Topps Tiles Regulatory News (TPT)

13 Jan 2009 07:00



13 January 2009

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:

At the full year results announced on 25 November 2008, we reported that for the first 7 weeks of trading in the new financial period total revenues decreased 13.5% and like for like revenues reduced 18.3%. Performance for the remainder of the quarter has continued broadly in line with that trend and total revenues for the first 13 weeks of the financial year have decreased by 13.3% and like for like revenues have reduced by 18.1%.

In the UK, we are trading from a total of 317 stores, having opened 3 new stores, and closed or relocated 6 over the first 13 weeks. As previously indicated we anticipate that store opening activity in this financial year will be on a reduced scale to previous years.

In Holland we continue to trade from 22 stores.

There have been no significant changes in the financial position of the Group since the publication of the Annual Report for the year ended 27 September 2008. 

The Board remains confident in our resilient business model and we continue to manage the business with a prudent focus on cash and costs whist maintaining our dedication to delivering outstanding value for money to all of our customers. We anticipate that a sustained period of weak consumer confidence will cause continued pressure across our industry, but believe that the Topps business is well placed to capitalise on the opportunities that this will present.

Enquiries:

Barry Bester, Chairman 0161 486 2400

Matthew Williams, Chief Executive 0161 486 2400

Ann-Marie Wilkinson/Emma Kent, Bell Pottinger 020 7861 3232