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Resilient performance against a challenging backdrop
Topps Tiles Plc ("Topps" or the "Group"), the UK's leading tile specialist, announces a trading update for the 26 week period ended 27 March 2021.
Total revenues for the 26 week period were GBP103.6 million (2020: GBP106.2 million), including Retail like-for-like growth over the period of 2.0%...
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Good Q1 figures largely pulled back by those for Q2.
"... We are looking forward to the lifting of lockdown restrictions in April and are concentrating on being well prepared for the return of all customers to our stores. We have a strong balance sheet, are debt-free, and are well positioned for growth this financial year as we move towards our goal of '1 in 5 by 2025'*."
Hi All, I am new here as I am looking to increase my recovery portfolio. I have invested a few grand here in the hope that discretionary spending, home improvements and the housing market in general will thrive post-lockdown.
If anyone would like to share their views with a newbie here then it would be greatly appreciated :)
Did it give a timeframe for that 95p target ?thanks
Thank you,Majestical2.
Threshold crossed on 01/02.
Liberum backs Topps Tiles to weather fresh lockdown
The negative impact of fresh lockdowns on Topps Tiles (TPT) should be offset by a boost from pent-up demand later in the year, with the company in a much better position than last spring, says Liberum.
Analyst Adam Tomlinson retained his ‘buy’ recommendation and target price of 95p on the stock, which closed up 1.22%, or 0.7p, at 58p yesterday. The company reported a 19.9% jump in like-for-like sales in the first quarter but cautioned over the impact on sales from the new national lockdown.
Tomlinson said the ‘no-browsing’ in-store guidelines are stricter than previous lockdown but ‘we think any negative impact would be offset by a second half boost from the release of pent-up demand as lockdowns ease’.
‘The group is much better placed versus last spring, helped by its high trade customer mix who browse less, online strength, Covid-19-ready operations, and net cash position with £60m of liquidity headroom,’ he said.
Rob Parker, CEO, said: "I am encouraged by our performance over the first quarter with our Retail business performing very strongly, with like-for-like sales up by 19.9%, and our Commercial business on track with our plans.
"As we have done throughout the pandemic, we are continuing to put colleague and customer welfare first. While the latest lockdown restrictions will impact sales, at this stage it is very difficult to estimate the level of impact or how long this may last. The business remains well funded, is debt free, ...
Thoughts Major?
Best wishes, Majorboy.
The Board is keen to re-instate the dividend policy as soon as is appropriate.
This should be possible in the new financial year, subject to delivering
a positive adjusted EPS.
Very healthy transformation of the cash position: positive £26.0m v negative £11.3m.
... we estimate that our current combined market share in the UK is around 17%. Our new goal is to achieve a 20% share - accounting for GBP1 in every GBP5 spent on tiles and associated products in the UK. We believe that we can achieve this target by 2025, requiring us to outperform the market by approximately 3.5% each year over the next five years.
Current Trading and Outlook
-- In the first eight weeks of the new financial period, retail like-for-like
revenues increased by 19.6% (2019: decrease of 7.2%);
-- Retail business benefitting from the current increase in home improvement
activity; ...
Presumably, M&G are continuing to sell down, but that can't last for ever!
More good trades: 1.1m+ at 44.50p.
Total volume so far: 2.644m.
and a 150k trade at the same price.
Total volume so far: 790k.
250k trade at 0.45p, that's a better deal.
Total volume so far: 640k.
Building merchants. I know my local tile warehouse is staying open, so I’d imagine they will too.
News in the basement is that TPT are an 'essential service' they will be open for business during lockdown. DYOR!
on Aquis at 16:37
from 18.94%, on 28/10.
from 5.12%: threshold crossed yesterday, 28/10.
trading very well and november always busiest month so expect this to rise steady to 55p -60p by end nov
whats with all the tiny, single figure buys and sells?
The strong finish to the year, with the Retail like-for-like sales performance being robustly ahead of the comparative period, gives the Board confidence that the Group will generate a modest level of adjusted profit before tax(1) for the 52 weeks ended 26 September 2020.
Given the 80% drop in weekly sales in April and the 69% drop in May, that's quite an achievement!
Very back-of-the-envelope, but basic eps in 18/19, the "normal" year before Covid-19 struck, was 5.18p per share.
16.5% growth in the last quarter of this year for like-for-like retail sales.
So, maybe, on a "normalised" basis, that equates to about 6.50 eps in a full year.
Put it on a 15x p/e ratio and you're almost on a 100p share price.
In addition, you've got the near-20% new shareholder, whose intentions are not known.