to 31 March 2007 on Tuesday 22 May 2007.\n\n\nWe are pleased to report that despite a continuing tough retail market overall\nrevenue is expected to be in the region of £101.8 million (2006: £88.6 million)\nup 14.9%, with like for like revenue expected to be up 4.4%. The Company's cur\nrent period overall revenue reflects, for the first time, the revenue from the\nDutch stores following the acquisition of the further 50% share holding in the\nJoint Venture business in October 2006 which now gives the Company 100% of the\nshare holding.\n\n\nThe UK is expected to show overall revenue growth of 11.4% (2006:up 1.2%) with\nlike-for-like revenue up 4.0% (2006:down 4.0%).Holland is expected to show\noverall revenue growth of over 36.0% (2006:up 21.6%) and like-for-like revenue\nup 19.0% (2006:up 8.6%).\n\n\nThe Board expects operating profit, for the 26 week period, to be in the region\nof £21.0 million (2006:£19.5 million) to give profit before tax in the region of\n£18.3 million (2006: £20.3 million). Gross margins are expected to be ahead of\nthis time last year.\n\n\nThe Group has a new store opening target of a net 30 new UK stores and a net 5\nnew Dutch stores for the full financial period and to date has opened a net 15\nstores in the UK and a net 4 stores in Holland, in the 26 weeks to 31 March \n2007, to give a total of 286 stores in the United Kingdom and 19 stores in \nHolland.\n\n\nThe Board announces that Barry Bester will move to Non-executive Chairman with\neffect from 01 October 2007 from his current role as Executive Chairman.\nAdditionally, during the period the Company was pleased to announce that Robert\nParker was appointed to the Board as Finance Director. The appointment is\neffective from 10 April 2007.\n\n\n\nEnquiries:\n\n\nAnn-marie Wilkinson/Emma Kent\n\nBell Pottinger Corporate & Financial 020 7861 3232\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2572,"tagName":...