Topps Tiles Regulatory News (TPT)

8 Jan 2008 07:00

Topps Tiles PLC08 January 2008 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-founderand Non-Executive Chairman will tell shareholders: "At the full year results announced on 27 November 2007, we reported that forthe first 7 weeks of trading in the new financial period total revenuesincreased 8.4% and like for like revenues were up 1.1%. I am pleased to reportthat trading in the first 13 weeks of our new financial period has remainedpositive, with overall revenue up by 6.9% (2007: up 12.7%) and like-for-likerevenue up 0.8% (2007: up 5.0%) despite a persistently tough retail market. The UK showed overall revenue growth of 6.6% (2007: up 12.1%) with like-for-likerevenue up 0.7% (2007: up 4.6%). Holland showed overall revenue growth of 16.5% (2007: up 34.8%) withlike-for-like revenue up 2.6% (2007: up 19.5%). In the UK, we are trading from a total of 302 stores, having opened 5 newstores, and closed or relocated 4 this financial period. We are on track to opena net 20 new stores this financial year. In Holland we are trading from 20 stores and remain on track to open 5 newstores this financial year. Our balance sheet remains stable and there have been no significant changes inthe financial position of the Group since the publication of the Annual Reportfor the year ended 29 September 2007. Topps has consolidated its market leading position, and has transformed itsbusiness in the 10 years since listing on the London Stock Exchange,consistently delivering excellent shareholder returns. There continues to be anunderlying growth trend in the retail tile market, with forecasts indicatingthat it will increase in volume by over 15% by 2011. There have been a number ofchanges within the senior management team during the year, including theappointment of Robert Parker as Finance Director, Matthew Williams as ChiefExecutive and Nick Ounstead as Business Development Director. I am confidentthat with this first class executive team we have the best management in placeto take the business forward. Notwithstanding the challenging retailenvironment, we believe the prospects for future growth are positive." Enquiries: Barry Bester, Chairman 0161 486 2400Matthew Williams, Chief Executive 0161 486 2400 Ann-Marie Wilkinson / Emma Kent, Bell Pottinger 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange