Topps Tiles eyes lower half year profit

The UK's largest tile specialist Topps Tiles said it expects underlying profit before tax for the first half to be lower than the same time a year earlier as it battles against a background of weaker than expected demand.

The UK's largest tile specialist Topps Tiles said it expects underlying profit before tax for the first half to be lower than the same time a year earlier as it battles against a background of weaker than expected demand.

Underlying pre-tax profit for the 26-week period ending March 30th 2013 is expected to be around £4.3m compared to £5.6m a year earlier.

The current range of market expectations for underlying pre-tax profitability for the 52 weeks ended September 28th 2013 is £13.3m to £13.8m

Revenue for the half year is forecast to rise 9% higher at £87.4m. Like-for-like (LFL) revenues for the 26-week period are expected to have decreased by 0.3%.

"Against a background of weaker than expected demand, a number of cost reduction initiatives have been implemented and, when taken into account, management expect that full year adjusted profit before tax will be within the current range of market expectations," the group said.

Topps Tiles, which is currently trading from a total of 320 stores, said it continues to make significant investments across the business as part of the strategy to grow market share.

Otherwise the group said there have been no significant or unexpected changes in the financial position of the group since its annual results in September 2012.

CJ

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
How to stop recurring subscriptions becoming a drain on your money
Personal finance

How to stop recurring subscriptions becoming a drain on your money

Tracking and pruning subscriptions isn’t as easy as it sounds. Here's how to take charge.
14 Sep 2021