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

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