Topps Tiles PLC
28 March 2007
Topps Tiles Plc
Pre-close period Trading Update
and Board changes
Topps Tiles Plc (the 'Company'), the UK's largest tile and wood flooring
specialist, reports on trading for the 26 week period ended 31 March 2007, prior
to entering its close period. The Board will announce interim results for the 26
week period to 31 March 2007 on Tuesday 22 May 2007.
We are pleased to report that despite a continuing tough retail market overall
revenue is expected to be in the region of £101.8 million (2006: £88.6 million)
up 14.9%, with like for like revenue expected to be up 4.4%. The Company's cur
rent period overall revenue reflects, for the first time, the revenue from the
Dutch stores following the acquisition of the further 50% share holding in the
Joint Venture business in October 2006 which now gives the Company 100% of the
share holding.
The UK is expected to show overall revenue growth of 11.4% (2006:up 1.2%) with
like-for-like revenue up 4.0% (2006:down 4.0%).Holland is expected to show
overall revenue growth of over 36.0% (2006:up 21.6%) and like-for-like revenue
up 19.0% (2006:up 8.6%).
The Board expects operating profit, for the 26 week period, to be in the region
of £21.0 million (2006:£19.5 million) to give profit before tax in the region of
£18.3 million (2006: £20.3 million). Gross margins are expected to be ahead of
this time last year.
The Group has a new store opening target of a net 30 new UK stores and a net 5
new Dutch stores for the full financial period and to date has opened a net 15
stores in the UK and a net 4 stores in Holland, in the 26 weeks to 31 March
2007, to give a total of 286 stores in the United Kingdom and 19 stores in
Holland.
The Board announces that Barry Bester will move to Non-executive Chairman with
effect from 01 October 2007 from his current role as Executive Chairman.
Additionally, during the period the Company was pleased to announce that Robert
Parker was appointed to the Board as Finance Director. The appointment is
effective from 10 April 2007.
Enquiries:
Ann-marie Wilkinson/Emma Kent
Bell Pottinger Corporate & Financial 020 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange