Topps Tiles posts first sales rise in five years
Topps Tiles said revenues and profits were up after reported it an overall increase in year-on-year sales for the first time since 2007.
Topps Tiles said revenues and profits were up after reported it an overall increase in year-on-year sales for the first time since 2007.
The firm said this came after a tough first half gave way to a considerably improved second period.
Like-for-like sales dropped 4.7% in the first half of the financial year, but then grew 3.5% during the second.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Topps added that in the first seven weeks of the new financial period, like-for-like revenues were up 1.0%.
Group revenue in the year to September 29th was up 1.2% to £177.7m, while pre-tax profits jumped 58% to £12.5m.
Basic earnings per share were up 5.14p from 3.04p the year before.
The company said it had increased market share by 1% to 27%, which it said reflected a successful strategy of 'inspiring customers' home improvement projects' and increased focus on trade customers.
Gross margin increased to 60.0%, from 59.6% the previous year, reflecting further supply chain efficiencies and proactive management of cost base.
"Whilst our most recent trading period offers some encouragement, we continue to be cautious in our outlook," the statement said.
The firm added that it would continue with a cautious expansionary approach and open new stores where strong trading locations became available.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Yoshiaki Murakami: Japan’s original corporate raiderThe originator of Japanese activism, Yoshiaki Murakami, was disgraced by an insider-trading scandal in 2006. Now, he's back, shaking things up
-
Cash in on the growth potential of electrification companiesOpinion Martin Todd, portfolio manager, head of sustainable equities, Federated Hermes, highlights three electrification companies where he'd put his money
