Topps Tiles' first half profit down by a third
In the six months to 31 March, pre-tax profit declined by 32.6% to £6.4 million although revenue increased by 3.7% to £110.5 million. On a like-for-like basis sales were up 0.6% after they rose by 3.4% in the first quarter but fell by 2.2% in the second quarter.
Matthew Williams, Topps Tiles chief executive, said: "After a strong start to the year, market conditions became more challenging over the second quarter, when our like-for-like sales performance was also impacted by the adverse weather and the earlier timing of Easter. Against this background, our clear strategic focus, coupled with strong promotional positioning, enabled us to outperform the overall UK tile market.”
Looking at more current trading, Topps Tiles said like-for-like sales over the seven weeks to 19 May edged down 0.2%. The company expects pre-tax profit for its full year to be in line with market expectations.
Williams added: "Trading in the first seven weeks of the second half has improved on Q2, with like-for-like sales down by 0.2%. While we are retaining a cautious view of market conditions for the remainder of the year, we remain confident in our ability to continue to extend our market leading position."
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