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23 Sep 2009 07:00
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Topps Tiles Plc
Pre-closeΒ periodΒ Trading UpdateΒ
ToppsΒ Tiles Plc (the "Group"), the UK's largest tile and woodΒ flooring specialist, reports on trading for theΒ 52Β week period endingΒ 26thΒ SeptemberΒ 2009, prior to entering its close period.Β The Board will announceΒ preliminaryΒ results for the period onΒ Tuesday 24thΒ NovemberΒ 2009.
WeΒ expectΒ to report that overall revenueΒ for the 52 weekΒ periodΒ will beΒ in the region of Β£186Β millionΒ (2008: Β£208.1Β million), with like-for-like revenuesΒ expected to show a decline ofΒ c.13.5%Β (2008:Β declined 5.4%).
The Board expectsΒ operating profit for theΒ 52Β week period to beΒ within the range of analysts'Β estimatesΒ (please see note below).
During the period we have disposed of one freehold property for a consideration of Β£1.25Β millionΒ with a loss on disposal ofΒ Β£0.2Β million.
The Group is now operating fromΒ 320Β stores, having closed a netΒ 22Β stores during the course of this financial year.
Commenting on trading, Matt Williams, CEO said:
"Whilst we remain cautious in our outlook for the economy the business is proving its resilience by continuingΒ toΒ deliver profits in line with expectations and reducing net debt.Β The BoardΒ isΒ reassured by ourΒ currentΒ trading performance and we are seeing signs of stabilityΒ inΒ our market."
Note:
As referred to in the statement, the current range of analysts' estimates for Topps Tiles' pre-tax profit for the 52 week period ending 26 September 2009 isΒ betweenΒ Β£10.5Β million to Β£14.0Β million.Β
Enquiries:
Ann-marie Wilkinson/Emma Kent
BellΒ PottingerΒ Corporate & Financial 020Β 7861 3232
Matthew Williams, Chief Executive Officer
Rob Parker, Finance DirectorΒ 0161 486 2400
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