Topps Tiles PLC
5 September 2000
TOPPS TILES PLC
Chairman's Statement at the Annual General Meeting
At today's Annual General Meeting of Topps Tiles Plc, the Chairman, Stuart
Williams told shareholders:
'It is customary at the Annual General Meeting for the Chairman to say a few
words about current trading and events before we move to the formal part of
the meeting and I would like to make the following statement:
Despite recent comment that the ceramic tile sector is experiencing reduced
demand Topps Tiles has made an excellent start to the new financial year
experiencing strong current trading. The growth in like-for-like sales for
the 13 weeks to 2nd September was 10% and overall sales growth, in the same
period, was 28%.
In this year's annual report we highlighted that, having exceeded our
flotation target of doubling the number of stores in the first three financial
years, we have strategically reviewed our future roll-out programme and the
total number of stores we believe we could successfully operate in the United
Kingdom. Based on the successful trialling of the Tile Clearing House brand
alongside Topps Tiles stores and the number of potential customer catchment
areas in smaller towns and regions, our new stated objective is to have a
total of 350 plus stores in the UK within the next six financial years. This
financial year we plan to open 20 new stores - a mixture of both Topps Tiles
and Tile Clearing House outlets and so far six Topps Stores and two Clearing
House outlets have been opened.
With an increasing market share, a growing tile market and our continuing
expansion programme, the Board believes that the Group is on track to achieve
another year of excellent progress.'
Enquiries:
Stuart Williams, Chairman 020 7 407 2100
Ann-marie Wilkinson, Beattie Media 020 7 930 0453