Topps Tiles Regulatory News (TPT)

28 Mar 2007 07:01

Topps Tiles PLC28 March 2007 Topps Tiles Plc Pre-close period Trading Update and Board changes Topps Tiles Plc (the "Company"), the UK's largest tile and wood flooringspecialist, reports on trading for the 26 week period ended 31 March 2007, priorto entering its close period. The Board will announce interim results for the 26week period to 31 March 2007 on Tuesday 22 May 2007. We are pleased to report that despite a continuing tough retail market overallrevenue is expected to be in the region of £101.8 million (2006: £88.6 million)up 14.9%, with like for like revenue expected to be up 4.4%. The Company's current period overall revenue reflects, for the first time, the revenue from theDutch stores following the acquisition of the further 50% share holding in theJoint Venture business in October 2006 which now gives the Company 100% of theshare holding. The UK is expected to show overall revenue growth of 11.4% (2006:up 1.2%) withlike-for-like revenue up 4.0% (2006:down 4.0%).Holland is expected to showoverall revenue growth of over 36.0% (2006:up 21.6%) and like-for-like revenueup 19.0% (2006:up 8.6%). The Board expects operating profit, for the 26 week period, to be in the regionof £21.0 million (2006:£19.5 million) to give profit before tax in the region of£18.3 million (2006: £20.3 million). Gross margins are expected to be ahead ofthis time last year. The Group has a new store opening target of a net 30 new UK stores and a net 5new Dutch stores for the full financial period and to date has opened a net 15stores in the UK and a net 4 stores in Holland, in the 26 weeks to 31 March 2007, to give a total of 286 stores in the United Kingdom and 19 stores in Holland. The Board announces that Barry Bester will move to Non-executive Chairman witheffect from 01 October 2007 from his current role as Executive Chairman.Additionally, during the period the Company was pleased to announce that RobertParker was appointed to the Board as Finance Director. The appointment iseffective from 10 April 2007. Enquiries: Ann-marie Wilkinson/Emma Kent Bell Pottinger Corporate & Financial 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange