Headwinds stymie growth at Topps Tiles
TOPPS Tiles has maintained sales and earnings over the past 12 months despite “trading headwinds”.
In a pre-close trading update the company said dull year revenues to the end of September were likely to be the same as last year at £177.7m.
Like-for-like revenues are expected to show a decrease of 0.5% on the prior year and pre-tax profits will be around £13m, up from £12.8m.
The company has its head office in Leicestershire, but its administrative base is in Handforth, Cheshire. It has 328 shops, having opened 18 stores and closed or relocated 15 during the year.
Chief executive Matthew Williams said: “In the face of some trading headwinds across the year we implemented a range of self-help measures which enabled us to take market share and deliver a modest increase in profit year on year.
“After the declines seen in the second and third quarters, sales over the final three months of our financial year have been broadly level on a like-for-like basis which provides encouragement for the year ahead.
“The economy is starting to show signs of a gradual recovery and our business is well positioned to capitalise on any improvements in consumer confidence and increased levels of discretionary expenditure.”
