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MS Galleon AG, Vienna
There's a lot of information in there, good to see they are progressively opening their stores.
UK's Topps Tiles says on improving trend as stores emerge from lockdown
Tue, 19th May 2020 07:23Thomson Reuters
LONDON, May 19 (Reuters) - British tile and wood flooring
retailer Topps Tiles said on Tuesday the coronavirus
lockdown had a material impact on trading during April but the
gradual re-opening of stores was generating an improving trend.
The firm expects to have 250 stores fully opened by end of
May, with the remaining 100 stores open by the end of June.
For the half year to March 28, Topps reported an 85% fall in
adjusted pretax profit to 1.2 million pounds ($1.5 million),
reflecting a tough trading environment even before the pandemic
hit.
essential for a revival of the property market
https://www.bbc.co.uk/news/uk-52641373
Good volume today, 1.658m shares.
and the 2nd RNS indicates a holding of 4.92%.
2nd RNS has corrected the first: threshold crossed on 06/04/20.
Ninety One UK Limited (was Investec Asset Management) holds 5.01%, but indicates the date the threshold was attained as ... 29/08/17, so don't know what to make of that.
Ceased normal store operations, because of Covid-19.
Quite a sharp improvement in sales in the last month: -3.1% over 12 weeks v - 5.5% over 8 weeks.
In terms of cash position, reassuring message: interim dividend "not expected" to be paid this year.
I had misunderstood - good!
Tpt up from lows of 25p on the 19th.
Looks like the market expects of lot of people will use their locked down time to complete some home improvements.
I've taken my profits here but will buy back in on any dip.
G
Sorry to see you go, Majorboy - best wishes for the future.
I noted this statement from Dixons Carphone's update of this morning:
... To date, the Group's trading has not been impacted materially by COVID-19...
I look at the fundamentals here and despite the profit warning and the carnage that's going on in the market at the moment I find it unfathomable why this shares value sits as low as it does ?
If people are going to spend more time at home over the coming months surely that will result in more DIY projects. Perhaps I'm missing something !
almost 2.2m at 36.30p.
True!
Never thought I'd see it so low!
better trade
FMR (Fidelity) down to 6.75% from 8.04%.
Why not wait until 4.35pm before scratching it? :-)
... management expect adjusted profit before tax for the 53 weeks ended 3 October 2020 will be materially below the bottom end of the current range of market expectations(1) .
(1) The current range of market expectations for adjusted profit before tax for the 53 weeks ended 3 October 2020 is GBP13.5m to GBP14.5m (from yesterday's RNS).
If we take "material" to mean 10% or more, Liberum may have been ultra prudent in forecasting profits 48% below the bottom end of the current range of forecasts.
"Topps Tiles has blamed a surprise profit warning on weak consumer spending in the home improvement sector.
The tile and flooring group, which until now had shrugged off jitters around Brexit and political uncertainty, said that like-for-like sales had fallen by 5.5% since the start of the year ...
The business is run by Rob Parker, who said that official figures for the repairs, maintenance and improvement market had shown a decline of 4% for the past 7 months. He said that while Topps was doing better at converting shop visits into sales, footfall was down by 8% since the start of the year ...
Analysts at Liberum halved their profit forecast from £13.5m to £7m and changed their recommendation from a 'buy' to a 'hold' in the aftermath of yesterday's profit warning".
Should have said:
No pick-up in trading during the first 8 weeks of the 2nd quarter.
No pick-up in trading during the 2nd quarter.
With most of the period complete, the Group now expects that first half profit will be significantly below the prior year level. As a result, management expect adjusted profit before tax for the 53 weeks ended 3 October 2020 will be materially below the bottom end of the current range of market expectations(1) ...
"While UK housing market indicators have shown an encouraging improvement in the period since the General Election, these traditionally have a lagged impact on our trading and we would not expect to see any benefit from these until later into the second half - our performance during this period will be key to the outcome for the year as a whole.
17 trades so far, 435k shares traded in all, and it's not yet 10am.