Sign In
Last checked at 
12 Jan 2010 07:00
ο»Ώ
Topps Tiles Plc
TheΒ UK's largest tile and wood flooring specialist
AGMΒ and Interim ManagementΒ Statement
At today's Annual General Meeting of Topps Tiles Plc,Β Barry Bester, co-founder and Non-Executive Chairman will tell shareholders:
As disclosed in the annual financial report, issued on 24 November 2009, in the first 7 weeks of the new financial periodΒ UKΒ revenues increased by 2.2% on a like-for-like basis. We are pleased to report thatΒ our UK trading performance has continued to follow an encouraging trendΒ with sales for the first 14 weeks of the financial year increasing by 3.9%, and like-for-like revenues increasing by 5.5%.
In the UK, we are trading from a total ofΒ 308Β stores, havingΒ closed 1Β storeΒ over the first 14 weeks. We will continue to pursue opportunities to open new stores in locations thatΒ complement our existing estate andΒ expect to expand the number of overall UK stores during this financial year.
FollowingΒ our announcement of 18 December 2009, we have withdrawn any further support and funding from the loss making Dutch business. The Dutch stores have now ceased trading and an administrator has been appointed.
The Company completed aΒ successfulΒ accelerated bookbuild placingΒ on 24 November 2009,Β raising gross proceeds of approximatelyΒ Β£15.4Β million.Β The Placing was undertaken to help provide Topps Tiles with both additional financial flexibility in the event of a further downturn in consumer confidence and spending and also additional resources toΒ support the Company's growth strategy as opportunities arise in the market.
There have been noΒ furtherΒ significant changes in the financial position of the Group since the publication of theΒ Full YearΒ Report for theΒ 52 weeksΒ ended 26Β September 2009.Β
We are very pleased withΒ theΒ trading performance over the first 14 weeks which provides reassurance thatΒ consumer confidence is returning. However, we remain cautious in the outlook for the economy and believe that 2010Β mayΒ continue to present a challenging economic environment for consumers.
We have a resilient business modelΒ whichΒ deliversΒ outstanding value to our customers, and we believe that we will continue to see the benefits of thisΒ in the currentΒ financial period.
Enquiries:
Topps Tiles Plc
Barry Bester, Chairman 0161 486 2400
Matthew Williams, Chief Executive 0161 486 2400
Rob Parker, Finance Director 0161 486 2400
Bell Pottinger Corporate & Financial
Emma Kent/Duncan Mayall 020 7861 3232
Follow the stocks
