Topps Tiles Regulatory News (TPT)

11 Jan 2005 07:00

Topps Tiles PLC11 January 2005 TOPPS TILES PLCthe UK's largest tile and wood flooring specialist with 227 stores Co-Chairmen's AGM Statement and Trading Update At today's Annual General Meeting of Topps Tiles Plc, the founders and co-chairmen Barry Bester and Stuart Williams will tell shareholders: 'We are delighted to report that trading for the first 14 weeks of the new financial period has continued strongly. Overall turnover has increased by over 24% with like-for-like sales growth in excess of 15%. Our core stores, comprising those that were opened prior to September 2002, have also maintained a healthy like-for-like growth of over 13%, which is a good indicator of the continued growth in the market. However, given the strong comparative growth in the prior period, sustaining current high levels of like-for-like sales growth over the entire financial period could prove to be challenging. As part of our UK expansion with a target of 350 stores we have planned a net new store roll out for this financial period of 24 stores, which will bring us to 244 UK stores by September 2005. So far we have opened 7 stores and have a strong pipeline of sites for the remainder of the financial period. With the business enjoying a market leading position in the UK and theunderlying market for tiles set to grow 26% over the next four years (source:MSI), we remain confident of delivering another period of growth and progress. Board Changes Stuart Williams will step down as a Board Director & Co-Chairman of the companywith effect from 31st March 2005 and will assume the newly created position ofPresident. Barry Bester will continue his role as Executive Chairman. This change will enable Stuart to devote more time to his work for 'The WilliamsCharitable Trust' and his other personal business interests whilst stillretaining his counsel regarding the development of the business, in which heremains a significant shareholder. Enquiries: Barry Bester, Co-Chairman 01625 446700Nick Ounstead, Chief Executive 01625 446700 Ann-marie Wilkinson/Sarah Landgrebe, Bell Pottinger 0207 861 3932 This information is provided by RNS The company news service from the London Stock Exchange