Topps Tiles sees growth of 1.8%

TILE and flooring specialist Topps Tiles expects to report a 1.8% lift in like-for-like first half sales when it announces figures in June.

In a pre-close trading update the company, which operates around 313 stores and has its head office in Handforth, Cheshire, said total revenues for the 26-week period from continuing businesses will be around £89.2m, down 2.5% on the 27-week period last year.

When restated on a same reporting week basis the total revenues will be ahead by around 1.5%. Second quarter like-for-likes have increased by about 1.4%.

The group has completed the refinancing of its loan facilities and has secured a new committed £75m revolving credit facility with its existing lenders through to May 2015. 

It expects the slightly higher cost of borrowing will be broadly offset by a smaller, more efficient loan facility.