Topps Tiles Regulatory News (TPT)

12 Jan 2010 07:00



Topps Tiles Plc

The UK's largest tile and wood flooring specialist

AGM and Interim Management Statement

At today's Annual General Meeting of Topps Tiles Plc, 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 period UK revenues increased by 2.2% on a like-for-like basis. We are pleased to report that our UK trading performance has continued to follow an encouraging trend 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 of 308 stores, having closed 1 store over the first 14 weeks. We will continue to pursue opportunities to open new stores in locations that complement our existing estate and expect to expand the number of overall UK stores during this financial year.

Following our announcement of 18 December 2009, we have withdrawn any further support and funding from the loss making Dutch business.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 a successful accelerated bookbuild placing on 24 November 2009, raising gross proceeds of approximately £15.4 million. 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 to support the Company's growth strategy as opportunities arise in the market.

There have been no further significant changes in the financial position of the Group since the publication of the Full Year Report for the 52 weeks ended 26 September 2009. 

We are very pleased with the trading performance over the first 14 weeks which provides reassurance that consumer confidence is returning. However, we remain cautious in the outlook for the economy and believe that 2010 may continue to present a challenging economic environment for consumers.

We have a resilient business model which delivers outstanding value to our customers, and we believe that we will continue to see the benefits of this in the current 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