Business
Unaudited Interim Report 26 Weeks Ended 1 Apr 2017
Unaudited Interim Report 26 Weeks Ended 1 Apr 2017.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n \nRNS Number : 8870F Topps Tiles PLC 23 May 2017 \n\n \n \n \n \n23 May 2017\n \nTopps Tiles Plc\n(\"Topps Tiles\", \"the Group\" or \"the Company\")\n \n \nUNAUDITED INTERIM REPORT FOR THE 26 WEEKS ENDED 1 April 2017\n \nSolid performance in a more challenging market, continued investment for growth\n \n \nHIGHLIGHTS\n \nTopps Tiles Plc, the UK's largest tile specialist, announces its interim results for the 26 weeks ended 1 April 2017.\n \n \n\n\n\n\n \n\n\n26 weeks ended\n1 April \n2017\n\n\n26 weeks ended\n2 April\n2016\n\n\nYoY\n\n\n\n\nGroup revenue\n\n\n£106.6 million\n\n\n£108.0 million\n\n\n(1.3)%\n\n\n\n\nLike-for-like revenue growth year-on-year1\n\n\n(1.9)%\n\n\n+4.7%\n\n\n \n\n\n\n\nGross margin\n\n\n61.2%\n\n\n61.5%\n\n\n(30)bps\n\n\n\n\nAdjusted operating profit2\n\n\n£10.6 million\n\n\n£10.9 million\n\n\n(2.8)%\n\n\n\n\nAdjusted profit before tax3\n\n\n£10.1 million\n\n\n£10.3 million\n\n\n(1.9)%\n\n\n\n\nAdjusted earnings per share4\n\n\n4.11p\n\n\n4.29p\n\n\n(4.2)%\n\n\n\n\nInterim dividend per share\n\n\n1.1p\n\n\n1.0p\n\n\n+10%\n\n\n\n\nNet debt5\n\n\n£26.6 million\n\n\n£28.4 million\n\n\n(£1.8 million)\n\n\n\n\n \nStatutory Measures\n\n\n\n\nOperating profit\n\n\n£10.0 million\n\n\n£10.4 million\n\n\n(3.8)%\n\n\n\n\nProfit before tax\n\n\n£9.5 million\n\n\n£10.1 million\n\n\n(5.9)%\n\n\n\n\nBasic earnings per share\n\n\n3.86p\n\n\n4.17p\n\n\n(7.4)%\n\n\n\n\n \n \n \n \n\n\n\n\nFinancial Highlights\n\n\n\n\n· Solid performance in a more challenging market and against strong comparatives from 2016 when sales benefited from changes to Stamp Duty, resulting in total sales decline of 1.3%, with like-for-like sales decline of 1.9%\n\n\n\n\n· Gross margin of 61.2% (2016: 61.5%), underlying gross margin broadly in line with the prior year (excluding the impact of double running costs linked to the introduction of the new Rewards+ trade loyalty scheme)\n\n\n\n\n· Adjusted profit before tax of £10.1 million (2016: £10.3 million)\n\n\n\n\n· Cash generated by operations (excluding movements in working capital) of £13.7 million (2016: £13.8 million) \n\n\n\n\n· Net debt reduced by £1.8 million year-on-year to £26.6 million\n\n\n\n\n· &nbs...