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23 Sep 2009 07:00
Topps Tiles Plc
Pre-close period Trading Update
Topps Tiles Plc (the "Group"), the UK's largest tile and wood flooring specialist, reports on trading for the 52 week period ending 26th September 2009, prior to entering its close period. The Board will announce preliminary results for the period on Tuesday 24th November 2009.
We expect to report that overall revenue for the 52 week period will be in the region of £186 million (2008: £208.1 million), with like-for-like revenues expected to show a decline of c.13.5% (2008: declined 5.4%).
The Board expects operating profit for the 52 week period to be within the range of analysts' estimates (please see note below).
During the period we have disposed of one freehold property for a consideration of £1.25 million with a loss on disposal of £0.2 million.
The Group is now operating from 320 stores, having closed a net 22 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 continuing to deliver profits in line with expectations and reducing net debt. The Board is reassured by our current trading performance and we are seeing signs of stability in 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 is between £10.5 million to £14.0 million.
Enquiries:
Ann-marie Wilkinson/Emma Kent
Bell Pottinger Corporate & Financial 020 7861 3232
Matthew Williams, Chief Executive Officer
Rob Parker, Finance Director 0161 486 2400
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