Topps Tiles expects solid increase in full-year sales

(ShareCast News) - Topps Tiles expects its revenue for the 53-week period ending 3 October to be in the region of £212m, up from £195.2m in the same period last year.Like-for-like revenues are expected to show an increase of around 5.3% on 2014, reflecting continued growth in market share, the company said.Chief executive Matthew Williams said: "I am pleased to report that Topps will complete a successful year, with good growth in profits and a record level of turnover, both of which are directly attributable to our strategy of out-specialising the specialist.""As a result of this, we are confident of hitting our one third market share goal by the end of this year and are well advanced on developing our next strategic goal for the organisation."The company said it is progressing with two key initiatives to simplify and streamline operations. These include the centralisation of its support functions to one site in Leicester and the closure of the nine remaining clearance stores, with all stores now trading under a unified Topps Tiles store fascia.It said the changes will result in a non-cash charge of around £3m in the current financial year. From the second half of 2015/16 onwards, annual cost savings of at least £0.5m will be realised and the business will also benefit from operational efficiencies as a result of this simplification.Topps added that full details of these initiatives will be provided in the final results announcement. Topps Tiles